Updated Four-Unit Condo
For Sale
$290,000
2241 W Pensacola, Tallahassee, FL 32304
Four individually configured residences are offered together, with HOA-managed exterior maintenance and access to a community pool.
Property Size2,184 SF
Price / SF$132.78
Days on Market53
Property Features for 2241 W Pensacola
General Information
Standard status
Active
Size
2,184 SF
Property subtype
Multi-Family
Building Details
Year Built
1968
Listing Agency:
Solid Ground Real Estate Group
Listed By:
Jason Reese · License #3119441
(850) 591-6727
Source:
Hopegainesrealestate
Added: Sep 2
Changed: Oct 6
Last Checked: Oct 7 at 3:57PM
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 Solid Ground Real Estate Group
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Investment Insights
Based on property information with market context.
This 2,184-square-foot quadplex includes four one-bedroom, one-bathroom condominium residences offered together for sale. The property was built in 1968 and received major building-system improvements last year, including new ductwork and upgraded insulation. Each unit is described as well maintained, with an established rental history and consistent occupancy.
The property is located at 2241 W Pensacola in Tallahassee, near colleges, shopping, dining, and major businesses. The HOA handles exterior responsibilities such as roof and parking-lot maintenance, while residents also have access to the community pool. Showings require 24 hours’ notice.
The property is located at 2241 W Pensacola in Tallahassee, near colleges, shopping, dining, and major businesses. The HOA handles exterior responsibilities such as roof and parking-lot maintenance, while residents also have access to the community pool. Showings require 24 hours’ notice.
Key Highlights
- Four 1‑bedroom, 1‑bathroom condo units sold together
- 2,184 square feet across the quadplex
- New ductwork and upgraded insulation completed last year
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,884
Cap Rate
7.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$457,680
$457.7K
Cap Rate 7%
$326,914
$326.9K
Cap Rate 9%
$254,267
$254.3K
Market Conditions
NOI Build-Up for 2,184 SF
Gross rent
$35.4K $16.20/SF
− Vacancy
−$2.7K −$1.23/SF
EGI
$32.7K $14.97/SF
− OpEx
−$9.8K −$4.49/SF
NOI
$22.9K $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%
$457,680
Cap Rate 7%
$326,914
Cap Rate 9%
$254,267
Alternative Uses
Best Use
Multifamily LT 5
$326.9K
$286.1K – $381.4K
NOI $22,884 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$284.2K
$248.7K – $331.5K
NOI $19,892 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$535.4K
$468.5K – $624.7K
NOI $37,480 @ 7.0% cap · market cap 12.92%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
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Business Placement
Demographics for 32304, FL
50,007
Population
23,296
Households
2.1
Avg Household Size
25
Median Age
36%
College-Educated
89%
High-School Grad
15.2 sq mi
ZIP Area
3,290
Density / Sq Mi
$30,823
Median Household Income
$14,475
Median Earnings
$1,132
Median Rent
$147,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four individually configured residences are offered together, with HOA-managed exterior maintenance and access to a community pool.
Where is this quadplex located?
The property is located at 2241 W Pensacola Tallahassee, FL.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bathroom condo units sold together; 2,184 square feet across the quadplex; New ductwork and upgraded insulation completed last year
