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Hilaman Golf Course Condo

2885 Par Lane B Tallahassee, FL 32301

2885 Par Lane B, Tallahassee, FL, 32301

$143,500

For Sale

$143,500

Spacious 2/2 condo with bonus room and covered balcony.

Property Size1,094 SF

Lot Size0.03 Acres

Price / SF$131.17

AddedApr 11, 2024

Days on Market825

Last RefreshJul 5 at 4:13 am

Property Features for 2885 Par Lane B

General Information

Standard status: Active
Size: 1,094 SF
Lot size: 0.03 Acres
Property subtype: Condo/Townhome

Building Details

Year Built: 1981

Listing office Equity Realty and Management

Listing date Apr 11, 2024

Source Exitrealty

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 Equity Realty and Management

Investment Insights

Based on property information with market context.

This spacious condo features two bedrooms and two bathrooms, along with a bonus room and covered balcony overlooking the Hilaman Golf Course. The distinctive floor plan includes sliding glass Shoji doors leading to a large master suite. The living room features a wood-burning fireplace. The kitchen includes a bar, and there is a separate dining area. Soaring ceilings with wood beams and wood accents are present throughout the unit. The bathrooms feature cedar paneling and cabinetry. The unit includes a washer and dryer. The HVAC system was replaced in 2017, and the water heater was replaced in 2019. The quad building received a new roof in 2022 and offers ample parking. The property size is 1094 square feet.

Key Highlights

Spacious 2/2 condo on Hilaman Golf Course.
Unique features include Shoji doors, a wood burning fireplace, and soaring ceilings with wood beams.
Newer HVAC (2017) and water heater (2019) provide peace of mind.

Local Financial Insights For Multifamily LT 5

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$17.7k	$16.20
− Vacancy	−$1.3k	−$1.23
EGI	$16.4k	$14.97
− OpEx	−$4.9k	−$4.49
NOI	$11.5k	$10.48

1,094 SF · lease $16.20/SF/yr · vacancy 7.60% · expense 30.00%

Alternative Uses

Best Use

Multifamily LT 5

$163.8K

$143.3K – $191.1K (±1% cap)

NOI $11,463 @ 7.0% cap · market cap 7.99%

Second Best

Apartment 5plus

$142.3K

$124.6K – $166.1K (±1% cap)

NOI $9,964 @ 7.0% cap · market cap 6.94%

Theoretical Best

Office A

$268.2K

$234.7K – $312.9K (±1% cap)

NOI $18,774 @ 7.0% cap · market cap 13.08%

Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Property Profile Location Intelligence

Current Use by Public Records

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For sale
Quadplexes
FL
Tallahassee
32301
2885 Par Lane B

What type of property is this?

Quadplex - Spacious 2/2 condo with bonus room and covered balcony.

Where is this quadplex located?

The property is located at 2885 Par Lane B Tallahassee, FL.

What is the asking price?

The asking price for this property is $143,500.

What are key features of this property?

This property features: Spacious 2/2 condo on Hilaman Golf Course.; Unique features include Shoji doors, a wood burning fireplace, and soaring ceilings with wood beams.; Newer HVAC (2017) and water heater (2019) provide peace of mind.