Three-Storefront Office
New
For Sale
$465,000
1972 Crowder, Tallahassee, FL 32303
CommercialSale, Tallahassee, FL
Property Size3,000 SF
Lot Size0.02 Acres
Price / SF$155
Days on Market5
Property Features for 1972 Crowder
General Information
Property type
Commercial Sale
Property subtype
Office
Subdivision
Leon
Standard status
Active
APN
12073-21-10-35-000-003-0
Lot size
0.02 Acres
Amenities
kitchenette
Listing Agency:
Property Finders Nguyen Realty
(850) 510-3302
Listed By:
Nga Nguyen Miller · License #3097469
(850) 999-2919
Added: Sep 4
Last Checked: Sep 8 at 2:06PM
MLS# 404570
Copyright © 2026 Tallahassee Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 3,000-square-foot office property is arranged around three storefront sections, each with its own entrance. The configuration can accommodate separate office suites, multiple businesses, or one organization using the full building. Interior areas support private offices, workspaces, reception or customer-facing functions, and staff needs, with a kitchenette included.
The property occupies 0.02 acres at 1972 Crowder in Tallahassee, Florida. Its distinct entrances and adaptable interior provide a practical framework for professional or commercial occupancy, whether organized as multiple independent spaces or a unified office environment.
The property occupies 0.02 acres at 1972 Crowder in Tallahassee, Florida. Its distinct entrances and adaptable interior provide a practical framework for professional or commercial occupancy, whether organized as multiple independent spaces or a unified office environment.
Key Highlights
- Approximately 3,000 square feet of office space
- Three separate storefronts, each with its own entrance
- Layout can support multiple businesses or one full‑building user
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
$36,855
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
7.93%
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%
$737,100
$737.1K
Cap Rate 7%
$526,500
$526.5K
Cap Rate 9%
$409,500
$409.5K
Market Conditions
NOI Build-Up for 3,000 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
$63.0K $21.00/SF
− Vacancy
−$13.9K −$4.62/SF
EGI
$49.1K $16.38/SF
− OpEx
−$12.3K −$4.10/SF
NOI
$36.9K $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%
$737,100
Cap Rate 7%
$526,500
Cap Rate 9%
$409,500
Alternative Uses
Best Use
Office B
$526.5K
$460.7K – $614.3K
NOI $36,855 @ 7.0% cap · market cap 7.93%
Second Best
Retail
$416.2K
$364.2K – $485.6K
NOI $29,137 @ 7.0% cap · market cap 6.27%
Theoretical Best
Office A
$735.5K
$643.5K – $858.1K
NOI $51,483 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
286
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
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 units - Flexible professional layout includes private offices, work areas, customer-facing space, and a staff kitchenette.
Where is this office units located?
The property is located at 1972 Crowder Tallahassee, FL.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Approximately 3,000 square feet of office space; Three separate storefronts, each with its own entrance; Layout can support multiple businesses or one full‑building user
