Mixed-Use Property with
New
For Sale
$689,000
312 GEORGIA Street, Tallahassee, FL 32301
The property includes a conditioned rear studio, central air, hardwood floors, and paved on-site parking.
Property Size3,452 SF
Price / SF$199.59
Days on Market4
Property Features for 312 GEORGIA Street
General Information
Standard status
Active
Size
3,452 SF
Property subtype
Office
Amenities
Central Air
3
Hardwood
Metal
Paved Driveway.
Level
Extra Storage. Paved Road, Level.
Listing Agency:
(850) 386-6160
Listed By:
Coldwell Banker Hartung
(850) 212-3083
Source:
Xome
Added: Aug 31
Changed: Sep 2
Last Checked: Sep 2 at 2:16PM
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 Coldwell Banker Hartung
Investment Insights
Based on property information with market context.
This 3,452-square-foot mixed-use property is currently configured as a residence and previously operated as a therapist office. The interior includes central air, hardwood flooring, and a layout that can accommodate office-oriented use. A separate conditioned studio is located at the rear, adding functional space to the main building. A side entrance at the driveway may be reopened.
The property is located on Georgia Street between N. Calhoun Street and N. Gadsden Street in Tallahassee. Downtown, the N. Monroe Street corridor, commercial services, parks, schools, dining, and Lafayette Park are all identified nearby. Paved on-site and street parking serve the property, which sits in an area combining historic residences with active businesses.
The property is located on Georgia Street between N. Calhoun Street and N. Gadsden Street in Tallahassee. Downtown, the N. Monroe Street corridor, commercial services, parks, schools, dining, and Lafayette Park are all identified nearby. Paved on-site and street parking serve the property, which sits in an area combining historic residences with active businesses.
Key Highlights
- 3,452‑square‑foot mixed‑use property on Georgia Street
- Currently configured as a residence; previously used as a therapist office
- Separate conditioned studio positioned behind the main building
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
$42,408
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
6.16%
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%
$848,160
$848.2K
Cap Rate 7%
$605,829
$605.8K
Cap Rate 9%
$471,200
$471.2K
Market Conditions
NOI Build-Up for 3,452 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
$72.5K $21.00/SF
− Vacancy
−$15.9K −$4.62/SF
EGI
$56.5K $16.38/SF
− OpEx
−$14.1K −$4.10/SF
NOI
$42.4K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$848,160
Cap Rate 7%
$605,829
Cap Rate 9%
$471,200
Alternative Uses
Best Use
Office B
$605.8K
$530.1K – $706.8K
NOI $42,408 @ 7.0% cap · market cap 6.16%
Second Best
Mixed Use
$466.0K
$407.8K – $543.7K
NOI $32,621 @ 7.0% cap · market cap 4.73%
Theoretical Best
Office A
$846.3K
$740.5K – $987.3K
NOI $59,240 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,768
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property includes a conditioned rear studio, central air, hardwood floors, and paved on-site parking.
Where is this mixed-use property located?
The property is located at 312 GEORGIA Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: 3,452‑square‑foot mixed‑use property on Georgia Street; Currently configured as a residence; previously used as a therapist office; Separate conditioned studio positioned behind the main building
