Office Unit with Floor-to-Ceiling
For Sale
$699,000
215 W College Ave Ste 102a, Tallahassee, FL 32301
Shell-condition office space offers a customizable layout, strong daylight, and direct access to shared outdoor areas.
Property Size3,971 SF
Price / SF$176.03
Days on Market194
Property Features for 215 W College Ave Ste 102a
General Information
Standard status
Active
Size
3,971 SF
Class
B
Property subtype
Other Special Purpose
Amenities
Prime views of Florida State University
Flexible floor plan
Abundant natural light
Plethora of outdoor space
Ample parking opportunities
Building Details
Building Size
3,971 SF
Year Built
2006
Listing Agency:
NAI TALCOR
(850) 224-2300
Listed By:
Slaton Murray, Jr.
(850) 224-2300
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 7:15PM
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 NAI TALCOR
Investment Insights
Based on property information with market context.
This 3,971 SF office unit, completed in 2006, is delivered in shell condition for a buyer to shape around a preferred workplace design. Floor-to-ceiling windows bring substantial natural light into the space, while views extend toward Florida State University and Downtown Tallahassee. The property is located within Kleman Plaza and sits beside a drop-off lane, with outdoor areas and parking opportunities available for occupants and visitors.
The setting places the office in Downtown Tallahassee, near the Florida State Capitol, Cascade Park, and the Tallahassee Museum. Dining, retail, and entertainment options are also identified in the surrounding area, adding a broad mix of nearby urban amenities. The combination of an unfinished interior, expansive glazing, and a central downtown setting provides a flexible office unit for customized buildout.
The setting places the office in Downtown Tallahassee, near the Florida State Capitol, Cascade Park, and the Tallahassee Museum. Dining, retail, and entertainment options are also identified in the surrounding area, adding a broad mix of nearby urban amenities. The combination of an unfinished interior, expansive glazing, and a central downtown setting provides a flexible office unit for customized buildout.
Key Highlights
- 3,971 SF office unit in shell condition
- Floor‑to‑ceiling windows provide views toward Florida State University and Downtown Tallahassee
- Located within Kleman Plaza beside a convenient drop‑off lane
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
$48,784
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
6.98%
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%
$975,680
$975.7K
Cap Rate 7%
$696,914
$696.9K
Cap Rate 9%
$542,044
$542.0K
Market Conditions
NOI Build-Up for 3,971 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
$83.4K $21.00/SF
− Vacancy
−$18.3K −$4.62/SF
EGI
$65.0K $16.38/SF
− OpEx
−$16.3K −$4.10/SF
NOI
$48.8K $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%
$975,680
Cap Rate 7%
$696,914
Cap Rate 9%
$542,044
Alternative Uses
Best Use
Office B
$696.9K
$609.8K – $813.1K
NOI $48,784 @ 7.0% cap · market cap 6.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$973.5K
$851.8K – $1.14M
NOI $68,146 @ 7.0% cap · market cap 9.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,060
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Shell-condition office space offers a customizable layout, strong daylight, and direct access to shared outdoor areas.
Where is this office units located?
The property is located at 215 W College Ave Ste 102a Tallahassee, FL.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,971 SF office unit in shell condition; Floor‑to‑ceiling windows provide views toward Florida State University and Downtown Tallahassee; Located within Kleman Plaza beside a convenient drop‑off lane
