Renovated 82-Room Economy
2681 North Monroe Street Tallahassee, FL 32303
2681 North Monroe Street, Tallahassee, FL, 32303
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For Sale
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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 Market12
Property Features for 2681 North Monroe Street
General Information
- Standard status
- Active
- Size
- 35,414 SF
- Lot size
- 1.92 Acres
- Property subtype
- Hospitality
Building Details
- Year Built
- 1978
Listing Agency
NewGen Advisory Phoenix
(520) 664-4091
Listed by
Jigar "Jay" Desai · License #AZ SA675144000
Source
Crexi
Added: Jul 7 Checked: Jul 17 at 10:24 am
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
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
Local Financial Insights For Hotel Hospitality
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $425.0k | $12.00 |
| − Vacancy | −$106.2k | −$3.00 |
| EGI | $318.7k | $9.00 |
| − OpEx | −$167.3k | −$4.73 |
| NOI | $151.4k | $4.27 |
35,414 SF · lease $12.00/SF/yr · vacancy 25.00% · expense 52.50%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Econo Lodge North
Hotel & Motel
Similar For Sale Nearby
FAQs
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
