13-Unit Renovated Apartment
For Sale
$1,900,000
1533 S Bronough St, Tallahassee, FL 32301
Two-story student-oriented apartments with onsite laundry near Florida A&M University and Downtown Tallahassee.
Property Size9,262 SF
Price / SF$205.14
Days on Market21
Property Features for 1533 S Bronough St
General Information
Standard status
Active
Size
9,262 SF
Units
Unit Mix
12 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
13
Amenities
onsite laundry
Building Details
Buildings
2
Stories
2
Listing Agency:
Thomas Lynne Realty Group, LLC
(407) 808-0899
Listed By:
Patrick Hancock · License #3413786
Source:
Hopegainesrealestate
Added: Aug 11
Changed: Aug 29
Last Checked: Aug 30 at 8:04PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Thomas Lynne Realty Group, LLC
Investment Insights
Based on property information with market context.
This 13-unit apartment property includes two renovated, two-story buildings totaling 9,262 square feet. One building contains 7 units and the other contains 6. The configuration includes twelve 2-bedroom/1-bath residences of approximately 750 square feet each, along with one 1-bedroom/1-bath residence of approximately 600 square feet. Onsite laundry facilities serve the property.
Located at 1533 S Bronough St in Tallahassee, the complex is near Florida A&M University, Downtown Tallahassee, and Governor's Square Mall. Twelve of the thirteen units are leased, while one 2/1 unit is available for lease. The property is positioned for student renters and is near employment, retail, and campus destinations.
Located at 1533 S Bronough St in Tallahassee, the complex is near Florida A&M University, Downtown Tallahassee, and Governor's Square Mall. Twelve of the thirteen units are leased, while one 2/1 unit is available for lease. The property is positioned for student renters and is near employment, retail, and campus destinations.
Key Highlights
- 13‑unit apartment complex across two buildings
- 9,262 square feet with 7 units in one building and 6 in the other
- Unit mix includes twelve 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$84,358
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,687,160
$1.7M
Cap Rate 7%
$1,205,114
$1.2M
Cap Rate 9%
$937,311
$937.3K
Market Conditions
NOI Build-Up for 9,262 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$166.7K $18.00/SF
− Vacancy
−$13.3K −$1.44/SF
EGI
$153.4K $16.56/SF
− OpEx
−$69.0K −$7.45/SF
NOI
$84.4K $9.11/SF
Area
Tallahassee, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,687,160
Cap Rate 7%
$1,205,114
Cap Rate 9%
$937,311
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.05M – $1.41M
NOI $84,358 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $158,945 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
1,096
Businesses Nearby
Explore this area
Business Placement
Demographics for 32301, FL
29,686
Population
17,029
Households
1.7
Avg Household Size
32
Median Age
45%
College-Educated
92%
High-School Grad
10.2 sq mi
ZIP Area
2,910
Density / Sq Mi
$50,412
Median Household Income
$34,271
Median Earnings
$1,200
Median Rent
$211,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story student-oriented apartments with onsite laundry near Florida A&M University and Downtown Tallahassee.
Where is this apartment building located?
The property is located at 1533 S Bronough St Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 13‑unit apartment complex across two buildings; 9,262 square feet with 7 units in one building and 6 in the other; Unit mix includes twelve 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
