Tallahassee Condos Package For
2016 Ann Arbor Ave, Tallahassee, FL 32304
28-unit condo package in Tallahassee with potential for upside.
Type:Multifamily
Property size:
34,720 SFPrice / SF:
$129/SF- Added:
- Nov 15, 2024
- Days on Market:
- 564
- Last Refresh:
- May 13 at 8:22 pm
Property Features for 2016 Ann Arbor Ave
General Information
- Standard status
- Active
- Size
- 34,720 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 2017
Listing agent Janet Clement
Listing office Bryan Bjerke
Listing date Nov 15, 2024
Source Crexi
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 Bryan Bjerke
HighLights
- Package of 28 condos (or option to buy 8) in Tallahassee, Florida.
- Enjoy the gated community with pool, rec room with gym, and volleyball court.
- Each condo is 3 bed/3 bath with all appliances included.
- Each condo has 3‑car parking.
- Built in 2017.
- Onsite property management.
Overview
This offering features a package of 28 side-by-side condominium units located in Tallahassee, Florida. The gated community includes a pool, recreation room with a gym, and a volleyball court. Constructed by Hartsfield Construction, the property accommodates both student housing and year-round tenants. Each condominium unit features 3 bedrooms and 3 bathrooms, and includes all appliances. Parking is available for 3 cars per condo. The property has on-site management. The total property size is 34,720 square feet. The Home Owner's Association covers trash and yard maintenance, while tenants are responsible for their own utilities. The property is located in a city with a population of over 200,000, with 72% of residents between the ages of 18 and 64.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $625.0k | $18.00 |
| − Vacancy | −$50.0k | −$1.44 |
| EGI | $575.0k | $16.56 |
| − OpEx | −$258.7k | −$7.45 |
| NOI | $316.2k | $9.11 |
34,720 SF · lease $18.00/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.52M
$3.95M – $5.27M
NOI $316,230 @ 7.0% cap · market cap 7.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.51M
$7.45M – $9.93M
NOI $595,829 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Tallahassee
- County
- Leon
- State
- Florida
- Longitude
- -84.3491767
- Latitude
- 30.4629486
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 28-unit condo package in Tallahassee with potential for upside.
Where is this apartment building located?
The property is located at 2016 Ann Arbor Ave Tallahassee, FL.
What is the asking price?
The asking price for this property is $4,480,000.
What are key features of this property?
This property features: Package of 28 condos (or option to buy 8) in Tallahassee, Florida.; Enjoy the gated community with pool, rec room with gym, and volleyball court.; Each condo is 3 bed/3 bath with all appliances included.
