Freestanding Office Building For
For Sale
$680,000
1932 Miccosukee Rd, Tallahassee, FL 32308
Two-story professional office building in NE Tallahassee, near hospitals.
Property Size4,720 SF
Price / SF$144.07
Days on Market335
Property Features for 1932 Miccosukee Rd
General Information
Standard status
Active
Size
4,720 SF
Property subtype
Office
Zoning
OR-2
Building Details
Building Size
4,720 SF
Year Built
1952
Listing Agency:
Coldwell Banker Hartung
(850) 980-4007
Listed By:
Lawrence Hartung · License #BK139932
(850) 980-4007
Source:
Cbcworldwide
Added: Sep 10, 2025
Changed: Aug 8
Last Checked: Aug 8 at 4:41AM
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 Coldwell Banker Hartung
Investment Insights
Based on property information with market context.
This two-story freestanding professional office building is situated on a corner lot with frontage on three roads. The property offers frontage of approximately 276 feet on Miccosukee Road. The first floor features a reception area, conference rooms, multiple private offices, storage space, two bathrooms, and a full kitchen. The second floor includes several private offices and a bathroom. The property benefits from high visibility and abundant parking. Surrounding uses include professional and medical offices. The location is in Northeast Tallahassee, inside Capital Circle NE, and less than one mile from Tallahassee Memorial Hospital. The property is currently used as a professional office building and offers potential for similar business uses.
Key Highlights
- Premier location near two major hospitals (Tallahassee Memorial Hospital less than 1 mile away).
- Freestanding 2‑story professional office building.
- Corner lot with frontage on three roads (Miccosukee Rd, Kuhlacres Dr & Coombs Dr) and high visibility.
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
$57,985
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
8.53%
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%
$1,159,700
$1.2M
Cap Rate 7%
$828,357
$828.4K
Cap Rate 9%
$644,278
$644.3K
Market Conditions
NOI Build-Up for 4,720 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
$99.1K $21.00/SF
− Vacancy
−$21.8K −$4.62/SF
EGI
$77.3K $16.38/SF
− OpEx
−$19.3K −$4.10/SF
NOI
$58.0K $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%
$1,159,700
Cap Rate 7%
$828,357
Cap Rate 9%
$644,278
Alternative Uses
Best Use
Office B
$828.4K
$724.8K – $966.4K
NOI $57,985 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,000 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Explore this area
Business Placement
Demographics for 32308, FL
23,355
Population
11,838
Households
2
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
1,478
Density / Sq Mi
$73,125
Median Household Income
$46,786
Median Earnings
$1,327
Median Rent
$291,800
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?
Office building - Two-story professional office building in NE Tallahassee, near hospitals.
Where is this office building located?
The property is located at 1932 Miccosukee Rd Tallahassee, FL.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Premier location near two major hospitals (Tallahassee Memorial Hospital less than 1 mile away).; Freestanding 2‑story professional office building.; Corner lot with frontage on three roads (Miccosukee Rd, Kuhlacres Dr & Coombs Dr) and high visibility.
