Flex Space with Secure
For Sale
Contact for pricing
4770 Shelfer Rd, Tallahassee, FL 32305
M1-zoned facility combines office accommodations with conditioned warehouse space and gated outdoor storage.
Property Size3,056 SF
Lot Size0.58 Acres
Price / SF$145
Days on Market157
Property Features for 4770 Shelfer Rd
General Information
Standard status
Active
Size
3,056 SF
Lot size
0.58 Acres
Property subtype
Industrial
Zoning
M1
Site & Location
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Warehouse Space
2,056 SF
Office Build-Out
1,000 SF
Drive-In Doors
2
Three-Phase Power
Yes
Conditioned Warehouse
Yes
Amenities
secure yard
kitchenette
shower
Building Details
Year Built
2009
Buildings
1
Building Size
3,056 SF
Listing Agency:
TLG Real Estate Services
Listed By:
Trey DeSantis · License #FL 3154988
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 5:26PM
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 TLG Real Estate Services
Investment Insights
Based on property information with market context.
This 3,056 SF flex property, built in 2009, includes 1,000 SF of office space and 2,056 SF of conditioned warehouse area. The office component provides a lobby with workstation, three private offices, two bathrooms, one shower, and a kitchenette. Warehouse improvements include two roll-up doors measuring 14 feet, with widths of 16 feet and 12 feet, along with three-phase power served by two panels.
The property also includes a secure yard enclosed by a 6-foot fence with three strands of barbed wire and an entry gate. Located off Shelfer Rd, just north of the Crossway Rd intersection, the facility is within an industrial district characterized by warehouse and manufacturing services, with residential uses also present nearby. Zoning is M1.
The property also includes a secure yard enclosed by a 6-foot fence with three strands of barbed wire and an entry gate. Located off Shelfer Rd, just north of the Crossway Rd intersection, the facility is within an industrial district characterized by warehouse and manufacturing services, with residential uses also present nearby. Zoning is M1.
Key Highlights
- 3,056 SF building on 0.58 AC, built in 2009
- 1,000 SF of office space with lobby, workstation, three offices, two bathrooms, one shower, and kitchenette
- 2,056 SF of conditioned warehouse space
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
$37,543
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
8.47%
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%
$750,860
$750.9K
Cap Rate 7%
$536,329
$536.3K
Cap Rate 9%
$417,144
$417.1K
Market Conditions
NOI Build-Up for 3,056 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
$64.2K $21.00/SF
− Vacancy
−$14.1K −$4.62/SF
EGI
$50.1K $16.38/SF
− OpEx
−$12.5K −$4.10/SF
NOI
$37.5K $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%
$750,860
Cap Rate 7%
$536,329
Cap Rate 9%
$417,144
Alternative Uses
Best Use
Office B
$536.3K
$469.3K – $625.7K
NOI $37,543 @ 7.0% cap · market cap 8.47%
Second Best
Warehouse
$340.2K
$297.7K – $396.9K
NOI $23,815 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$749.2K
$655.6K – $874.1K
NOI $52,444 @ 7.0% cap · market cap 11.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
260
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 32305, FL
19,199
Population
8,517
Households
2.3
Avg Household Size
40
Median Age
20%
College-Educated
83%
High-School Grad
96.0 sq mi
ZIP Area
200
Density / Sq Mi
$47,694
Median Household Income
$32,166
Median Earnings
$923
Median Rent
$154,500
Median Home Value
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - M1-zoned facility combines office accommodations with conditioned warehouse space and gated outdoor storage.
Where is this flex space located?
The property is located at 4770 Shelfer Rd Tallahassee, FL.
What is the asking price?
The asking price for this property is $443,120.
What are key features of this property?
This property features: 3,056 SF building on 0.58 AC, built in 2009; 1,000 SF of office space with lobby, workstation, three offices, two bathrooms, one shower, and kitchenette; 2,056 SF of conditioned warehouse space
