Small-Bay Flex Industrial
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4770-4804 Woodlane Circle, Tallahassee, FL 32303
Multi-building industrial property with flexible unit sizes, existing occupancy, and renovated suites available for immediate use.
Property Size48,500 SF
Lot Size4.70 Acres
Price / SF$123.71
Days on Market7
Property Features for 4770-4804 Woodlane Circle
General Information
Standard status
Active
Size
48,500 SF
Lot size
4.70 Acres
Property subtype
Industrial
Occupancy
80%
Building Details
Buildings
6
Tenancy
Multi-Tenant
Listing Agency:
Westover Industrial Partners
Listed By:
Sam Mallane · License #TX 734196
Source:
Crexi
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 19 at 7:20AM
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 Westover Industrial Partners
Investment Insights
Based on property information with market context.
Woodlane Circle Business Park is a 48,500-square-foot flex industrial property on 4.70 acres in northwest Tallahassee. Six buildings contain 17 units ranging from 1,500 to 6,000 square feet, supporting trade, service, and light-manufacturing operations. Thirteen tenants currently occupy the park, which is 80.4% leased.
Two renovated units totaling 9,500 square feet are available for immediate occupancy, providing near-term leasing capacity within the existing layout. The property has recorded seven lease signings since early 2025 across its unit sizes, while two below-market legacy leases covering 9,600 square feet are scheduled to expire in 2027 and 2029. Most in-place leases include 3% annual escalations, and the property is projected to reach a 9.04% stabilized yield on cost through lease-up and future rollover.
Two renovated units totaling 9,500 square feet are available for immediate occupancy, providing near-term leasing capacity within the existing layout. The property has recorded seven lease signings since early 2025 across its unit sizes, while two below-market legacy leases covering 9,600 square feet are scheduled to expire in 2027 and 2029. Most in-place leases include 3% annual escalations, and the property is projected to reach a 9.04% stabilized yield on cost through lease-up and future rollover.
Key Highlights
- 48,500‑square‑foot flex industrial park on 4.70 acres
- Six buildings with 17 units ranging from 1,500 to 6,000 square feet
- 80.4% leased with 13 existing trade, service, and light‑manufacturing tenants
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
$377,951
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
6.30%
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%
$7,559,020
$7.6M
Cap Rate 7%
$5,399,300
$5.4M
Cap Rate 9%
$4,199,456
$4.2M
Market Conditions
NOI Build-Up for 48,500 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
$465.6K $9.60/SF
− Vacancy
−$21.0K −$0.43/SF
EGI
$444.6K $9.17/SF
− OpEx
−$66.7K −$1.38/SF
NOI
$378.0K $7.79/SF
Area
Tallahassee, FL
Vacancy
4.50%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$7,559,020
Cap Rate 7%
$5,399,300
Cap Rate 9%
$4,199,456
Alternative Uses
Best Use
Warehouse
$5.40M
$4.72M – $6.30M
NOI $377,951 @ 7.0% cap · market cap 6.30%
Second Best
Flex RnD
$5.03M
$4.40M – $5.86M
NOI $351,819 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$11.89M
$10.40M – $13.87M
NOI $832,307 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
80.4%
Occupancy
Multi-Tenant-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
303
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-building industrial property with flexible unit sizes, existing occupancy, and renovated suites available for immediate use.
Where is this flex space located?
The property is located at 4770-4804 Woodlane Circle Tallahassee, FL.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: 48,500‑square‑foot flex industrial park on 4.70 acres; Six buildings with 17 units ranging from 1,500 to 6,000 square feet; 80.4% leased with 13 existing trade, service, and light‑manufacturing tenants
