Duplex with Updated Roof and
For Sale
$425,000
719 & 721 N Gadsden Street Unit -, Tallahassee, FL 32303
Two matching residences offer separate living spaces, with one currently vacant and the other leased.
Property Size1,728 SF
Price / SF$245.95
Days on Market22
Property Features for 719 & 721 N Gadsden Street Unit -
General Information
Standard status
Active
Size
1,728 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Building Size
1,728 SF
Year Built
1958
Listing Agency:
The Naumann Group Real Estate
Listed By:
Cole Davis · License #3357739
(850) 545-2111
Source:
Tngrealty
Added: Oct 12
Changed: Nov 1
Last Checked: Nov 1 at 3:40PM
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
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Investment Insights
Based on property information with market context.
Built in 1958, this duplex contains two mirror-image residences, each with two bedrooms, one bathroom, a living area, and a kitchen. One unit is vacant; the other is occupied under a one-year lease. The roof was replaced in 2023, and the HVAC units were installed in 2023 and 2024.
The property is on N Gadsden Street in Tallahassee’s Midtown area, near dining, shopping, state offices, and downtown. Gutters are scheduled for 2026.
The property is on N Gadsden Street in Tallahassee’s Midtown area, near dining, shopping, state offices, and downtown. Gutters are scheduled for 2026.
Key Highlights
- Two units, each with 2 bedrooms and 1 bathroom
- 1,728 square feet; built in 1958
- One unit is vacant; the other has a 1‑year lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,106
Cap Rate
4.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$362,120
$362.1K
Cap Rate 7%
$258,657
$258.7K
Cap Rate 9%
$201,178
$201.2K
Market Conditions
NOI Build-Up for 1,728 SF
Gross rent
$28.0K $16.20/SF
− Vacancy
−$2.1K −$1.23/SF
EGI
$25.9K $14.97/SF
− OpEx
−$7.8K −$4.49/SF
NOI
$18.1K $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 Rate 5%
$362,120
Cap Rate 7%
$258,657
Cap Rate 9%
$201,178
Alternative Uses
Best Use
Multifamily LT 5
$258.7K
$226.3K – $301.8K
NOI $18,106 @ 7.0% cap · market cap 4.26%
Second Best
Apartment 5plus
$224.8K
$196.7K – $262.3K
NOI $15,739 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$423.6K
$370.7K – $494.2K
NOI $29,654 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,953
Businesses Nearby
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Business Placement
Demographics for 32303, FL
48,644
Population
24,864
Households
2
Avg Household Size
34
Median Age
46%
College-Educated
95%
High-School Grad
34.8 sq mi
ZIP Area
1,398
Density / Sq Mi
$63,123
Median Household Income
$37,702
Median Earnings
$1,324
Median Rent
$204,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two matching residences offer separate living spaces, with one currently vacant and the other leased.
Where is this duplex located?
The property is located at 719 & 721 N Gadsden Street Unit - Tallahassee, FL.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bathroom; 1,728 square feet; built in 1958; One unit is vacant; the other has a 1‑year lease
