Former Bank Branch For
For Sale
$1,000,000
3641 Coolidge Ct, Tallahassee, FL 32311
4,464 SF former bank branch in southeast Tallahassee.
Property Size4,464 SF
Price / SF$224.01
Days on Market170
Property Features for 3641 Coolidge Ct
General Information
Standard status
Active
Size
4,464 SF
Class
B
Property subtype
Multi Tenant Office
Building Details
Building Size
4,464 SF
Year Built
2004
Listing Agency:
NAI TALCOR
Listed By:
Slaton Murray, Jr. · License #3372705
(850) 224-2300
Source:
Thebrokerlist
Added: Mar 26
Changed: Sep 4
Last Checked: Sep 11 at 4:22AM
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 NAI TALCOR
Investment Insights
Based on property information with market context.
A 4,464 SF former bank branch is available for sale in southeast Tallahassee, situated at the entrance to the SouthWood community. The site benefits from dual access via Coolidge Court and Esplanade, along with multiple signage opportunities and 19 surface parking spaces. The structure includes 4 drive-thru lanes, 1 ATM lane, and an on-site Caterpillar generator. The property is suitable for various uses, including a financial institution, healthcare facility, or other professional services.
Key Highlights
- Located at the entrance to the SouthWood community, offering high visibility and access to a desirable demographic.
- Includes 4 drive‑thru lanes and 1 ATM lane, suitable for various business operations.
- Features dual access via Coolidge Court and Esplanade, enhancing accessibility.
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
$54,840
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
5.48%
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%
$1,096,800
$1.1M
Cap Rate 7%
$783,429
$783.4K
Cap Rate 9%
$609,333
$609.3K
Market Conditions
NOI Build-Up for 4,464 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
$93.7K $21.00/SF
− Vacancy
−$20.6K −$4.62/SF
EGI
$73.1K $16.38/SF
− OpEx
−$18.3K −$4.10/SF
NOI
$54.8K $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%
$1,096,800
Cap Rate 7%
$783,429
Cap Rate 9%
$609,333
Alternative Uses
Best Use
Office B
$783.4K
$685.5K – $914.0K
NOI $54,840 @ 7.0% cap · market cap 5.48%
Second Best
Specialty Retail
$728.3K
$637.3K – $849.7K
NOI $50,983 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$1.09M
$957.6K – $1.28M
NOI $76,607 @ 7.0% cap · market cap 7.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
224
Businesses Nearby
Explore this area
Business Placement
Demographics for 32311, FL
21,218
Population
10,166
Households
2.1
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
56.5 sq mi
ZIP Area
376
Density / Sq Mi
$80,250
Median Household Income
$46,466
Median Earnings
$1,497
Median Rent
$288,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - 4,464 SF former bank branch in southeast Tallahassee.
Where is this office building located?
The property is located at 3641 Coolidge Ct Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Located at the entrance to the SouthWood community, offering high visibility and access to a desirable demographic.; Includes **4 drive‑thru lanes and 1 ATM lane**, suitable for various business operations.; Features dual access via Coolidge Court and Esplanade, enhancing accessibility.
