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 Market49
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: Sep 18
Last Checked: Sep 20 at 6:13AM
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
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 = 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
$40,233
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
6.19%
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%
$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
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
$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 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%
$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.
Property Analytics
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Open Analytics
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
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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
