Prime Tallahassee Retail Investment
For Sale
$950,000
220 W Tennessee St., Tallahassee, FL 32303
4,846 SF former restaurant building near Florida State University.
Property Size4,846 SF
Price / SF$196.04
Days on Market328
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Property Features for 220 W Tennessee St.
General Information
Standard status
Active
Size
4,846 SF
Property subtype
Retail
Building Details
Building Size
4,846 SF
Year Built
1969
Listing Agency:
NAI TALCOR
Listed By:
Jim Taube, CCIM · License #672081
(850) 545-5649
Source:
Naiglobal
Added: Nov 21, 2025
Changed: Oct 8
Last Checked: Oct 14 at 9:03PM
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.
Located at 220 W. Tennessee St. in Tallahassee, FL, this property offers a retail investment opportunity. The 4,846 SF building previously operated as a restaurant and is situated on a high-traffic corner. The location is four blocks from the Florida State Capitol Building and three blocks from Florida State University. The "Central Core" (CC) zoning allows for a variety of commercial uses, including restaurants, banks, hotels, auto rentals, or high-density residential development up to 150 units per acre. The property is located on the NE corner of Tennessee and Bronough Streets in a high-traffic location with 38,300 AADT. With other redevelopment projects taking place nearby, this property offers potential for redevelopment.
Key Highlights
- Prime location in the heart of Tallahassee, near the State Capitol and Florida State University
- High‑traffic corner location with 38,300 AADT
- Intense Commercial (CC) Zoning allows for diverse uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$55,346
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,106,920
$1.1M
Cap Rate 7%
$790,657
$790.7K
Cap Rate 9%
$614,956
$615.0K
Market Conditions
NOI Build-Up for 4,846 SF
Gross rent
$78.5K $16.20/SF
− Vacancy
−$4.7K −$0.97/SF
EGI
$73.8K $15.23/SF
− OpEx
−$18.4K −$3.81/SF
NOI
$55.3K $11.42/SF
Area
Tallahassee, FL
Vacancy
6.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,106,920
Cap Rate 7%
$790,657
Cap Rate 9%
$614,956
Alternative Uses
Best Use
Specialty Retail
$790.7K
$691.8K – $922.4K
NOI $55,346 @ 7.0% cap · market cap 5.83%
Second Best
Retail
$672.4K
$588.3K – $784.5K
NOI $47,067 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,162 @ 7.0% cap · market cap 8.75%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,944
Businesses Nearby
46k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 44%
Dining 28%
Shops & Services 28%
DoubleTree by Hilton Hotel Tallahassee
Hotels & Casinos
12,422 visits/mo
0.3 miles
Popeyes Louisiana Kitchen
Dining
9,807 visits/mo
0.4 miles
Four Points by Sheraton, Tallahassee Downtown
Hotels & Casinos
7,674 visits/mo
0.2 miles
Dollar General
Shops & Services
3,819 visits/mo
0.3 miles
Tropical Smoothie Cafe
Dining
3,165 visits/mo
0.4 miles
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Similar Off Market Nearby
- Nefetari's — 812 S Macomb St, Tallahassee, FL 32301
- Centre Catering — 505 W Pensacola St, Tallahassee, FL 32301
- Judy's Creation — Tallahassee, FL 32301
- Convenient Healthy Snacks, LLC — 113 S Monroe St 1st floor, Tallahassee, FL 32301
- Tally Arepas — 302 N Monroe St, Tallahassee, FL 32301
Frequently Asked Questions
What type of property is this?
Restaurant - 4,846 SF former restaurant building near Florida State University.
Where is this restaurant located?
The property is located at 220 W Tennessee St. Tallahassee, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Prime location in the heart of Tallahassee, near the State Capitol and Florida State University; High‑traffic corner location with 38,300 AADT; Intense Commercial (CC) Zoning allows for diverse uses
