Fully Renovated
For Sale
$575,000
302 Vantage Point Ln, Tallahassee, FL 32301
Three residences offer updated interiors, private outdoor areas, and attached laundry rooms with washer and dryer connections.
Property Size2,208 SF
Price / SF$260.42
Days on Market37
Property Features for 302 Vantage Point Ln
General Information
Standard status
Active
Size
2,208 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Amenities
deck
patio
washer/dryer
Building Details
Year Built
1978
Buildings
1
Listing Agency:
Frog Real Estate Company, LLC
(850) 212-2673
Listed By:
Devin Odom · License #3525166
Source:
Hopegainesrealestate
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 29 at 4:51PM
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 Frog Real Estate Company, LLC
Investment Insights
Based on property information with market context.
This triplex at 302 Vantage Point Ln contains three renovated residences within a 2208-square-foot property built in 1978. Improvements include new kitchen appliances, cabinets, sinks, flooring, paint, lighting, and accordion-style sliding glass doors. Each unit also includes a deck, patio, and attached utility room with a washer and dryer.
Exterior updates include new windows, siding, and a metal roof. The property is located minutes from The Capital, a hospital, Cascades, and area colleges. Trees surround the neighborhood, and a walking trail is situated just behind it.
Exterior updates include new windows, siding, and a metal roof. The property is located minutes from The Capital, a hospital, Cascades, and area colleges. Trees surround the neighborhood, and a walking trail is situated just behind it.
Key Highlights
- 2208‑square‑foot triplex built in 1978
- All three units fully renovated with new flooring, paint, cabinets, lighting, sinks, and kitchen appliances
- Each residence includes a deck, patio, and attached utility room with washer and dryer
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
$23,136
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
4.02%
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%
$462,720
$462.7K
Cap Rate 7%
$330,514
$330.5K
Cap Rate 9%
$257,067
$257.1K
Market Conditions
NOI Build-Up for 2,208 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
$35.8K $16.20/SF
− Vacancy
−$2.7K −$1.23/SF
EGI
$33.1K $14.97/SF
− OpEx
−$9.9K −$4.49/SF
NOI
$23.1K $10.48/SF
Area
Tallahassee, FL
Vacancy
7.60%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$462,720
Cap Rate 7%
$330,514
Cap Rate 9%
$257,067
Alternative Uses
Best Use
Multifamily LT 5
$330.5K
$289.2K – $385.6K
NOI $23,136 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$287.3K
$251.4K – $335.2K
NOI $20,110 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$541.3K
$473.6K – $631.5K
NOI $37,891 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,586
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?
Triplex - Three residences offer updated interiors, private outdoor areas, and attached laundry rooms with washer and dryer connections.
Where is this triplex located?
The property is located at 302 Vantage Point Ln Tallahassee, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 2208‑square‑foot triplex built in 1978; All three units fully renovated with new flooring, paint, cabinets, lighting, sinks, and kitchen appliances; Each residence includes a deck, patio, and attached utility room with washer and dryer
