Two-Unit Duplex with Updated
2245 S MERIDIAN Street, Tallahassee, FL 32301
For Sale
New
$314,000
Residential, Tallahassee, FL
Property Size2,658 SF
Price / SF$118.13
Days on Market2
Property Features for 2245 S MERIDIAN Street
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Parking features
Appliances
Subdivision
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Cooling system
Building Details
Year built
Floors in Building
Number of units
Flooring type
Building materials
Architectural style
Listing Agency:
A Broker's Concierge
Listed By:
M. Sullivan Ellinor · License FL #3363171
(850) 408-2352
Added: Nov 12
Last Checked: Nov 13 at 1:06AM
MLS# 407053
Copyright © 2026 Tallahassee Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
Built in 2008, this 2,658-square-foot duplex contains two residences. The first unit has three bedrooms, two-and-a-half baths, and approximately 1,329 square feet. The second has two bedrooms and two-and-a-half baths, arranged over two stories. A 2025 roof and new vinyl flooring are among the property’s improvements. The building has frame construction with vinyl siding, central electric heating, and central air conditioning.
The property is minutes from Cascades Park and has access to nearby universities and the Capitol. Both units are configured with two-and-a-half baths, while their bedroom counts and layouts differ.
The property is minutes from Cascades Park and has access to nearby universities and the Capitol. Both units are configured with two-and-a-half baths, while their bedroom counts and layouts differ.
Key Highlights
- Two‑unit duplex with 2,658 square feet
- Unit 1: 3 bedrooms, 2 1/2 baths, approximately 1,329 sq. ft.
- Unit 2: 2 bedrooms and 2/2.5 baths over two stories
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,851
Cap Rate
8.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$557,020
$557.0K
Cap Rate 7%
$397,871
$397.9K
Cap Rate 9%
$309,456
$309.5K
Market Conditions
NOI Build-Up for 2,658 SF
Gross rent
$43.1K $16.20/SF
− Vacancy
−$3.3K −$1.23/SF
EGI
$39.8K $14.97/SF
− OpEx
−$11.9K −$4.49/SF
NOI
$27.9K $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%
$557,020
Cap Rate 7%
$397,871
Cap Rate 9%
$309,456
Alternative Uses
Best Use
Multifamily LT 5
$397.9K
$348.1K – $464.2K
NOI $27,851 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$345.8K
$302.6K – $403.5K
NOI $24,209 @ 7.0% cap · market cap 7.71%
Theoretical Best
Office A
$651.6K
$570.2K – $760.2K
NOI $45,614 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
555
Businesses Nearby
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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
$211,900
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Tallahassee, FL
Properties on Market for Duplexes in Tallahassee
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - The residences offer three-bedroom and two-bedroom layouts, with two-and-a-half baths in each unit.
Where is this duplex located?
The property is located at 2245 S MERIDIAN Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $314,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,658 square feet; Unit 1: 3 bedrooms, 2 1/2 baths, approximately 1,329 sq. ft.; Unit 2: 2 bedrooms and 2/2.5 baths over two stories
