Updated 24-Unit Apartment
For Sale
Contact for pricing
2630-2670 W Pensacola St, Tallahassee, FL 32304
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 Market56
Property Features for 2630-2670 W Pensacola St
General Information
Standard status
Active
Size
15,576 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
24
Building Details
Year Built
1970
Tenancy
Multi
Listing Agency:
Harrison Commercial Properties
Listed By:
George Harrison · License #FL BK655262
Source:
Crexi
Added: Jun 13
Changed: Jul 10
Last Checked: Aug 4 at 12:55PM
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
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 = 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
$141,866
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
6.76%
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%
$2,837,320
$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
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
$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 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%
$2,837,320
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.
Property Analytics
Property Profile
Current Use
Lease Details
24
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
564
Businesses Nearby
Explore this area
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
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 - 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
