Four-Unit Residential
1844 Larette Drive Unit A-D, Tallahassee, FL 32301
For Sale
$515,000
Each residence has two bedrooms and one bathroom.
Property Size3,422 SF
Price / SF$150.50
Days on Market30
Property Features for 1844 Larette Drive Unit A-D
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Armor Realty, Inc
Listed By:
Velinda Hittinger · License FL #3473050
(850) 545-7219
Source:
Tngrealty
Added: Oct 12
Changed: Nov 9
Last Checked: Nov 9 at 10:29AM
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,422-square-foot quadplex, built in 1979, contains four apartments, each configured with two bedrooms and one bathroom. Occupancy is 50%.
The property is in Tallahassee, just off Apalachee Parkway and Old St. Augustine Road. Whole Foods and Starbucks are a three-minute drive away, with shopping along the Parkway nearby.
The property is in Tallahassee, just off Apalachee Parkway and Old St. Augustine Road. Whole Foods and Starbucks are a three-minute drive away, with shopping along the Parkway nearby.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 bathroom
- 3,422 square feet
- 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.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
50%
Occupancy
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
Properties on Market for Quadplexes in Tallahassee
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Each residence has two bedrooms and one bathroom.
Where is this quadplex located?
The property is located at 1844 Larette Drive Unit A-D 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 apartments, each with 2 bedrooms and 1 bathroom; 3,422 square feet; Built in 1979
