Tallahassee Townhomes Investment
For Sale
Contact for pricing
2288 Del Carmel Way, Tallahassee, FL 32303
Four income-producing townhomes near Florida State University.
Property Size5,120 SF
Price / SF$172.53
Days on Market182
Property Features for 2288 Del Carmel Way
General Information
Standard status
Active
Size
5,120 SF
Class
A
Property subtype
Multifamily
Zoning
MR-1
Occupancy
100%
Net Operating Income
$65,877
Building Details
Year Built
2023
Buildings
1
Stories
2
Units
4
Listing Agency:
HPL Realty Investments
(321) 945-2367
Listed By:
Moshe Sheffi · License #BK3172380
Source:
Crexi
Added: Feb 9
Changed: Aug 8
Last Checked: Aug 8 at 6:31AM
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 HPL Realty Investments
Investment Insights
Based on property information with market context.
This offering features four income-producing townhomes located in Tallahassee. The properties are part of the newly constructed Sunrise at Mission Overlook community, which includes a community pool, clubhouse, and fitness center. Each townhome has a three-bedroom, three-bathroom floor plan and a fully equipped kitchen with a refrigerator, oven, microwave, and dishwasher. A dedicated laundry closet includes a washer and dryer. The property is located near Florida State University, the State Capitol, and various dining and shopping destinations. All four units are currently leased, offering income with potential for future rent growth. These townhomes provide cash flow and are suitable for real estate investing. The property size is 5120 square feet.
Key Highlights
- Four income‑producing townhomes in a newly constructed community.
- Premium community amenities: pool, clubhouse, and fitness center.
- Ideally located near Florida State University, the State Capitol, dining, and shopping.
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
$53,648
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
6.07%
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%
$1,072,960
$1.1M
Cap Rate 7%
$766,400
$766.4K
Cap Rate 9%
$596,089
$596.1K
Market Conditions
NOI Build-Up for 5,120 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
$82.9K $16.20/SF
− Vacancy
−$6.3K −$1.23/SF
EGI
$76.6K $14.97/SF
− OpEx
−$23.0K −$4.49/SF
NOI
$53.6K $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%
$1,072,960
Cap Rate 7%
$766,400
Cap Rate 9%
$596,089
Alternative Uses
Best Use
Multifamily LT 5
$766.4K
$670.6K – $894.1K
NOI $53,648 @ 7.0% cap · market cap 6.07%
Second Best
Apartment 5plus
$666.2K
$582.9K – $777.2K
NOI $46,633 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$1.26M
$1.10M – $1.46M
NOI $87,864 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
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
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 income-producing townhomes near Florida State University.
Where is this quadplex located?
The property is located at 2288 Del Carmel Way Tallahassee, FL.
What is the asking price?
The asking price for this property is $883,350.
What are key features of this property?
This property features: Four income‑producing townhomes in a newly constructed community.; Premium community amenities: **pool, clubhouse, and fitness center.**; Ideally located near Florida State University, the State Capitol, dining, and shopping.
