Mixed-Use Property with Pole
For Sale
$499,000
1614 S Monroe Street, Tallahassee, FL 32301
CommercialSale, Tallahassee, FL
Property Size1,344 SF
Lot Size0.48 Acres
Price / SF$371.28
Days on Market730
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
pole barn
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: Sep 3
Last Checked: Sep 12 at 11:06PM
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 mixed-use offering includes a 1,344-square-foot frame building positioned on two lots totaling 0.48 acres. The front structure has carpet and concrete flooring, central heating and cooling, ceiling fans, a metal roof, and public water service. A fenced rear area adds a pole barn and separate storage facility for parking, equipment, or inventory needs.
The property fronts both S. Monroe Street and S. Adams Street in Tallahassee, providing exposure along two streets. CU-45 mixed-use zoning supports the existing office or retail building, a live-work arrangement, and potential additional residential or retail development on the rear portion. The property is within walking distance of the SoMo District, Cascades Park, and Florida A&M University, and is less than one mile from the Capitol Complex.
The property fronts both S. Monroe Street and S. Adams Street in Tallahassee, providing exposure along two streets. CU-45 mixed-use zoning supports the existing office or retail building, a live-work arrangement, and potential additional residential or retail development on the rear portion. The property is within walking distance of the SoMo District, Cascades Park, and Florida A&M University, and is less than one mile from the Capitol Complex.
Key Highlights
- 1,344‑square‑foot front building on two lots totaling 0.48 acres
- CU‑45 mixed‑use zoning
- Rear pole barn and storage facility
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
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,023
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - CU-45 zoning supports a live-work setup with office, retail, and additional residential or retail development potential.
Where is this mixed-use property 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‑square‑foot front building on two lots totaling 0.48 acres; CU‑45 mixed‑use zoning; Rear pole barn and storage facility
