Commercial Lot on Highway
For Sale
Contact for pricing
7708 W Tennessee St, Tallahassee, FL 32304
1.23 acre commercial lot with high traffic visibility.
Property Size2,522 SF
Lot Size1.23 Acres
Price / SF$178.43
Days on Market1508
Property Features for 7708 W Tennessee St
General Information
Standard status
Active
Size
2,522 SF
Lot size
1.23 Acres
Property subtype
Land
Zoning
CP
Listing Agency:
TLG Real Estate Services
(850) 385-6363
Listed By:
Bryan Cureton · License #FL 670038
Source:
Crexi
Added: Jul 15, 2022
Changed: Aug 17
Last Checked: Aug 25 at 10:54PM
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 TLG Real Estate Services
Investment Insights
Based on property information with market context.
This 1.23 +/- acre lot is for sale and is located on HWY 90, west of Downtown Tallahassee and less than one mile from Lake Talquin. The property is best suited for a warehouse, retail, or office. Currently, a 2,522 sq. ft ., 3-bed/2-bath, single-family residence is located on the property. The zoning is Commercial Parkway, which allows for many business possibilities. This lot has excellent visibility and traffic counts of 19,000 ADT.
Key Highlights
- Commercial Parkway zoning allows for warehouse, retail, or office development.
- Excellent visibility on HWY 90.
- High traffic count of 19,000 ADT.
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
$30,983
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
6.89%
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%
$619,660
$619.7K
Cap Rate 7%
$442,614
$442.6K
Cap Rate 9%
$344,256
$344.3K
Market Conditions
NOI Build-Up for 2,522 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
$53.0K $21.00/SF
− Vacancy
−$11.7K −$4.62/SF
EGI
$41.3K $16.38/SF
− OpEx
−$10.3K −$4.10/SF
NOI
$31.0K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$619,660
Cap Rate 7%
$442,614
Cap Rate 9%
$344,256
Alternative Uses
Best Use
Office B
$442.6K
$387.3K – $516.4K
NOI $30,983 @ 7.0% cap · market cap 6.89%
Second Best
Retail
$349.9K
$306.2K – $408.3K
NOI $24,495 @ 7.0% cap · market cap 5.44%
Theoretical Best
Office A
$618.3K
$541.0K – $721.3K
NOI $43,280 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
77
Businesses Nearby
Explore this area
Business Placement
Demographics for 32304, FL
50,007
Population
23,296
Households
2.1
Avg Household Size
25
Median Age
36%
College-Educated
89%
High-School Grad
15.2 sq mi
ZIP Area
3,290
Density / Sq Mi
$30,823
Median Household Income
$14,475
Median Earnings
$1,132
Median Rent
$147,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - 1.23 acre commercial lot with high traffic visibility.
Where is this commercial land located?
The property is located at 7708 W Tennessee 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: Commercial Parkway zoning allows for warehouse, retail, or office development.; Excellent visibility on HWY 90.; High traffic count of 19,000 ADT.
