Four-Unit
New
For Sale
$515,000
1844 Larette Dr, Tallahassee, FL 32301
Each residence offers a two-bedroom, one-bathroom layout in an established Tallahassee neighborhood.
Property Size3,422 SF
Price / SF$150.50
Days on Market2
Property Features for 1844 Larette Dr
General Information
Standard status
Active
Size
3,422 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1979
Buildings
1
Listing Agency:
Armor Realty, Inc
Listed By:
Velinda Hittinger · License #3473050
(850) 545-7219
Source:
Hopegainesrealestate
Added: Sep 4
Last Checked: Sep 4 at 2:35PM
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 Armor Realty, Inc
Investment Insights
Based on property information with market context.
This 3,422-square-foot quadplex contains four residential units, with each unit configured as two bedrooms and one bathroom. Built in 1979, the property provides a defined multifamily layout within an established residential setting.
The property is located at 1844 Larette Dr in Tallahassee, Florida, just off Apalachee Parkway and Old St. Augustine Rd. Whole Foods, Starbucks, and shopping along the Parkway are approximately a three-minute drive away. The surrounding neighborhood is described as mature and supported by established infrastructure.
The property is located at 1844 Larette Dr in Tallahassee, Florida, just off Apalachee Parkway and Old St. Augustine Rd. Whole Foods, Starbucks, and shopping along the Parkway are approximately a three-minute drive away. The surrounding neighborhood is described as mature and supported by established infrastructure.
Key Highlights
- Four units, each with two bedrooms and one bathroom
- 3,422 square feet of building area
- Built in 1979
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
$35,856
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
6.96%
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%
$717,120
$717.1K
Cap Rate 7%
$512,229
$512.2K
Cap Rate 9%
$398,400
$398.4K
Market Conditions
NOI Build-Up for 3,422 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
$55.4K $16.20/SF
− Vacancy
−$4.2K −$1.23/SF
EGI
$51.2K $14.97/SF
− OpEx
−$15.4K −$4.49/SF
NOI
$35.9K $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%
$717,120
Cap Rate 7%
$512,229
Cap Rate 9%
$398,400
Alternative Uses
Best Use
Multifamily LT 5
$512.2K
$448.2K – $597.6K
NOI $35,856 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$445.3K
$389.6K – $519.5K
NOI $31,168 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$838.9K
$734.1K – $978.8K
NOI $58,725 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Each residence offers a two-bedroom, one-bathroom layout in an established Tallahassee neighborhood.
Where is this quadplex located?
The property is located at 1844 Larette Dr Tallahassee, FL.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Four units, each with two bedrooms and one bathroom; 3,422 square feet of building area; Built in 1979
