Renovated Shopping Center
New
For Sale
$6,250,000
1704 - 1706 Capital Circle NE, Tallahassee, FL 32308
Retail center with CP zoning and 90% occupancy supports a flexible commercial leasing profile.
Property Size18,000 SF
Price / SF$347.22
Days on Market2
Property Features for 1704 - 1706 Capital Circle NE
General Information
Standard status
Active
Size
18,000 SF
Property subtype
Retail
Zoning
CP (Commercial Parkway)
Occupancy
90%
Building Details
Building Size
18,000 SF
Year Built
1988
Year Renovated
2019
Buildings
1
Tenancy
Multi
Listing Agency:
NAI TALCOR
Listed By:
Kee Elwell, CCIM · License #362753
(850) 509-5242
Source:
Naiglobal
Added: Sep 4
Last Checked: Sep 4 at 2:17PM
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 retail property comprises an 18,000 SF building in Tallahassee, Florida, with a multi-unit configuration suited to retail and street retail operations. Originally constructed in 1988, the building underwent renovation in 2019 and is designated CP (Commercial Parkway) zoning, supporting a range of commercial uses.
The property is located at 1704 - 1706 Capital Circle NE, Tallahassee, FL 32308. Current occupancy is 90%, providing an established operating profile within the existing retail center. Its unit-based layout offers flexibility for leasing individual commercial spaces while maintaining a unified retail property.
The property is located at 1704 - 1706 Capital Circle NE, Tallahassee, FL 32308. Current occupancy is 90%, providing an established operating profile within the existing retail center. Its unit-based layout offers flexibility for leasing individual commercial spaces while maintaining a unified retail property.
Key Highlights
- 18,000 SF retail building
- 90% current occupancy
- Renovated in 2019
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
$174,825
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
2.80%
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%
$3,496,500
$3.5M
Cap Rate 7%
$2,497,500
$2.5M
Cap Rate 9%
$1,942,500
$1.9M
Market Conditions
NOI Build-Up for 18,000 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
$270.0K $15.00/SF
− Vacancy
−$20.3K −$1.13/SF
EGI
$249.8K $13.88/SF
− OpEx
−$74.9K −$4.16/SF
NOI
$174.8K $9.71/SF
Area
Tallahassee, FL
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$3,496,500
Cap Rate 7%
$2,497,500
Cap Rate 9%
$1,942,500
Alternative Uses
Best Use
Retail
$2.50M
$2.19M – $2.91M
NOI $174,825 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.41M
$3.86M – $5.15M
NOI $308,897 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
90%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,279
Businesses Nearby
357k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 30%
Shops & Services 26%
Apparel 20%
Groceries 13%
Academy Sports + Outdoors
Apparel
65,770 visits/mo
0.2 miles
Publix
Groceries
47,589 visits/mo
0.2 miles
Big Lots
Superstores
27,845 visits/mo
0.4 miles
Zaxby's Chicken Fingers & Buffalo Wings
Dining
19,861 visits/mo
0.4 miles
Circle K
Shops & Services
19,640 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Commercial Plaza — 1519 Capital Cir NE, Tallahassee, FL 32308
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- Mahan Village Shopping Plaza — 3122 Mahan Dr suite 801-240, Tallahassee, FL 32308
- Fallschase Village Center — 4067 Lagniappe Way, Tallahassee, FL 32317
Frequently Asked Questions
What type of property is this?
Shopping center - Retail center with CP zoning and 90% occupancy supports a flexible commercial leasing profile.
Where is this shopping center located?
The property is located at 1704 - 1706 Capital Circle NE Tallahassee, FL.
What is the asking price?
The asking price for this property is $6,250,000.
What are key features of this property?
This property features: 18,000 SF retail building; 90% current occupancy; Renovated in 2019
