Brick-Exterior
For Sale
$470,000
1802 Sylvan Court -, Tallahassee, FL 32303
Four residential units offer a flexible multifamily configuration near FSU and TCC campuses, dining, entertainment, and shopping.
Property Size3,596 SF
Price / SF$130.70
Days on Market698
Property Features for 1802 Sylvan Court -
General Information
Standard status
Active
Size
3,596 SF
Property subtype
Multi Family
Property Condition
Severity
Repairs Needed
Evidence
Units vary in updates/upgrades
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$46,800
Amenities
in-unit laundry
fireplace
Building Details
Year Built
1983
Buildings
1
Construction
brick
Listing Agency:
The Naumann Group Real Estate
(850) 545-2111
Listed By:
Cole Davis · License #3357739
(850) 545-2111
Source:
Exitrealty
Added: Oct 2, 2024
Changed: Aug 29
Last Checked: Aug 29 at 1:40PM
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 The Naumann Group Real Estate
Investment Insights
Based on property information with market context.
Built in 1983, this quadplex contains four separate residential units totaling 3,596 square feet. Each unit measures 899 square feet with two bedrooms, one bathroom, and an interior laundry room. A brick exterior provides a durable building finish, while unit interiors vary by turnover history and include combinations of tile flooring and carpeted bedrooms. The upper-level residences feature fireplaces with brick surrounds.
The property is situated near Florida State University and Tallahassee Community College, with restaurants, entertainment, and shopping also located nearby. Its four-unit layout supports a range of multifamily ownership and occupancy strategies, subject to applicable requirements and agreements.
The property is situated near Florida State University and Tallahassee Community College, with restaurants, entertainment, and shopping also located nearby. Its four-unit layout supports a range of multifamily ownership and occupancy strategies, subject to applicable requirements and agreements.
Key Highlights
- Four units, each with 2 bedrooms, 1 bathroom, and 899 square feet
- 3,596‑square‑foot quadplex built in 1983
- Brick exterior for simplified exterior maintenance
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
$37,679
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
8.02%
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%
$753,580
$753.6K
Cap Rate 7%
$538,271
$538.3K
Cap Rate 9%
$418,656
$418.7K
Market Conditions
NOI Build-Up for 3,596 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
$58.3K $16.20/SF
− Vacancy
−$4.4K −$1.23/SF
EGI
$53.8K $14.97/SF
− OpEx
−$16.1K −$4.49/SF
NOI
$37.7K $10.48/SF
Area
Tallahassee, FL
Vacancy
7.60%
Lease Rate
$16.20 /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%
$753,580
Cap Rate 7%
$538,271
Cap Rate 9%
$418,656
Alternative Uses
Best Use
Multifamily LT 5
$538.3K
$471.0K – $628.0K
NOI $37,679 @ 7.0% cap · market cap 8.02%
Second Best
Apartment 5plus
$467.9K
$409.4K – $545.9K
NOI $32,752 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$881.6K
$771.4K – $1.03M
NOI $61,711 @ 7.0% cap · market cap 13.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
217
Businesses Nearby
Explore this area
Business Placement
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units offer a flexible multifamily configuration near FSU and TCC campuses, dining, entertainment, and shopping.
Where is this quadplex located?
The property is located at 1802 Sylvan Court - Tallahassee, FL.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: Four units, each with 2 bedrooms, 1 bathroom, and 899 square feet; 3,596‑square‑foot quadplex built in 1983; Brick exterior for simplified exterior maintenance
