Leased Office
For Sale
$260,000
1614 Mahan Center Boulevard Unit 103, Tallahassee, FL 32308
Functional office layout with private rooms, shared work areas, and an existing lease extending through March 1, 2027.
Property Size1,225 SF
Days on Market44
Property Features for 1614 Mahan Center Boulevard Unit 103
General Information
Standard status
Active
Size
1,225 SF
Class
B
Property subtype
Office
Building Details
Building Size
1,225 SF
Year Built
2006
Listing Agency:
NAI TALCOR
(850) 251-5504
Listed By:
John W. McNeill, SIOR · License #FL #SL3173254
(850) 251-5504
Source:
Naiglobal
Added: Jul 19
Changed: Aug 29
Last Checked: Aug 30 at 2:06PM
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 NAI TALCOR
Investment Insights
Based on property information with market context.
This office condominium at 1614 Mahan Center Boulevard Unit 103 offers a practical configuration within Mahan Professional Center. The 1,225 SF suite includes a reception area, conference room, administrative workspace, four private offices, kitchen, and one private restroom. Built in 2006, the property is zoned C-2.
The suite is currently leased through March 1, 2027, providing an established rental arrangement for the next owner. Access connects the property with downtown Tallahassee, Capital Circle NE, Interstate 10, and both major hospitals. The unit may also be acquired as part of a three-unit office condominium portfolio.
The suite is currently leased through March 1, 2027, providing an established rental arrangement for the next owner. Access connects the property with downtown Tallahassee, Capital Circle NE, Interstate 10, and both major hospitals. The unit may also be acquired as part of a three-unit office condominium portfolio.
Key Highlights
- 1,225 SF office condominium at 1614 Mahan Center Boulevard Unit 103
- Current lease extends through March 1, 2027
- Reception area, conference room, and administrative workspace
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
5.79%
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 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$300.3K
$262.8K – $350.4K
NOI $21,022 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,258
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 - Functional office layout with private rooms, shared work areas, and an existing lease extending through March 1, 2027.
Where is this office units located?
The property is located at 1614 Mahan Center Boulevard Unit 103 Tallahassee, FL.
What is the asking price?
The asking price for this property is $260,000.
What are key features of this property?
This property features: 1,225 SF office condominium at 1614 Mahan Center Boulevard Unit 103; Current lease extends through March 1, 2027; Reception area, conference room, and administrative workspace
