Tallahassee Multifamily Investment
2731 S Blair Stone Rd, Tallahassee, FL 32301
200-unit renovated apartment community in Tallahassee, Florida.
Type:Multifamily
Property size:
200,600 SFPrice / SF:
$154/SF- Added:
- Mar 20, 2026
- Days on Market:
- 74
- Last Refresh:
- Mar 20 at 8:54 pm
Property Features for 2731 S Blair Stone Rd
General Information
- Standard status
- Active
- Size
- 200,600 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1972
Listing agent Martin J Goldstein License #FL
Listing office The Goldstein Group
Listing date Mar 20, 2026
Source Crexi
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
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.
- Comprehensive amenity package including a pool, playground, tennis courts, and extensive common areas.
- Professional on‑site management in place, providing a turn‑key investment opportunity.
- Spacious floorplans with balconies/outdoor patios, some offering golf‑course views.
Overview
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.
Local Financial Insights For Apartment 5plus
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 | $3.61M | $18.00 |
| − Vacancy | −$288.9k | −$1.44 |
| EGI | $3.32M | $16.56 |
| − OpEx | −$1.49M | −$7.45 |
| NOI | $1.83M | $9.11 |
200,600 SF · lease $18.00/SF/yr · vacancy 8.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$26.10M
$22.84M – $30.45M
NOI $1,827,065 @ 7.0% cap · market cap 5.89%
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 11.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
The Residences At Whispering Pines
Apartment Complex
Duval On the Greens
Condominium Complex
S & S General ...
Construction Company
Whispering Pines
Apartment Complex
Location Insight
- Map
- Local Demand
- City
- Tallahassee
- County
- Leon
- State
- Florida
- Longitude
- -84.2475804
- Latitude
- 30.4212722
Nearby Similar for Sale
FAQs
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 $31,000,000.
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.
