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 Market199
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
Listed By:
Trey DeSantis
(850) 766-6868
Source:
Tlgproperty
Added: Mar 27
Changed: Oct 10
Last Checked: Oct 9 at 5:29PM
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 Trey DeSantis
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 / Yr
$147,475
Cap Rate
4.92%
Suggested Prices Based on Cap Rates
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
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 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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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.
