Renovated 8-Unit Multifamily
For Sale
$1,890,000
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$325.86
Days on Market36
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
(813) 460-2324
Listed By:
Dalton Arroyo · License #3602076
Source:
Hopegainesrealestate
Added: Jul 28
Changed: Aug 31
Last Checked: Aug 31 at 6:48PM
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
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 = 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
$52,826
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
2.80%
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%
$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
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
$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 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%
$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 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.42M
$1.24M – $1.66M
NOI $99,534 @ 7.0% cap · market cap 5.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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 - 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 $1,890,000.
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
