Renovated 8-Unit Multifamily
For Sale
$1,790,000
643 Kissimmee St, Tallahassee, FL 32310
Fully furnished residences feature modern finishes, private laundry, and individually metered utilities near Tallahassee’s universities.
Property Size5,800 SF
Price / SF$308.62
Days on Market81
Property Features for 643 Kissimmee St
General Information
Standard status
Active
Size
5,800 SF
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Additional Details
Furnished
Yes
Utilities to Site
Yes
Listing Agency:
Vacant Solutions LLC
Listed By:
Dalton Arroyo · License #3602076
(813) 460-2324
Source:
Hopegainesrealestate
Added: Jul 28
Changed: Oct 3
Last Checked: Oct 7 at 4:59PM
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 Vacant Solutions LLC
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Investment Insights
Based on property information with market context.
This 5,800-square-foot multifamily property contains 8 fully furnished residences, each arranged with 2 bedrooms and 1 bath. The building has undergone a down-to-the-studs renovation with quartz countertops, stainless steel appliances, LVP flooring, and in-unit washer/dryers. Individually metered utilities support separate resident usage. Major building systems, including the low-slope roof, HVAC, plumbing, and electrical infrastructure, have also been replaced. The property is currently in lease-up.
Located at 643 Kissimmee St in Tallahassee, the asset is near Florida A&M University, Florida State University, CollegeTown, Railroad Square, and Downtown Tallahassee. The combination of renovated interiors, furnished units, and proximity to multiple established destinations defines the property’s current multifamily offering.
Located at 643 Kissimmee St in Tallahassee, the asset is near Florida A&M University, Florida State University, CollegeTown, Railroad Square, and Downtown Tallahassee. The combination of renovated interiors, furnished units, and proximity to multiple established destinations defines the property’s current multifamily offering.
Key Highlights
- 8 fully furnished units, each with 2 bedrooms and 1 bath
- 5,800‑square‑foot multifamily property at 643 Kissimmee St
- Down‑to‑the‑studs renovation with new roof, HVAC, plumbing, and electrical systems
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$52,826
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,056,520
$1.1M
Cap Rate 7%
$754,657
$754.7K
Cap Rate 9%
$586,956
$587.0K
Market Conditions
NOI Build-Up for 5,800 SF
Gross rent
$104.4K $18.00/SF
− Vacancy
−$8.4K −$1.44/SF
EGI
$96.0K $16.56/SF
− OpEx
−$43.2K −$7.45/SF
NOI
$52.8K $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%
$1,056,520
Cap Rate 7%
$754,657
Cap Rate 9%
$586,956
Alternative Uses
Best Use
Apartment 5plus
$754.7K
$660.3K – $880.4K
NOI $52,826 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,534 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
8
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
647
Businesses Nearby
Explore this area
Business Placement
Demographics for 32310, FL
17,209
Population
7,621
Households
2.3
Avg Household Size
32
Median Age
22%
College-Educated
85%
High-School Grad
91.9 sq mi
ZIP Area
187
Density / Sq Mi
$38,493
Median Household Income
$24,177
Median Earnings
$1,025
Median Rent
$118,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Fully furnished residences feature modern finishes, private laundry, and individually metered utilities near Tallahassee’s universities.
Where is this apartment building located?
The property is located at 643 Kissimmee St Tallahassee, FL.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: 8 fully furnished units, each with 2 bedrooms and 1 bath; 5,800‑square‑foot multifamily property at 643 Kissimmee St; Down‑to‑the‑studs renovation with new roof, HVAC, plumbing, and electrical systems
