Updated 24-Unit Apartment
2630-2670 W Pensacola St, Tallahassee, FL 32304
For Sale
Contact for pricing
Twenty-two of the 24 units have been updated, with a mix of one- and two-bedroom floorplans.
Property Size15,576 SF
Price / SF$134.82
Days on Market152
Property Features for 2630-2670 W Pensacola St
General Information
Standard status
Size
Class
Property subtype
Zoning
Occupancy
Additional Details
Multifamily Units
Building Details
Year Built
Units
Tenancy
Listing Agency:
Harrison Commercial Properties
Listed By:
George Harrison · License FL BK655262
(850) 421-3535
Source:
Crexi
Added: Jun 13
Changed: Nov 3
Last Checked: Nov 10 at 8:34AM
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 Harrison Commercial Properties
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Investment Insights
Based on property information with market context.
This property is a 24-unit apartment complex configured as 16 one-bedroom, one-bath units and 8 two-bedroom, one-bath units. Public remarks indicate that 22 of the units have been updated, and the remaining units are described as below market, presenting an opportunity for further improvement. The asset is offered for sale as an income-focused multifamily building.
The complex is located on W Pensacola St in Tallahassee, FL. The west side location is described as convenient to FSU, TSC, and FAMU. Nearby walkable shopping and dining options cited in the remarks include Aldi, Five Below, Planet Fitness, Starbucks, McDonald’s, and Moe.
For investors or owners considering a value-add strategy, the updated unit mix supports continued tenancy while allowing room to address the remaining units. The straightforward one- and two-bedroom composition can be appealing to households seeking smaller or larger layouts within the same property.
The complex is located on W Pensacola St in Tallahassee, FL. The west side location is described as convenient to FSU, TSC, and FAMU. Nearby walkable shopping and dining options cited in the remarks include Aldi, Five Below, Planet Fitness, Starbucks, McDonald’s, and Moe.
For investors or owners considering a value-add strategy, the updated unit mix supports continued tenancy while allowing room to address the remaining units. The straightforward one- and two-bedroom composition can be appealing to households seeking smaller or larger layouts within the same property.
Key Highlights
- 24‑unit apartment complex on W Pensacola St, built in 1970
- Unit mix includes 16 one‑bedroom, one‑bath units and 8 two‑bedroom, one‑bath units
- 22 of the 24 units have been updated
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,866
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,837,320
$2.8M
Cap Rate 7%
$2,026,657
$2.0M
Cap Rate 9%
$1,576,289
$1.6M
Market Conditions
NOI Build-Up for 15,576 SF
Gross rent
$280.4K $18.00/SF
− Vacancy
−$22.4K −$1.44/SF
EGI
$257.9K $16.56/SF
− OpEx
−$116.1K −$7.45/SF
NOI
$141.9K $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%
$2,837,320
Cap Rate 7%
$2,026,657
Cap Rate 9%
$1,576,289
Alternative Uses
Best Use
Apartment 5plus
$2.03M
$1.77M – $2.36M
NOI $141,866 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.82M
$3.34M – $4.45M
NOI $267,299 @ 7.0% cap · market cap 12.73%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
24
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
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Business Placement
Demographics for 32304, FL
50,007
Population
23,296
Households
2.1
Avg Household Size
25
Median Age
36%
College-Educated
89%
High-School Grad
15.2 sq mi
ZIP Area
3,290
Density / Sq Mi
$30,823
Median Household Income
$14,475
Median Earnings
$1,132
Median Rent
$147,000
Median Home Value
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Market
Properties on Market for Apartment buildings in Tallahassee
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Twenty-two of the 24 units have been updated, with a mix of one- and two-bedroom floorplans.
Where is this apartment building located?
The property is located at 2630-2670 W Pensacola St Tallahassee, FL.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 24‑unit apartment complex on W Pensacola St, built in 1970; Unit mix includes 16 one‑bedroom, one‑bath units and 8 two‑bedroom, one‑bath units; 22 of the 24 units have been updated
