Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3117 Parklawn Street Tallahassee, FL 32304

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,950,000

    15-unit apartment complex on 2.84 acres with upside potential.

    Lot size:
    2.84 Acres
    Added:
    Mar 15, 2024
    Days on Market:
    764
    Last Refresh:
    Apr 1 at 9:33 pm

    Property Features for 3117 Parklawn Street

    General Information

    Standard status
    Active
    Lot size
    2.84 Acres
    Property subtype
    Other

    Building Details

    Year Built
    2019

    We can help!

    Listing Contact
    Joan Hage

    Listing agent Joan Hage

    Listing office Realty One Group Engage

    Listing date Mar 15, 2024

    Source Xome

    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 Realty One Group Engage

    Overview

    Income Producing Apartment Complex

    This property features a 15-unit apartment complex situated on 2.84 acres. The complex includes 12 detached buildings with the potential to build additional units. The main house is subdivided into four 1/1 units. Located approximately 3 miles from FSU College of Medicine, the location is convenient for FSU faculty, staff, and professionals. The property is an income-producing asset.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.3461721
    Latitude
    30.4526519

    Nearby Similar for Sale

    • $859,900

      Mixed-Use Investment Opportunity

      Versatile mixed-use property with diversified income potential in Tallahassee, FL.
      3976 N Monroe Street, Tallahassee, FL 32303
      View Details
    • $880,000

      Waterfront Restaurant Opportunity on Lake Jackson

      Turn-key restaurant with lake views, ample parking, and outdoor stage.
      4806 Jackson Cove Road, Tallahassee, FL 32303
      View Details
    • $695,000

      Tallahassee Commercial Investment Opportunity

      Four-unit commercial building near Capital Circle NE.
      2016 N Point Boulevard unit: 1-4, Tallahassee, FL 32308
      View Details
    • $759,000

      Historic Governor Bloxham House

      Historic property with potential for office or hospitality use.
      410 N Calhoun Street, Tallahassee, FL 32301
      View Details
    • $1,100,000

      Renovated Downtown Tallahassee Brick Building

      Meticulously renovated property with offices, bar, and entertainment area.
      1202 E Park Avenue, Tallahassee, FL 32301
      View Details
    • $350,000

      Tallahassee Car Wash Business Opportunity

      Self-service car wash business for sale in prime location.
      2612 S Monroe Street, Tallahassee, FL 32301
      View Details
    • $1,450,000

      Profitable Tallahassee Restaurant with Drive-Thru

      Operating Dairy Queen franchise with real estate and assignable ground lease.
      2227 N Monroe Street, Tallahassee, FL 32303
      View Details
    • $450,000

      Midtown Tallahassee Mixed-Use Opportunity

      Prime location near shops, bars, and eateries.
      231 Lafayette Circle, Tallahassee, FL 32303
      View Details
    • $750,000

      Flexible Office Space Available

      Office unit with flexible space and investment potential.
      1909 NE Capital Circle unit: 100 & 200, Tallahassee, FL 32308
      View Details
    • $260,000

      Tallahassee Office Condo For Sale

      Prime office condo ideal for owner occupancy or investment.
      1618 Mahan Center Boulevard unit: 103, Tallahassee, FL 32308
      View Details
    • $600,000

      Tallahassee Mixed-Use Redevelopment Opportunity

      Mixed-use redevelopment opportunity in Tallahassee's SOMO District.
      2011 S Adams Street, Tallahassee, FL 32301
      View Details
    • $200,000

      Tallahassee Commercial Building For Sale

      5,444 sq. ft. commercial building in Tallahassee, Florida.
      2025 S Monroe Street, Tallahassee, FL 32301
      View Details

    FAQs

    What type of property is this?
    Apartment building - 15-unit apartment complex on 2.84 acres with upside potential.
    Where is this apartment building located?
    The property is located at 3117 Parklawn Street Tallahassee, FL.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: High Cap Rate: Current 8.7%, potentially exceeding 9.2% with owner's unit rented.; Solid 15‑unit apartment complex generating income.; 2.84‑acre property with potential to build additional units.
    (772) 678-2099
    We can help!
    Listing Contact
    Joan Hage
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!