Turnkey Building Near Downtown
For Sale
$440,000
1707 Gadsden, Tallahassee, FL 32301
Well-maintained, remodeled 3,264 SF building near downtown Tallahassee.
Property Size3,264 SF
Price / SF$134.80
Days on Market108
Property Features for 1707 Gadsden
General Information
Standard status
Active
Size
3,264 SF
Property subtype
Office
Amenities
3
Listing Agency:
Keller Williams Realty Premier
(305) 213-4680
Listed By:
Yalian Serrano · License #3252409
(305) 213-4680
Source:
Xome
Added: May 8
Changed: Aug 23
Last Checked: Aug 23 at 6:55AM
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 Realty Premier
Investment Insights
Based on property information with market context.
This is a free-standing building with 3,264 square feet of space and an additional 623 square feet of porch area. The property has been completely remodeled and features a main entrance, professional offices, and a conference room. It is handicap accessible and meets ADA requirements. There is ample parking available. The building was previously used as a medical office. The property is located minutes from Downtown Tallahassee. The bike score is 60, indicating it is bikeable. The walk score is 58, indicating it is somewhat walkable. The transit score is 33, indicating some transit options are available.
Key Highlights
- Turnkey and well‑maintained free‑standing building.
- Completely remodeled with a beautiful main entrance.
- Boasting 3,264 Sq. Ft. of building space plus 623 Sq. Ft. of porch area.
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
$40,098
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
9.11%
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%
$801,960
$802.0K
Cap Rate 7%
$572,829
$572.8K
Cap Rate 9%
$445,533
$445.5K
Market Conditions
NOI Build-Up for 3,264 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
$68.5K $21.00/SF
− Vacancy
−$15.1K −$4.62/SF
EGI
$53.5K $16.38/SF
− OpEx
−$13.4K −$4.10/SF
NOI
$40.1K $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%
$801,960
Cap Rate 7%
$572,829
Cap Rate 9%
$445,533
Alternative Uses
Best Use
Office B
$572.8K
$501.2K – $668.3K
NOI $40,098 @ 7.0% cap · market cap 9.11%
Second Best
Healthcare Medical
$552.9K
$483.8K – $645.1K
NOI $38,706 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$800.2K
$700.2K – $933.6K
NOI $56,013 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Under-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Well-maintained, remodeled 3,264 SF building near downtown Tallahassee.
Where is this medical office space located?
The property is located at 1707 Gadsden Tallahassee, FL.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Turnkey and well‑maintained free‑standing building.; Completely remodeled with a beautiful main entrance.; Boasting 3,264 Sq. Ft. of building space plus 623 Sq. Ft. of porch area.
