Tallahassee Multifamily Investment
For Sale
Contact for pricing
2731 S Blair Stone Rd, Tallahassee, FL 32301
200-unit renovated apartment community in Tallahassee, Florida.
Property Size200,600 SF
Price / SF$144.54
Days on Market210
Property Features for 2731 S Blair Stone Rd
General Information
Standard status
Active
Size
200,600 SF
Class
B
Property subtype
Multifamily
Zoning
MR-1
Occupancy
90%
Investment Type
Value Add
Net Operating Income
$2,258,150
Building Details
Year Built
1972
Year Renovated
2025
Buildings
19
Stories
2
Units
200
Listing Agency:
The Goldstein Group
Listed By:
Martin J Goldstein · License #FL
Source:
Crexi
Added: Mar 20
Changed: Oct 3
Last Checked: Oct 14 at 11:51PM
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 The Goldstein Group
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
ARION Apartments, a 200-unit multifamily community, is located in Tallahassee, Florida. The property features renovated one- to four-bedroom rental units. The community was formerly a condominium community, and the seller gradually acquired all 200 units. In late 2024, ARION was converted to a traditional multifamily property, and the pre-existing association was dissolved. Following this conversion, the community underwent an 18-month, multi-million dollar capital expenditure campaign. Improvements included new roofs, repaired and resealed parking and roads, replacement of railings and stairs to meet current codes, plumbing repairs and replacement, electrical updates, pool repairs and updates, and interior renovations. The property includes amenities such as a pool, playground, tennis courts, and extensive common areas. Several units feature balconies or outdoor patios with golf course views. The property offers on-site management, security, and spacious floorplans. The property size is 200600 square feet. Tallahassee is home to two major universities, and state government, healthcare, and education dominate employment demographics.
Key Highlights
- Extensive multi‑million dollar renovation completed in late 2024, including new roofs, parking/road repairs, code‑compliant railings/stairs, plumbing/electrical updates, and pool repairs.
- 200‑unit apartment community with a mix of 1‑4 bedroom units, offering diverse rental options.
- Located in Tallahassee, Florida's capital city, with a strong tenant base.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,827,065
Cap Rate
6.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$36,541,300
$36.5M
Cap Rate 7%
$26,100,929
$26.1M
Cap Rate 9%
$20,300,722
$20.3M
Market Conditions
NOI Build-Up for 200,600 SF
Gross rent
$3.61M $18.00/SF
− Vacancy
−$288.9K −$1.44/SF
EGI
$3.32M $16.56/SF
− OpEx
−$1.49M −$7.45/SF
NOI
$1.83M $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 Rate 5%
$36,541,300
Cap Rate 7%
$26,100,929
Cap Rate 9%
$20,300,722
Alternative Uses
Best Use
Apartment 5plus
$26.10M
$22.84M – $30.45M
NOI $1,827,065 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$49.18M
$43.03M – $57.37M
NOI $3,442,489 @ 7.0% cap · market cap 11.87%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
606
Businesses Nearby
Explore this area
Business Placement
Demographics for 32301, FL
29,686
Population
17,029
Households
1.7
Avg Household Size
32
Median Age
45%
College-Educated
92%
High-School Grad
10.2 sq mi
ZIP Area
2,910
Density / Sq Mi
$50,412
Median Household Income
$34,271
Median Earnings
$1,200
Median Rent
$211,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 200-unit renovated apartment community in Tallahassee, Florida.
Where is this apartment building located?
The property is located at 2731 S Blair Stone Rd Tallahassee, FL.
What is the asking price?
The asking price for this property is $28,995,000.
What are key features of this property?
This property features: Extensive multi‑million dollar renovation completed in late 2024, including new roofs, parking/road repairs, code‑compliant railings/stairs, plumbing/electrical updates, and pool repairs.; 200‑unit apartment community with a mix of 1‑4 bedroom units, offering diverse rental options.; Located in Tallahassee, Florida's capital city, with a strong tenant base.
