Mobile Home Park With
For Sale
$350,000
1634 Rankin Ave, Tallahassee, FL 32310
Four mobile homes and an on-site warehouse occupy an R-3-zoned property with redevelopment provisions.
Property Size3,696 SF
Lot Size4.32 Acres
Price / SF$94.70
Days on Market36
Property Features for 1634 Rankin Ave
General Information
Standard status
Active
Size
3,696 SF
Lot size
4.32 Acres
Property subtype
Multi-Family
Zoning
R-3
Building Details
Year Built
1991
Buildings
5
Listing Agency:
Bevis Realty
(850) 491-3600
Listed By:
Barry Bevis · License #3131208
Source:
Hopegainesrealestate
Added: Jul 27
Changed: Aug 30
Last Checked: Aug 30 at 5:14PM
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 Bevis Realty
Investment Insights
Based on property information with market context.
This 4.32-acre mobile home park includes four mobile homes and a 3,696-square-foot warehouse. The property was built in 1991 and is located within the R-3 zoning district, which permits redevelopment with potential for 8 dwelling units per acre.
The site backs to a City of Tallahassee park and nature preserve. Florida State University’s Rec SportsPlex and a new lacrosse field are less than half a mile away. The property is not located in a flood zone.
The site backs to a City of Tallahassee park and nature preserve. Florida State University’s Rec SportsPlex and a new lacrosse field are less than half a mile away. The property is not located in a flood zone.
Key Highlights
- Four mobile homes plus one warehouse on 4.32 acres
- R‑3 zoning allows potential redevelopment at 8 dwelling units per acre
- 3,696‑square‑foot warehouse included
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
$28,802
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
8.23%
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%
$576,040
$576.0K
Cap Rate 7%
$411,457
$411.5K
Cap Rate 9%
$320,022
$320.0K
Market Conditions
NOI Build-Up for 3,696 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
$35.5K $9.60/SF
− Vacancy
−$1.6K −$0.43/SF
EGI
$33.9K $9.17/SF
− OpEx
−$5.1K −$1.38/SF
NOI
$28.8K $7.79/SF
Area
Tallahassee, FL
Vacancy
4.50%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$576,040
Cap Rate 7%
$411,457
Cap Rate 9%
$320,022
Alternative Uses
Best Use
Apartment 5plus
$480.9K
$420.8K – $561.1K
NOI $33,663 @ 7.0% cap · market cap 9.62%
Second Best
Warehouse
$411.5K
$360.0K – $480.0K
NOI $28,802 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$906.1K
$792.8K – $1.06M
NOI $63,427 @ 7.0% cap · market cap 18.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
120
Businesses Nearby
Explore this area
Business Placement
Demographics for 32310, FL
17,209
Population
7,621
Households
2.3
Avg Household Size
32
Median Age
22%
College-Educated
85%
High-School Grad
91.9 sq mi
ZIP Area
187
Density / Sq Mi
$38,493
Median Household Income
$24,177
Median Earnings
$1,025
Median Rent
$118,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Four mobile homes and an on-site warehouse occupy an R-3-zoned property with redevelopment provisions.
Where is this mobile home & rv park located?
The property is located at 1634 Rankin Ave Tallahassee, FL.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Four mobile homes plus one warehouse on 4.32 acres; R‑3 zoning allows potential redevelopment at 8 dwelling units per acre; 3,696‑square‑foot warehouse included
