Multifamily Apartment
For Sale
Contact for pricing
2501 South Meridian Street, Tallahassee, FL 32301
For sale multifamily apartment building with assumable 3.73% financing and 14,400 square feet.
Property Size14,400 SF
Price / SF$163.19
Days on Market144
Property Features for 2501 South Meridian Street
General Information
Standard status
Active
Size
14,400 SF
Property subtype
Multifamily
Net Operating Income
$164,469
Building Details
Units
32
Tenancy
Multi
Listing Agency:
Matthews
Listed By:
Connor Rollins · License #3599650
Source:
Crexi
Added: Jun 3
Changed: Oct 22
Last Checked: Oct 23 at 6:17AM
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 Matthews
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Investment Insights
Based on property information with market context.
This for-sale multifamily apartment building offers 14,400 square feet of residential income space. The listing also notes assumable 3.73% financing, which may be of interest to qualified buyers seeking an alternative to new financing.
The property is located at 2501 South Meridian Street in Tallahassee, Florida, and is positioned on the university corridor, per the seller’s remarks. The current list price is $2,350,000.
The property is located at 2501 South Meridian Street in Tallahassee, Florida, and is positioned on the university corridor, per the seller’s remarks. The current list price is $2,350,000.
Key Highlights
- For sale multifamily apartment building
- 14,400 square feet
- Assumable 3.73% financing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$131,155
Cap Rate
5.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,623,100
$2.6M
Cap Rate 7%
$1,873,643
$1.9M
Cap Rate 9%
$1,457,278
$1.5M
Market Conditions
NOI Build-Up for 14,400 SF
Gross rent
$259.2K $18.00/SF
− Vacancy
−$20.7K −$1.44/SF
EGI
$238.5K $16.56/SF
− OpEx
−$107.3K −$7.45/SF
NOI
$131.2K $9.11/SF
Area
Tallahassee, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,623,100
Cap Rate 7%
$1,873,643
Cap Rate 9%
$1,457,278
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.19M
NOI $131,155 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.53M
$3.09M – $4.12M
NOI $247,118 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
442
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
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - For sale multifamily apartment building with assumable 3.73% financing and 14,400 square feet.
Where is this apartment building located?
The property is located at 2501 South Meridian Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: For sale multifamily apartment building; 14,400 square feet; Assumable 3.73% financing
