Tallahassee Professional Office
For Sale
Contact for pricing
1932 Miccosukee Rd, Tallahassee, FL 32308
Two-story office building near hospitals with frontage on three roads.
Property Size4,720 SF
Price / SF$137.50
Days on Market1299
Property Features for 1932 Miccosukee Rd
General Information
Standard status
Active
Size
4,720 SF
Class
B
Property subtype
Office
Zoning
OR-2
Investment Type
Owner/User
Building Details
Year Built
1952
Year Renovated
2005
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Commercial Hartung
(850) 386-6160
Listed By:
Chip Hartung · License #FL
Source:
Crexi
Added: Feb 9, 2023
Changed: Aug 14
Last Checked: Aug 29 at 11:34AM
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 Commercial Hartung
Investment Insights
Based on property information with market context.
Located in NE Tallahassee, inside Capital Circle NE, this two-story freestanding professional office building is less than 1 mile from Tallahassee Memorial Hospital. The corner lot provides frontage on Miccosukee Rd, Kuhlacres Dr, and Coombs Dr, with approximately 276 feet of frontage on Miccosukee Rd. The property offers great visibility and abundant parking. The surrounding area features professional and medical offices. The first floor includes a reception area, conference rooms, several private offices, storage space, two bathrooms, and a full kitchen. The second floor contains several private offices and a bathroom. The property is suitable for sale or development and is currently used as a professional office building.
Key Highlights
- Premier location in NE Tallahassee, inside Capital Circle NE, near two major hospitals.
- Less than 1 mile to Tallahassee Memorial Hospital.
- 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
8.93%
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 8.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,000 @ 7.0% cap · market cap 12.48%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building near hospitals with frontage on three roads.
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 $649,000.
What are key features of this property?
This property features: Premier location in NE Tallahassee, inside Capital Circle NE, near two major hospitals.; Less than 1 mile to Tallahassee Memorial Hospital.; Corner lot with frontage on three roads (Miccosukee Rd, Kuhlacres Dr & Coombs Dr) and high visibility.
