Live-Work Retail Office
For Sale
$499,000
1614 S Monroe Street, Tallahassee, FL 32301
COMMERCIAL - Tallahassee, FL
Property Size1,344 SF
Lot Size0.48 Acres
Price / SF$371.28
Days on Market699
Property Features for 1614 S Monroe Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Fenced
Exterior features
Storage
Directions
S Monroe between Mighty Muffler & FAMU Credit union
Subdivision
Leon
Standard status
Active
Lot size
0.48 Acres
Utilities
Heating system
Central
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Amenities
sprawling yard
pole barn and storage facility
Building Details
Number of units
1
Flooring type
Carpet, Concrete
Building materials
Frame
Roof type
Metal
Additional Structures
Storage
Listing Agency:
Bluewater Realty Group
(850) 926-8777
Listed By:
Susan Jones · License #3203817
(850) 566-7584
Added: Sep 13, 2024
Changed: Aug 4
Last Checked: Aug 12 at 1:06PM
MLS# 377118
Copyright © 2026 Tallahassee Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This live-work style property includes a front building suitable for office and retail use, along with a yard area at the rear featuring a pole barn and storage facilities. The site is spread across two lots on nearly half an acre (.48 acre), providing room for existing operations and additional development opportunities on the back portion of the property.
The property has high visibility along S. Monroe and S. Adams Streets. The location is described as within walking distance of the SoMo District, Cascades Park, and Florida A&M University, with the Capitol Complex less than a mile away.
The offering is supported by flexible CU-45 mixed-use zoning, allowing the existing front building to serve as a live/work setup while supporting potential additional residential or retail development on the back of the site.
The property has high visibility along S. Monroe and S. Adams Streets. The location is described as within walking distance of the SoMo District, Cascades Park, and Florida A&M University, with the Capitol Complex less than a mile away.
The offering is supported by flexible CU-45 mixed-use zoning, allowing the existing front building to serve as a live/work setup while supporting potential additional residential or retail development on the back of the site.
Key Highlights
- 1,344 sq. ft. front office/retail building on a nearly 0.48‑acre lot (two expansive lots total)
- CU‑45 mixed‑use zoning allows live‑in use in the front building and potential development of additional residential or retail space
- Pole barn and storage facility in the rear yard for parking, equipment, or extra inventory
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
$16,511
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
3.31%
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%
$330,220
$330.2K
Cap Rate 7%
$235,871
$235.9K
Cap Rate 9%
$183,456
$183.5K
Market Conditions
NOI Build-Up for 1,344 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
$28.2K $21.00/SF
− Vacancy
−$6.2K −$4.62/SF
EGI
$22.0K $16.38/SF
− OpEx
−$5.5K −$4.10/SF
NOI
$16.5K $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%
$330,220
Cap Rate 7%
$235,871
Cap Rate 9%
$183,456
Alternative Uses
Best Use
Office B
$235.9K
$206.4K – $275.2K
NOI $16,511 @ 7.0% cap · market cap 3.31%
Second Best
Retail
$186.5K
$163.2K – $217.6K
NOI $13,054 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$329.5K
$288.3K – $384.4K
NOI $23,064 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,426
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Front office/retail building with yard, pole barn, and storage on nearly half an acre for flexible mixed-use use.
Where is this live-work space located?
The property is located at 1614 S Monroe Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1,344 sq. ft. front office/retail building on a nearly 0.48‑acre lot (two expansive lots total); CU‑45 mixed‑use zoning allows live‑in use in the front building and potential development of additional residential or retail space; Pole barn and storage facility in the rear yard for parking, equipment, or extra inventory
