Updated Four-Unit Condo
New
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 Market3
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: Sep 3
Last Checked: Sep 3 at 1:56AM
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
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 = 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
$22,884
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
7.89%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
