Two-Building Apartment
For Sale
$1,500,000
601 Pope Street Unit 1 & 2 605 Pope St, Tallahassee, FL 32304
The vacant brick buildings have matching bedroom-and-bathroom layouts.
Property Size8,800 SF
Lot Size4.50 Acres
Price / SF$170.45
Days on Market60
Property Features for 601 Pope Street Unit 1 & 2 605 Pope St
General Information
Standard status
Active
Size
8,800 SF
Net Rentable
68,400 SF
Class
Class B
Total Parking Spaces
126
Elevators
No
Lot size
4.50 Acres
Property subtype
Multi Family
Zoning
R-4
Occupancy
94%
Net Operating Income
$620,000
Financials
Asking Price
$10,780,000
Cap Rate
5.75%
Gross Income
$1,120,000
Gross Rent Multiplier
10.2
Average Monthly Rent
$1,090
HOA Fee
$120,000
Opportunity Zone
No
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
12 x studio, 48 x 1BR/1BA, 24 x 2BR/2BA
Multifamily Units
84
Parking per Unit
1.5
Park-Owned Homes
0
Individually Metered Utilities
electricity, water
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Additional Details
Furnished
No
Sprinkler System
Yes
Amenities
pool
fitness center
on-site laundry
Building Details
Building Size
8,800 SF
Year Built
2014
Year Renovated
2022
Buildings
3
Stories
2
Construction
garden-style
Tenancy
Multi
Abandoned
No
Listing Agency:
The Naumann Group Real Estate
Listed By:
Kayci Carter · License #3643008
(850) 524-6409
Source:
Tngrealty
Added: Sep 6
Changed: Nov 2
Last Checked: Nov 3 at 9:00AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 8,800-square-foot apartment property comprises two brick buildings, each with 8 bedrooms and 8 bathrooms. Together, the buildings contain 16 rentable rooms and are currently vacant. The property was built in 2014 and was previously operated as student housing.
Inspections have been completed, and the seller is addressing identified items.
Inspections have been completed, and the seller is addressing identified items.
Key Highlights
- Two brick apartment buildings totaling 8,800 square feet
- Each building has 8 bedrooms and 8 bathrooms
- 16 rentable rooms across the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$80,150
Cap Rate
5.34%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,603,000
$1.6M
Cap Rate 7%
$1,145,000
$1.1M
Cap Rate 9%
$890,556
$890.6K
Market Conditions
NOI Build-Up for 8,800 SF
Gross rent
$158.4K $18.00/SF
− Vacancy
−$12.7K −$1.44/SF
EGI
$145.7K $16.56/SF
− OpEx
−$65.6K −$7.45/SF
NOI
$80.2K $9.11/SF
Area
Tallahassee, FL
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,603,000
Cap Rate 7%
$1,145,000
Cap Rate 9%
$890,556
Alternative Uses
Best Use
Apartment 5plus
$1.15M
$1.00M – $1.34M
NOI $80,150 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,016 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
84
Residential units
94%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,349
Businesses Nearby
Explore this area
Business Placement
Demographics for 32304, FL
50,007
Population
23,296
Households
2.1
Avg Household Size
25
Median Age
36%
College-Educated
89%
High-School Grad
15.2 sq mi
ZIP Area
3,290
Density / Sq Mi
$30,823
Median Household Income
$14,475
Median Earnings
$1,132
Median Rent
$147,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - The vacant brick buildings have matching bedroom-and-bathroom layouts.
Where is this apartment building located?
The property is located at 601 Pope Street Unit 1 & 2 605 Pope St Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two brick apartment buildings totaling 8,800 square feet; Each building has 8 bedrooms and 8 bathrooms; 16 rentable rooms across the property
