Leased Office Condo
For Sale
$275,000
1618 Mahan Center Boulevard Unit 106, Tallahassee, FL 32308
Office condo with a reception, conference room, private offices, and restroom, fully leased through July 2028.
Property Size1,225 SF
Price / SF$224.49
Days on Market141
Property Features for 1618 Mahan Center Boulevard Unit 106
General Information
Standard status
Active
Size
1,225 SF
Property subtype
Office
Occupancy
100%
Listing Agency:
Keller Williams Town & Country
(850) 567-6272
Listed By:
Nancy DiGisi · License #3400131
(850) 567-6272
Source:
Xome
Added: Mar 19
Changed: Jul 10
Last Checked: Aug 6 at 3:25AM
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.
This office condo suite totals 1,225 square feet and features a functional interior layout designed for professional use. The space includes a reception area, conference room, open workspace, private executive office, a wet bar, and a private restroom. The suite is fully leased through July 2028.
The property is located within an established office park just inside Capital Circle off Mahan Dr. Parking is described as excellent for both clients and staff, supporting day-to-day accessibility for a tenant and visitors.
For buyers seeking a stabilized office investment, this unit offers current occupancy through July 2028, with the existing lease described as including built-in rent increases. The configuration supports office tenants that need a mix of collaborative and private space, including a dedicated reception and conference room. Two additional office units in the same complex are also available, including one leased and one vacant option that may suit an owner-occupant planning to occupy adjacent space.
The property is located within an established office park just inside Capital Circle off Mahan Dr. Parking is described as excellent for both clients and staff, supporting day-to-day accessibility for a tenant and visitors.
For buyers seeking a stabilized office investment, this unit offers current occupancy through July 2028, with the existing lease described as including built-in rent increases. The configuration supports office tenants that need a mix of collaborative and private space, including a dedicated reception and conference room. Two additional office units in the same complex are also available, including one leased and one vacant option that may suit an owner-occupant planning to occupy adjacent space.
Key Highlights
- 1,225 SF office condo fully leased through July 2028
- Functional interior includes reception area, conference room, open workspace, private executive office, wet bar, and private restroom
- Central air and carpet flooring
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
5.47%
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 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$300.3K
$262.8K – $350.4K
NOI $21,022 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
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 - Office condo with a reception, conference room, private offices, and restroom, fully leased through July 2028.
Where is this office units located?
The property is located at 1618 Mahan Center Boulevard Unit 106 Tallahassee, FL.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 1,225 SF office condo fully leased through July 2028; Functional interior includes reception area, conference room, open workspace, private executive office, wet bar, and private restroom; Central air and carpet flooring
