Northeast Office Near Thomasville
For Sale
Contact for pricing
3846 Killearn Center Blvd, Tallahassee, FL 32309
Office space for sale in a convenient Northeast location.
Property Size1,491 SF
Price / SF$150.91
Days on Market189
Property Features for 3846 Killearn Center Blvd
General Information
Standard status
Active
Size
1,491 SF
Class
C
Property subtype
Office
Zoning
AC
Investment Type
Owner/User
Building Details
Year Built
1983
Buildings
1
Stories
2
Listing Agency:
NAI TALCOR - Tallahassee
(850) 224-2300
Listed By:
Jep Dove · License #FL 3139026
Source:
Crexi
Added: Feb 23
Changed: Aug 24
Last Checked: Aug 28 at 12:54PM
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 - Tallahassee
Investment Insights
Based on property information with market context.
This commercial property, located in the Northeast area near Thomasville Road and I-10, offers approximately 1491 square feet of office space. The property is intended for commercial real estate use.
Key Highlights
- Great Northeast location
- Near Thomasville Rd
- Proximity to I‑10
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
$18,317
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
8.14%
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%
$366,340
$366.3K
Cap Rate 7%
$261,671
$261.7K
Cap Rate 9%
$203,522
$203.5K
Market Conditions
NOI Build-Up for 1,491 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
$31.3K $21.00/SF
− Vacancy
−$6.9K −$4.62/SF
EGI
$24.4K $16.38/SF
− OpEx
−$6.1K −$4.10/SF
NOI
$18.3K $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%
$366,340
Cap Rate 7%
$261,671
Cap Rate 9%
$203,522
Alternative Uses
Best Use
Office B
$261.7K
$229.0K – $305.3K
NOI $18,317 @ 7.0% cap · market cap 8.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$365.5K
$319.8K – $426.5K
NOI $25,587 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,138
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32309, FL
31,189
Population
13,719
Households
2.3
Avg Household Size
44
Median Age
61%
College-Educated
98%
High-School Grad
122.0 sq mi
ZIP Area
256
Density / Sq Mi
$110,162
Median Household Income
$57,837
Median Earnings
$1,363
Median Rent
$351,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Office Depot Tech Services — 3151 Capital Cir NE, Tallahassee, FL 32308
- Tallahassee Technology Group, Inc. — 1949 Raymond Diehl Rd, Tallahassee, FL 32308
- 3 Techz — 2541 Barrington Cir, Tallahassee, FL 32308
- We Fix It Phone Repair — 1400 Village Square Blvd Suite 17, Tallahassee, FL 32312
- Pars International Systems Inc. — 1400 Village Square Blvd, Tallahassee, FL 32312
Frequently Asked Questions
What type of property is this?
Office space - Office space for sale in a convenient Northeast location.
Where is this office space located?
The property is located at 3846 Killearn Center Blvd Tallahassee, FL.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Great Northeast location; Near Thomasville Rd; Proximity to I‑10
