Brick Duplex with
New
For Sale
$184,900
2309 & 2311 S Meridian St, Tallahassee, FL 32301
Two residential units feature family rooms, eat-in kitchens, and shared outdoor space.
Property Size1,363 SF
Price / SF$135.66
Days on Market4
Property Features for 2309 & 2311 S Meridian St
General Information
Standard status
Active
Size
1,363 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1965
Construction
brick
Listing Agency:
Lord & Stanley Realty, Inc.
Listed By:
Susan Gillespie · License #3409661
(850) 321-9259
Source:
Hopegainesrealestate
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 13 at 3:30PM
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 Lord & Stanley Realty, Inc.
Investment Insights
Based on property information with market context.
This brick duplex contains two residential units, each arranged with two bedrooms and one bathroom. Both sides include a family room and an eat-in kitchen, while the property also provides a large backyard. Built in 1965, the building offers a 1,363-square-foot configuration at 2309 & 2311 S Meridian St in Tallahassee, Florida.
Key Highlights
- Two‑unit brick duplex with 2 bedrooms and 1 bathroom per side
- 1,363‑square‑foot property built in 1965
- Family room included in each unit
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
$14,282
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
7.72%
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%
$285,640
$285.6K
Cap Rate 7%
$204,029
$204.0K
Cap Rate 9%
$158,689
$158.7K
Market Conditions
NOI Build-Up for 1,363 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
$22.1K $16.20/SF
− Vacancy
−$1.7K −$1.23/SF
EGI
$20.4K $14.97/SF
− OpEx
−$6.1K −$4.49/SF
NOI
$14.3K $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%
$285,640
Cap Rate 7%
$204,029
Cap Rate 9%
$158,689
Alternative Uses
Best Use
Multifamily LT 5
$204.0K
$178.5K – $238.0K
NOI $14,282 @ 7.0% cap · market cap 7.72%
Second Best
Apartment 5plus
$177.3K
$155.2K – $206.9K
NOI $12,414 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$334.1K
$292.4K – $389.8K
NOI $23,390 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
442
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature family rooms, eat-in kitchens, and shared outdoor space.
Where is this duplex located?
The property is located at 2309 & 2311 S Meridian St Tallahassee, FL.
What is the asking price?
The asking price for this property is $184,900.
What are key features of this property?
This property features: Two‑unit brick duplex with 2 bedrooms and 1 bathroom per side; 1,363‑square‑foot property built in 1965; Family room included in each unit
