Updated Triplex with Private
For Sale
$460,000
1994 Darryl Drive #1994, Tallahassee, FL 32301
Three separately accessed homes combine varied bedroom layouts, outdoor areas, and recent improvements across the property.
Property Size3,698 SF
Price / SF$124.39
Days on Market153
Property Features for 1994 Darryl Drive #1994
General Information
Standard status
Active
Size
3,698 SF
Property subtype
Multi Family Home
Lease Term
12 Months
Units
Unit Mix
2 x 2BR/1.5BA, 1 x 1BR/1.5BA
Multifamily Units
3
Amenities
fireplaces
decks
balconies
fenced yards
pergola
raised garden beds
Deck
Fully Fenced
Building Details
Building Size
3,698 SF
Year Built
1981
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Xcellence
Listed By:
Katheryne Kessinger · License #3454385
(305) 595-7355
Source:
Bertpope
Added: Jun 6
Changed: Nov 4
Last Checked: Nov 5 at 5:28PM
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 Xcellence
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,698-square-foot triplex contains three residences built in 1981. The two end units each have two bedrooms, a full bath upstairs, and a half bath downstairs; the center residence has one large bedroom and the same bath arrangement. Each home features a fireplace and an individual driveway. Decks and balconies serve units 1994 and 1996, while all three residences have fenced yards. A pergola was added to the rear deck of unit 1996.
Improvements include a 30-year shingle roof installed in 2020, exterior paint from 2020, upgraded kitchen and bath GFI outlets, a crawl-space vapor barrier, and dryer vents routed outside the crawl space. In unit 1996, kitchen cabinets and appliances were replaced in 2023, and bathroom work included a 2025 full-bath remodel and a new full-bath vanity. The side yard has fruit trees and raised garden beds and is currently used as a resident garden.
Improvements include a 30-year shingle roof installed in 2020, exterior paint from 2020, upgraded kitchen and bath GFI outlets, a crawl-space vapor barrier, and dryer vents routed outside the crawl space. In unit 1996, kitchen cabinets and appliances were replaced in 2023, and bathroom work included a 2025 full-bath remodel and a new full-bath vanity. The side yard has fruit trees and raised garden beds and is currently used as a resident garden.
Key Highlights
- Three‑unit property totaling 3,698 square feet; built in 1981
- End residences: 2 bedrooms, 1 full bath upstairs, and 1 half bath downstairs
- Center residence: 1 large bedroom, 1 full bath upstairs, and 1 half bath downstairs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,748
Cap Rate
8.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,960
$775.0K
Cap Rate 7%
$553,543
$553.5K
Cap Rate 9%
$430,533
$430.5K
Market Conditions
NOI Build-Up for 3,698 SF
Gross rent
$59.9K $16.20/SF
− Vacancy
−$4.6K −$1.23/SF
EGI
$55.4K $14.97/SF
− OpEx
−$16.6K −$4.49/SF
NOI
$38.7K $10.48/SF
Area
Tallahassee, FL
Vacancy
7.60%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$774,960
Cap Rate 7%
$553,543
Cap Rate 9%
$430,533
Alternative Uses
Best Use
Multifamily LT 5
$553.5K
$484.4K – $645.8K
NOI $38,748 @ 7.0% cap · market cap 8.42%
Second Best
Apartment 5plus
$481.2K
$421.0K – $561.4K
NOI $33,681 @ 7.0% cap · market cap 7.32%
Theoretical Best
Office A
$906.6K
$793.3K – $1.06M
NOI $63,461 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 32301, FL
29,686
Population
17,029
Households
1.7
Avg Household Size
32
Median Age
45%
College-Educated
92%
High-School Grad
10.2 sq mi
ZIP Area
2,910
Density / Sq Mi
$50,412
Median Household Income
$34,271
Median Earnings
$1,200
Median Rent
$211,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Triplex - Three separately accessed homes combine varied bedroom layouts, outdoor areas, and recent improvements across the property.
Where is this triplex located?
The property is located at 1994 Darryl Drive #1994 Tallahassee, FL.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Three‑unit property totaling 3,698 square feet; built in 1981; End residences: 2 bedrooms, 1 full bath upstairs, and 1 half bath downstairs; Center residence: 1 large bedroom, 1 full bath upstairs, and 1 half bath downstairs
