Renovated 82-Room Economy
For Sale
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2681 North Monroe Street, Tallahassee, FL 32303
Renovated 82-room economy hotel on 1.92 acres along a primary commercial corridor.
Property Size35,414 SF
Lot Size1.92 Acres
Price / SF$90.36
Days on Market103
Property Features for 2681 North Monroe Street
General Information
Standard status
Active
Size
35,414 SF
Lot size
1.92 Acres
Property subtype
Hospitality
Additional Details
Business Included
Yes
Building Details
Year Built
1978
Year Renovated
2025
Stories
2
Listing Agency:
NewGen Advisory Phoenix
Listed By:
Jigar "Jay" Desai · License #AZ SA675144000
(520) 664-4091
Source:
Crexi
Added: Jul 7
Changed: Oct 5
Last Checked: Oct 16 at 7:52AM
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 NewGen Advisory Phoenix
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Investment Insights
Based on property information with market context.
Econo Lodge North Tallahassee is an 82-room economy hotel situated on 1.92 acres along one of Tallahassee’s primary commercial corridors. The property completed a comprehensive renovation in 2025, including a new roof, parking lot resurfacing, and full bathroom renovations, supported by more than $300,000 in capital improvements.
The hotel operates under the Econo Lodge/Choice Hotels flag and is positioned to serve diversified demand tied to Florida State Capitol activity, Florida State University, Florida A&M University, and Tallahassee International Airport. Tallahassee is home to two major universities and is anchored by state government and healthcare, contributing to a year-round demand profile.
With no single demand driver dominating the mix, the asset is designed for steadier operating performance throughout the year, including periods impacted by the Legislative Session and major university events.
The hotel operates under the Econo Lodge/Choice Hotels flag and is positioned to serve diversified demand tied to Florida State Capitol activity, Florida State University, Florida A&M University, and Tallahassee International Airport. Tallahassee is home to two major universities and is anchored by state government and healthcare, contributing to a year-round demand profile.
With no single demand driver dominating the mix, the asset is designed for steadier operating performance throughout the year, including periods impacted by the Legislative Session and major university events.
Key Highlights
- Renovated 82‑room economy hotel on 1.92 acres along one of Tallahassee’s primary commercial corridors
- Comprehensive 2025 renovation with $300,000+ in capital improvements including a new roof
- 2025 upgrades also include parking lot re‑surfacing and full bathroom renovations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$151,395
Cap Rate
4.73%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,027,900
$3.0M
Cap Rate 7%
$2,162,786
$2.2M
Cap Rate 9%
$1,682,167
$1.7M
Market Conditions
NOI Build-Up for 35,414 SF
Gross rent
$425.0K $12.00/SF
− Vacancy
−$106.2K −$3.00/SF
EGI
$318.7K $9.00/SF
− OpEx
−$167.3K −$4.73/SF
NOI
$151.4K $4.27/SF
Area
Tallahassee, FL
Vacancy
25.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,027,900
Cap Rate 7%
$2,162,786
Cap Rate 9%
$1,682,167
Alternative Uses
Best Use
Hotel Hospitality
$2.16M
$1.89M – $2.52M
NOI $151,395 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.68M
$7.60M – $10.13M
NOI $607,738 @ 7.0% cap · market cap 18.99%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
631
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
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Cap Rate, Value Estimation, Potential NOI and more
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Frequently Asked Questions
What type of property is this?
Hotel - Renovated 82-room economy hotel on 1.92 acres along a primary commercial corridor.
Where is this hotel located?
The property is located at 2681 North Monroe Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Renovated 82‑room economy hotel on 1.92 acres along one of Tallahassee’s primary commercial corridors; Comprehensive 2025 renovation with $300,000+ in capital improvements including a new roof; 2025 upgrades also include parking lot re‑surfacing and full bathroom renovations
