13-Unit Apartment
1533 S Bronough Street # G-m, Tallahassee, FL 32301
For Sale
$1,900,000
Two renovated, two-story buildings include on-site laundry and a mix of one- and two-bedroom residences.
Property Size9,262 SF
Price / SF$205.14
Days on Market16
Property Features for 1533 S Bronough Street # G-m
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Amenities
onsite laundry facilities
No
Yes
Public
0.3
Paved
9262.0
Building Details
Building Size
Buildings
Stories
Listing Agency:
Thomas Lynne Realty Group, LLC
(850) 752-0557
Listed By:
Mandy O'Callaghan
Source:
Cloverkeyrealty
Added: Oct 30
Changed: Nov 12
Last Checked: Nov 13 at 7:47AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property comprises two renovated, two-story apartment buildings with 13 units in total: one building has seven units and the other has six. The unit mix consists of twelve 2-bedroom/1-bath apartments of approximately 750 square feet each and one 1-bedroom/1-bath apartment of approximately 600 square feet. On-site laundry facilities serve the buildings.
Twelve units are leased, while one 2-bedroom/1-bath apartment is available for lease. The property is near Florida A&M University, Downtown Tallahassee, and Governor's Square Mall.
Twelve units are leased, while one 2-bedroom/1-bath apartment is available for lease. The property is near Florida A&M University, Downtown Tallahassee, and Governor's Square Mall.
Key Highlights
- 13 apartments across two buildings, configured with seven units and six units
- Twelve 2‑bedroom/1‑bath units of approximately 750 square feet each
- One 1‑bedroom/1‑bath unit of approximately 600 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,358
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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
Properties on Market for Apartment buildings in Tallahassee
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Two renovated, two-story buildings include on-site laundry and a mix of one- and two-bedroom residences.
Where is this apartment building located?
The property is located at 1533 S Bronough Street # G-m 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 apartments across two buildings, configured with seven units and six units; Twelve 2‑bedroom/1‑bath units of approximately 750 square feet each; One 1‑bedroom/1‑bath unit of approximately 600 square feet
