High-Visibility Property on N
For Sale
$3,000,000
2698 North Monroe Street, Tallahassee, FL 32303
Property with high traffic and renovation potential on N Monroe.
Property Size15,184 SF
Price / SF$197.58
Days on Market154
Property Features for 2698 North Monroe Street
General Information
Standard status
Active
Size
15,184 SF
Property subtype
Retail
Building Details
Building Size
15,184 SF
Listing Agency:
TLG Real Estate Services
(850) 766-6868
Listed By:
Trey DeSantis · License #3154988
Source:
Tlgproperty
Added: Mar 27
Changed: Aug 26
Last Checked: Aug 26 at 5:41AM
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 TLG Real Estate Services
Investment Insights
Based on property information with market context.
This high-visibility property is located on N Monroe Street (US Hwy 27), less than 1/2 mile from the I-10 Interchange. It features approximately 266 feet of frontage and over 125 parking spaces. The location benefits from excellent exposure, with a traffic count of 40,500 vehicles per day. The property, with a size of 15184 square feet, offers a blank canvas for renovation and customization, as all prior improvements have been removed. It can accommodate single or multiple tenants.
Key Highlights
- High‑visibility location on N Monroe St (US Hwy 27) with 266± feet of frontage.
- Over 125 parking spaces available.
- Excellent exposure with high traffic counts of 40,500 vehicles per day.
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
$147,475
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
4.92%
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%
$2,949,500
$2.9M
Cap Rate 7%
$2,106,786
$2.1M
Cap Rate 9%
$1,638,611
$1.6M
Market Conditions
NOI Build-Up for 15,184 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
$227.8K $15.00/SF
− Vacancy
−$17.1K −$1.13/SF
EGI
$210.7K $13.88/SF
− OpEx
−$63.2K −$4.16/SF
NOI
$147.5K $9.71/SF
Area
Tallahassee, FL
Vacancy
7.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,949,500
Cap Rate 7%
$2,106,786
Cap Rate 9%
$1,638,611
Alternative Uses
Best Use
Retail
$2.11M
$1.84M – $2.46M
NOI $147,475 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.72M
$3.26M – $4.34M
NOI $260,572 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
334k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 51%
Shops & Services 37%
Apparel 9%
Hotels & Casinos 3%
Whataburger
Dining
33,800 visits/mo
0.1 miles
Cumberland Farms
Shops & Services
33,210 visits/mo
0.4 miles
Culver's
Dining
30,446 visits/mo
0.4 miles
Shell
Shops & Services
27,873 visits/mo
0.4 miles
Ross Dress for Less
Apparel
23,197 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Property with high traffic and renovation potential on N Monroe.
Where is this retail space located?
The property is located at 2698 North Monroe Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: High‑visibility location on N Monroe St (US Hwy 27) with 266± feet of frontage.; Over 125 parking spaces available.; Excellent exposure with high traffic counts of 40,500 vehicles per day.
