Office Building with Large
For Sale
$650,000
1934 Dellwood Dr, Tallahassee, FL 32303
Established commercial office property with flexible land area and access to Tallahassee’s North Monroe Street corridor.
Property Size3,989 SF
Lot Size0.54 Acres
Price / SF$198.47
Days on Market95
Property Features for 1934 Dellwood Dr
General Information
Standard status
Active
Size
3,989 SF
Class
C
Lot size
0.54 Acres
Property subtype
Office
Additional Details
Highway Access
Yes
Building Details
Building Size
3,989 SF
Year Built
1949
Listing Agency:
TLG Real Estate Services
Listed By:
Bryan Cureton · License #670038
(850) 545-3687
Source:
Tlgproperty
Added: Aug 3
Changed: Nov 4
Last Checked: Nov 4 at 11:38AM
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 TLG Real Estate Services
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Investment Insights
Based on property information with market context.
This commercial office property includes a building constructed in 1949 on a 0.54-acre site. The substantial land footprint relative to the building supports on-site parking, expansion, or future site improvements, subject to applicable approvals. The property is identified for OR-1 zoning and is positioned for professional office, medical, administrative, or service-oriented uses as supported by the source information.
Located on Dellwood Drive in Tallahassee, the property sits just off North Monroe Street, also designated US 27. The corridor provides north-south access through Tallahassee and connections to Interstate corridors via Capital Circle. The site is described as being near Downtown, the State Capitol Complex, Florida State University, major healthcare centers, and Tallahassee International Airport, within an established commercial corridor serving government, educational, healthcare, and professional-service users.
Located on Dellwood Drive in Tallahassee, the property sits just off North Monroe Street, also designated US 27. The corridor provides north-south access through Tallahassee and connections to Interstate corridors via Capital Circle. The site is described as being near Downtown, the State Capitol Complex, Florida State University, major healthcare centers, and Tallahassee International Airport, within an established commercial corridor serving government, educational, healthcare, and professional-service users.
Key Highlights
- 0.54‑acre commercial office site
- Building constructed in 1949
- OR‑1 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,233
Cap Rate
6.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$804,660
$804.7K
Cap Rate 7%
$574,757
$574.8K
Cap Rate 9%
$447,033
$447.0K
Market Conditions
NOI Build-Up for 3,275 SF
Gross rent
$68.8K $21.00/SF
− Vacancy
−$15.1K −$4.62/SF
EGI
$53.6K $16.38/SF
− OpEx
−$13.4K −$4.10/SF
NOI
$40.2K $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 Rate 5%
$804,660
Cap Rate 7%
$574,757
Cap Rate 9%
$447,033
Alternative Uses
Best Use
Office B
$574.8K
$502.9K – $670.6K
NOI $40,233 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$802.9K
$702.5K – $936.7K
NOI $56,202 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,258
Businesses Nearby
Explore this area
Business Placement
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Established commercial office property with flexible land area and access to Tallahassee’s North Monroe Street corridor.
Where is this office building located?
The property is located at 1934 Dellwood Dr Tallahassee, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 0.54‑acre commercial office site; Building constructed in 1949; OR‑1 zoning
