3808 N Monroe St Tallahassee, FL 32303
Fully leased strip plaza with established tenants and growth potential.
Property Features for 3808 N Monroe St
General Information
- Standard status
- Active
- Size
- 3,200 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1997
Listing office Premier Commercial Group
Listing date Oct 28, 2024
Source Crexi
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 Premier Commercial Group
Investment Insights
Based on property information with market context.
Key Highlights
- Located in a high‑traffic strip plaza on N Monroe St. in Tallahassee, FL.
- Two fully leased units provide immediate income.
- Tenants are Papa John’s (2 years remaining on NNN lease, 7 year operating history) and Just One More (4 years remaining on NNN lease, 13 year operating history).
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $48.0k | $15.00 |
| − Vacancy | −$3.6k | −$1.13 |
| EGI | $44.4k | $13.88 |
| − OpEx | −$13.3k | −$4.16 |
| NOI | $31.1k | $9.71 |
