Tallahassee Multifamily Investment
For Sale
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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 Market165
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: Aug 9
Last Checked: Aug 29 at 12:48AM
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
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 = 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
$1,827,065
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
6.30%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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.
