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 Market98
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: Sep 4
Last Checked: Sep 8 at 3:26AM
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
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 = 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
$131,155
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
5.58%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
