Duplex with In-Unit
For Sale
$695,000
803 W Georgia Street, Tallahassee, FL 32304
MULTI_FAMILY - Other - Tallahassee, FL
Property Size3,280 SF
Price / SF$211.89
Days on Market105
Property Features for 803 W Georgia Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 4, Bathroom 6, Bedroom 2, Bedroom 7, Bathroom 5, Bathroom 1, Bathroom 7, Bedroom 1, Bathroom 8, Bedroom 4, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 8, Bedroom 5
Parking features
On Street, Assigned
Patio and Porch features
Patio
Interior features
WalkInClosets
Appliances
Dryer, Dishwasher, Refrigerator, Washer
Subdivision
SAXON ADD
Elementary school
RILEY
Middle school
GRIFFIN
High school
LEON
Directions
From intersection of Tennessee St and Dewey St, head west on W Georgia Street; will be on your right
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
9040
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
granite countertops
stainless steel appliances
in-unit washer/dryer
Building Details
Year built
2012
Floors in Building
2
Number of units
2
Flooring type
Wood, Clay, Carpet, Tile, Varies
Building materials
Frame
Architectural style
Other
Listing Agency:
The Multifamily Advisors
(352) 871-8324
Listed By:
Joseph Klenck · License #3555950
(352) 514-4725
Added: Apr 28
Changed: Aug 5
Last Checked: Aug 10 at 6:06AM
MLS# 399224
Copyright © 2026 Tallahassee Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Well-maintained duplex built in 2012 featuring two separate units, each laid out as a 2-story plan with four bedrooms and four bathrooms. Each unit is approximately 1,640 SF, for a combined total of approximately 3,280 SF of living space. Both units are fully occupied and have annual leases in place through 2026 and 2027.
The duplex includes in-unit washer/dryer, stainless steel appliances, and granite countertops. Central heating and central air provide year-round comfort, and the property includes walk-in closets. Tenants pay all utilities. Outdoor space is supported by a patio, and parking is available with on-street and assigned options.
Located at 803 W Georgia Street in Tallahassee, the property is positioned within walking distance to Florida State University’s main campus, and is less than 2 miles from Doak Campbell Stadium and the Florida State Capitol.
The duplex includes in-unit washer/dryer, stainless steel appliances, and granite countertops. Central heating and central air provide year-round comfort, and the property includes walk-in closets. Tenants pay all utilities. Outdoor space is supported by a patio, and parking is available with on-street and assigned options.
Located at 803 W Georgia Street in Tallahassee, the property is positioned within walking distance to Florida State University’s main campus, and is less than 2 miles from Doak Campbell Stadium and the Florida State Capitol.
Key Highlights
- 2012‑built duplex with two 4BR/4BA units, approximately 1,640 SF each, totaling approximately 3,280 SF
- Fully occupied with annual leases through 2026 and 2027
- In‑unit washer/dryer plus stainless steel appliances and granite countertops
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
$34,368
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
4.95%
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%
$687,360
$687.4K
Cap Rate 7%
$490,971
$491.0K
Cap Rate 9%
$381,867
$381.9K
Market Conditions
NOI Build-Up for 3,280 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
$53.1K $16.20/SF
− Vacancy
−$4.0K −$1.23/SF
EGI
$49.1K $14.97/SF
− OpEx
−$14.7K −$4.49/SF
NOI
$34.4K $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 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%
$687,360
Cap Rate 7%
$490,971
Cap Rate 9%
$381,867
Alternative Uses
Best Use
Multifamily LT 5
$491.0K
$429.6K – $572.8K
NOI $34,368 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$426.8K
$373.4K – $497.9K
NOI $29,874 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$804.1K
$703.6K – $938.1K
NOI $56,288 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,349
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained 2012-built duplex with two fully occupied 4BR/4BA units and in-unit washer/dryer facilities.
Where is this duplex located?
The property is located at 803 W Georgia Street Tallahassee, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 2012‑built duplex with two 4BR/4BA units, approximately 1,640 SF each, totaling approximately 3,280 SF; Fully occupied with annual leases through 2026 and 2027; In‑unit washer/dryer plus stainless steel appliances and granite countertops
