Professional Office Condo For
For Sale
Contact for pricing
1614 Mahan Center Blvd, Tallahassee, FL 32308
Office condo in desirable professional park, leased until 2027.
Property Size1,225 SF
Price / SF$216.33
Days on Market143
Property Features for 1614 Mahan Center Blvd
General Information
Standard status
Active
Size
1,225 SF
Class
B
Property subtype
Office
Zoning
C-2
Building Details
Year Built
2006
Listing Agency:
Keller Williams Town & Country
(850) 443-2289
Listed By:
Jared Hatcher · License #FL SL3193594
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 8 at 6:45AM
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 Keller Williams Town & Country
Investment Insights
Based on property information with market context.
A 1,225 square foot office condo is available for purchase in a professional park. The property is currently leased to an established tenant until March 1, 2027. The space is suitable for medical, legal, or professional services. It features a reception area, a conference room, an administrative workspace, four private offices, a kitchen, and one restroom. Ample parking is available for clients and staff. Two additional units in the same complex are also available for purchase.
Key Highlights
- Leased to an established tenant until March 1, 2027, providing immediate income.
- Prime office condo in a desirable northeast Tallahassee professional park.
- Ideal for medical, legal, or professional services.
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
$15,049
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
5.68%
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%
$300,980
$301.0K
Cap Rate 7%
$214,986
$215.0K
Cap Rate 9%
$167,211
$167.2K
Market Conditions
NOI Build-Up for 1,225 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
$25.7K $21.00/SF
− Vacancy
−$5.7K −$4.62/SF
EGI
$20.1K $16.38/SF
− OpEx
−$5.0K −$4.10/SF
NOI
$15.0K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$300,980
Cap Rate 7%
$214,986
Cap Rate 9%
$167,211
Alternative Uses
Best Use
Office B
$215.0K
$188.1K – $250.8K
NOI $15,049 @ 7.0% cap · market cap 5.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$300.3K
$262.8K – $350.4K
NOI $21,022 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,308
Businesses Nearby
Explore this area
Business Placement
Demographics for 32308, FL
23,355
Population
11,838
Households
2
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
1,478
Density / Sq Mi
$73,125
Median Household Income
$46,786
Median Earnings
$1,327
Median Rent
$291,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office condo in desirable professional park, leased until 2027.
Where is this office units located?
The property is located at 1614 Mahan Center Blvd Tallahassee, FL.
What is the asking price?
The asking price for this property is $265,000.
What are key features of this property?
This property features: Leased to an established tenant until March 1, 2027, providing immediate income.; Prime office condo in a desirable northeast Tallahassee professional park.; Ideal for medical, legal, or professional services.
