Updated Duplex With Metal
For Sale
$335,000
2441 Wren Hollow Dr, Tallahassee, FL 32303
Two residential units feature refreshed vanities and durable hard-surface flooring throughout.
Property Size1,008 SF
Price / SF$332.34
Days on Market38
Property Features for 2441 Wren Hollow Dr
General Information
Standard status
Active
Size
1,008 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$34,800
Multifamily Units
2
Building Details
Year Built
1989
Listing Agency:
Bevis Realty
(904) 403-8938
Listed By:
Erik Seise · License #3408489
Source:
Hopegainesrealestate
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 30 at 7:35PM
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 Bevis Realty
Investment Insights
Based on property information with market context.
This duplex, built in 1989, contains two residential units within a 1,008-square-foot property. Both sides have updated vanities and hard-surface flooring throughout, eliminating carpet from the unit interiors. A metal roof and limited landscaping requirements support straightforward exterior upkeep.
The property is located at 2441 Wren Hollow Dr in Tallahassee, Florida. Its two-unit configuration provides separate residential spaces within a single income-producing asset.
The property is located at 2441 Wren Hollow Dr in Tallahassee, Florida. Its two-unit configuration provides separate residential spaces within a single income-producing asset.
Key Highlights
- Two‑unit duplex configuration
- 1,008‑square‑foot property built in 1989
- Updated vanities in both units
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
$10,562
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
3.15%
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%
$211,240
$211.2K
Cap Rate 7%
$150,886
$150.9K
Cap Rate 9%
$117,356
$117.4K
Market Conditions
NOI Build-Up for 1,008 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
$16.3K $16.20/SF
− Vacancy
−$1.2K −$1.23/SF
EGI
$15.1K $14.97/SF
− OpEx
−$4.5K −$4.49/SF
NOI
$10.6K $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%
$211,240
Cap Rate 7%
$150,886
Cap Rate 9%
$117,356
Alternative Uses
Best Use
Multifamily LT 5
$150.9K
$132.0K – $176.0K
NOI $10,562 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$131.2K
$114.8K – $153.0K
NOI $9,181 @ 7.0% cap · market cap 2.74%
Theoretical Best
Office A
$247.1K
$216.2K – $288.3K
NOI $17,298 @ 7.0% cap · market cap 5.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
380
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?
Duplex - Two residential units feature refreshed vanities and durable hard-surface flooring throughout.
Where is this duplex located?
The property is located at 2441 Wren Hollow Dr Tallahassee, FL.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; 1,008‑square‑foot property built in 1989; Updated vanities in both units
