Luxury Apartments with Retail
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3554 Austin Davis Ave, Tallahassee, FL 32308
Class A mixed-use property with high occupancy and income potential.
Property Size18,774 SF
Price / SF$226.38
Days on Market206
Property Features for 3554 Austin Davis Ave
General Information
Standard status
Active
Size
18,774 SF
Property subtype
Mixed Use, Multifamily
Zoning
PUD
Occupancy
96%
Building Details
Year Built
2020
Buildings
1
Stories
3
Units
24
Tenancy
Multi
Listing Agency:
Kent Strauss Management and Realty, Inc
Listed By:
Elizabeth Harrison · License #SL3257240
Source:
Crexi
Added: Feb 2
Changed: Aug 14
Last Checked: Aug 14 at 6:05AM
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 Kent Strauss Management and Realty, Inc
Investment Insights
Based on property information with market context.
Constructed in 2020, this Class A property includes 17 luxury apartment units and 7 ground-floor commercial spaces. The property is designed to integrate modern residential living with retail and service-oriented businesses. Currently, the property has a 96% occupancy rate and strong rent levels. Immediate upside exists through leasing the one remaining commercial suite. The property contains a total of 18,774 square feet.
Key Highlights
- Class A property built in 2020, offering modern construction and appeal.
- High occupancy rate of 96% indicates strong tenant demand and income stability.
- Features 17 luxury apartment units, providing a premium residential offering.
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
$177,414
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
4.17%
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%
$3,548,280
$3.5M
Cap Rate 7%
$2,534,486
$2.5M
Cap Rate 9%
$1,971,267
$2.0M
Market Conditions
NOI Build-Up for 18,774 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
$315.4K $16.80/SF
− Vacancy
−$31.5K −$1.68/SF
EGI
$283.9K $15.12/SF
− OpEx
−$106.4K −$5.67/SF
NOI
$177.4K $9.45/SF
Area
Tallahassee, FL
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$3,548,280
Cap Rate 7%
$2,534,486
Cap Rate 9%
$1,971,267
Alternative Uses
Best Use
Mixed Use
$2.53M
$2.22M – $2.96M
NOI $177,414 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$2.44M
$2.14M – $2.85M
NOI $170,994 @ 7.0% cap · market cap 4.02%
Theoretical Best
Office A
$4.60M
$4.03M – $5.37M
NOI $322,180 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 32308, FL
23,355
Population
11,838
Households
2
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
1,478
Density / Sq Mi
$73,125
Median Household Income
$46,786
Median Earnings
$1,327
Median Rent
$291,800
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?
Mixed-use property - Class A mixed-use property with high occupancy and income potential.
Where is this mixed-use property located?
The property is located at 3554 Austin Davis Ave Tallahassee, FL.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: Class A property built in 2020, offering modern construction and appeal.; High occupancy rate of 96% indicates strong tenant demand and income stability.; Features 17 luxury apartment units, providing a premium residential offering.
