Quadplex with Metal
For Sale
$410,000
2510 Fred Smith Road Unit -, Tallahassee, FL 32303
All four units are leased through February 2027 under existing tenant agreements.
Property Size3,207 SF
Price / SF$127.85
Days on Market32
Property Features for 2510 Fred Smith Road Unit -
General Information
Standard status
Active
Size
3,207 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Gross Income
$58,440
Highway Access
Yes
Multifamily Units
4
Tenant in Place
Yes
Building Details
Building Size
3,207 SF
Listing Agency:
Realty One Group Next Gen
Listed By:
Danielle Andrews · License #3367252
(727) 433-2402
Source:
Tngrealty
Added: Oct 5
Changed: Nov 4
Last Checked: Nov 5 at 10:28AM
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 Realty One Group Next Gen
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,207-square-foot quadplex comprises four leased units. HVAC systems and electrical components were improved in 2024, with work documented through City of Tallahassee permits. The building also has a metal roof.
The property is situated between Monroe Street and Old Bainbridge Road, with access to I-10 and Downtown Tallahassee. Midtown, restaurants, shops, entertainment, and movie theaters are also identified in the surrounding area. All four units have leases running through February 2027.
The property is situated between Monroe Street and Old Bainbridge Road, with access to I-10 and Downtown Tallahassee. Midtown, restaurants, shops, entertainment, and movie theaters are also identified in the surrounding area. All four units have leases running through February 2027.
Key Highlights
- Four‑unit property with all leases running through February 2027
- 3,207 square feet
- HVAC and electrical improvements completed in 2024, per City of Tallahassee permits
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,603
Cap Rate
8.20%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$672,060
$672.1K
Cap Rate 7%
$480,043
$480.0K
Cap Rate 9%
$373,367
$373.4K
Market Conditions
NOI Build-Up for 3,207 SF
Gross rent
$52.0K $16.20/SF
− Vacancy
−$3.9K −$1.23/SF
EGI
$48.0K $14.97/SF
− OpEx
−$14.4K −$4.49/SF
NOI
$33.6K $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 Rate 5%
$672,060
Cap Rate 7%
$480,043
Cap Rate 9%
$373,367
Alternative Uses
Best Use
Multifamily LT 5
$480.0K
$420.0K – $560.1K
NOI $33,603 @ 7.0% cap · market cap 8.20%
Second Best
Apartment 5plus
$417.3K
$365.1K – $486.8K
NOI $29,209 @ 7.0% cap · market cap 7.12%
Theoretical Best
Office A
$786.2K
$687.9K – $917.3K
NOI $55,035 @ 7.0% cap · market cap 13.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
302
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
Frequently Asked Questions
What type of property is this?
Quadplex - All four units are leased through February 2027 under existing tenant agreements.
Where is this quadplex located?
The property is located at 2510 Fred Smith Road Unit - Tallahassee, FL.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: Four‑unit property with all leases running through February 2027; 3,207 square feet; HVAC and electrical improvements completed in 2024, per City of Tallahassee permits
