Painted-Brick Office
For Sale
$650,000
537 Park Avenue, Tallahassee, FL 32301
Character-rich professional office with private rooms, reception space, central air, and dedicated on-site parking.
Property Size2,169 SF
Price / SF$299.68
Days on Market11
Property Features for 537 Park Avenue
General Information
Standard status
Active
Size
2,169 SF
Total Parking Spaces
10
Property subtype
Office
Amenities
Central Air
3
10 Parking Spaces.
Level
Trash Collection. Paved Road, Level.
Building Details
Construction
brick
Listing Agency:
The Naumann Group Real Estate
(850) 933-0328
Listed By:
Jason Naumann · License #642623
(850) 933-0328
Source:
Xome
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 28 at 8:25AM
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 The Naumann Group Real Estate
Investment Insights
Based on property information with market context.
This 2,169-square-foot office property combines a painted-brick exterior with a practical professional layout. The interior includes six private offices, a lobby and reception area, kitchen, bathrooms, hardwood floors, French-door entryways, and detailed trim work. Central air is also included.
A paved drive serves the property and provides 10 private parking spaces. The site is level and connected by a paved road, with trash collection available. The property is located at 537 Park Avenue in Tallahassee, near Downtown.
Recent improvements include a new hot water heater in January 2025, new fence in April 2025, new roof in May 2024, new windows in March 2024, and exterior paint in January 2024.
A paved drive serves the property and provides 10 private parking spaces. The site is level and connected by a paved road, with trash collection available. The property is located at 537 Park Avenue in Tallahassee, near Downtown.
Recent improvements include a new hot water heater in January 2025, new fence in April 2025, new roof in May 2024, new windows in March 2024, and exterior paint in January 2024.
Key Highlights
- 2,169‑square‑foot office property at 537 Park Avenue, Tallahassee, FL 32301
- Six private offices plus lobby and reception area
- 10 private parking spaces accessed by a paved drive
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
$26,646
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
4.10%
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%
$532,920
$532.9K
Cap Rate 7%
$380,657
$380.7K
Cap Rate 9%
$296,067
$296.1K
Market Conditions
NOI Build-Up for 2,169 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
$45.5K $21.00/SF
− Vacancy
−$10.0K −$4.62/SF
EGI
$35.5K $16.38/SF
− OpEx
−$8.9K −$4.10/SF
NOI
$26.6K $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%
$532,920
Cap Rate 7%
$380,657
Cap Rate 9%
$296,067
Alternative Uses
Best Use
Office B
$380.7K
$333.1K – $444.1K
NOI $26,646 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$531.7K
$465.3K – $620.4K
NOI $37,222 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,607
Businesses Nearby
Explore this area
Business Placement
Demographics for 32301, FL
29,686
Population
17,029
Households
1.7
Avg Household Size
32
Median Age
45%
College-Educated
92%
High-School Grad
10.2 sq mi
ZIP Area
2,910
Density / Sq Mi
$50,412
Median Household Income
$34,271
Median Earnings
$1,200
Median Rent
$211,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Character-rich professional office with private rooms, reception space, central air, and dedicated on-site parking.
Where is this office building located?
The property is located at 537 Park Avenue Tallahassee, FL.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 2,169‑square‑foot office property at 537 Park Avenue, Tallahassee, FL 32301; Six private offices plus lobby and reception area; 10 private parking spaces accessed by a paved drive
