Renovated Five-Unit Apartment
For Sale
$725,000
629 E Park Ave, Tallahassee, FL 32301
Updated multifamily property near downtown with hardwood flooring, private laundry appliances, and refreshed major building systems.
Property Size3,612 SF
Price / SF$200.72
Days on Market8
Property Features for 629 E Park Ave
General Information
Standard status
Active
Size
3,612 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Amenities
hardwood floors
in-unit washer and dryer
Building Details
Year Built
1954
Listing Agency:
Armor Realty, Inc
(850) 545-7219
Listed By:
Velinda Hittinger · License #3473050
Source:
Hopegainesrealestate
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 30 at 8:50PM
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 Armor Realty, Inc
Investment Insights
Based on property information with market context.
This 3,612-square-foot apartment building contains five units and was built in 1954. The property has been renovated throughout, with hardwood floors, kitchens, living areas, and an in-unit washer and dryer provided for each residence. Roof, HVAC systems, and water heaters were updated in 2021/2022.
The property is located at 629 E Park Ave in Tallahassee, within walking distance of downtown, Cascades Park, restaurants, shopping, and bars. The seller also has four additional nearby properties available, creating the potential to assemble a larger downtown-area multifamily portfolio.
The property is located at 629 E Park Ave in Tallahassee, within walking distance of downtown, Cascades Park, restaurants, shopping, and bars. The seller also has four additional nearby properties available, creating the potential to assemble a larger downtown-area multifamily portfolio.
Key Highlights
- Five‑unit apartment building totaling 3,612 square feet
- Renovated throughout with hardwood floors and updated interior living spaces
- Each unit includes an in‑unit washer and dryer
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
$32,898
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
4.54%
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%
$657,960
$658.0K
Cap Rate 7%
$469,971
$470.0K
Cap Rate 9%
$365,533
$365.5K
Market Conditions
NOI Build-Up for 3,612 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
$65.0K $18.00/SF
− Vacancy
−$5.2K −$1.44/SF
EGI
$59.8K $16.56/SF
− OpEx
−$26.9K −$7.45/SF
NOI
$32.9K $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 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%
$657,960
Cap Rate 7%
$469,971
Cap Rate 9%
$365,533
Alternative Uses
Best Use
Apartment 5plus
$470.0K
$411.2K – $548.3K
NOI $32,898 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$885.5K
$774.8K – $1.03M
NOI $61,985 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,651
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily property near downtown with hardwood flooring, private laundry appliances, and refreshed major building systems.
Where is this apartment building located?
The property is located at 629 E Park Ave Tallahassee, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Five‑unit apartment building totaling 3,612 square feet; Renovated throughout with hardwood floors and updated interior living spaces; Each unit includes an in‑unit washer and dryer
