Three-Unit Multifamily
For Sale
$450,000
602 Gunter St, Tallahassee, FL 32308
Residential income property comprising three units in Tallahassee’s Old Towne area.
Property Size3,021 SF
Price / SF$148.96
Days on Market31
Property Features for 602 Gunter St
General Information
Standard status
Active
Size
3,021 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1940
Listing Agency:
Serpico Realty, Inc.
(850) 339-0119
Listed By:
Joe Serpico · License #0120817
Source:
Hopegainesrealestate
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 29 at 11:24AM
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 Serpico Realty, Inc.
Investment Insights
Based on property information with market context.
This three-unit multifamily property contains 3,021 square feet and was built in 1940. The triplex configuration provides three residential units within one income-producing asset.
The property is located at 602 Gunter St in Tallahassee, Florida, within the Old Towne area. Its multifamily format and established construction date define the offering.
The property is located at 602 Gunter St in Tallahassee, Florida, within the Old Towne area. Its multifamily format and established construction date define the offering.
Key Highlights
- Triplex with three residential units
- 3,021 square feet of building area
- Built in 1940
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
$31,655
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
7.03%
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%
$633,100
$633.1K
Cap Rate 7%
$452,214
$452.2K
Cap Rate 9%
$351,722
$351.7K
Market Conditions
NOI Build-Up for 3,021 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
$48.9K $16.20/SF
− Vacancy
−$3.7K −$1.23/SF
EGI
$45.2K $14.97/SF
− OpEx
−$13.6K −$4.49/SF
NOI
$31.7K $10.48/SF
Area
Tallahassee, FL
Vacancy
7.60%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$633,100
Cap Rate 7%
$452,214
Cap Rate 9%
$351,722
Alternative Uses
Best Use
Multifamily LT 5
$452.2K
$395.7K – $527.6K
NOI $31,655 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$393.1K
$343.9K – $458.6K
NOI $27,515 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$740.6K
$648.0K – $864.1K
NOI $51,843 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,758
Businesses Nearby
Explore this area
Business Placement
Demographics for 32308, FL
23,355
Population
11,838
Households
2
Avg Household Size
43
Median Age
56%
College-Educated
97%
High-School Grad
15.8 sq mi
ZIP Area
1,478
Density / Sq Mi
$73,125
Median Household Income
$46,786
Median Earnings
$1,327
Median Rent
$291,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Residential income property comprising three units in Tallahassee’s Old Towne area.
Where is this triplex located?
The property is located at 602 Gunter St Tallahassee, FL.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Triplex with three residential units; 3,021 square feet of building area; Built in 1940
