Four-Unit
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 Market50
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
Changed: Oct 17
Last Checked: Oct 23 at 8:36AM
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
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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 / Yr
$35,856
Cap Rate
6.96%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
402
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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
