Four-Unit Block
For Sale
$314,900
837 Griffin Street -, Tallahassee, FL 32303
Two-story layout with two-bedroom, one-bath units and updated HVAC, roofing, waterline, driveway, and parking improvements.
Property Size2,500 SF
Price / SF$125.96
Days on Market750
Property Features for 837 Griffin Street -
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multi Family
Listing Agency:
Keller Williams Town & Country
(850) 201-4663
Listed By:
Candace Riley · License #3410065
Source:
Exitrealty
Added: Aug 11, 2024
Changed: Aug 29
Last Checked: Aug 29 at 7:05PM
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 Keller Williams Town & Country
Investment Insights
Based on property information with market context.
This 2,500-square-foot quadplex is built with solid block construction and arranged with two units on each level. Each of the four apartments contains two bedrooms and one bathroom. Unit 3C has new vinyl plank flooring and fresh paint, while Unit 4D has fresh paint and is prepared for flooring installation. The two lower units require full renovation, and additional work is needed throughout the property before the apartments are move-in ready.
Property improvements include new HVAC units in all apartments, a new waterline, a newer roof, and a new asphalt driveway and parking lot. The building is within walking distance of campus, less than 1 mile from FSU, and 3 miles from FAMU. The property is offered as-is with the right to inspections.
Property improvements include new HVAC units in all apartments, a new waterline, a newer roof, and a new asphalt driveway and parking lot. The building is within walking distance of campus, less than 1 mile from FSU, and 3 miles from FAMU. The property is offered as-is with the right to inspections.
Key Highlights
- 4‑unit solid block building with two apartments upstairs and two downstairs
- All four units are configured as 2BR/1BA apartments
- Unit 3C features new vinyl plank flooring and fresh paint
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
$26,195
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
8.32%
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%
$523,900
$523.9K
Cap Rate 7%
$374,214
$374.2K
Cap Rate 9%
$291,056
$291.1K
Market Conditions
NOI Build-Up for 2,500 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
$40.5K $16.20/SF
− Vacancy
−$3.1K −$1.23/SF
EGI
$37.4K $14.97/SF
− OpEx
−$11.2K −$4.49/SF
NOI
$26.2K $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%
$523,900
Cap Rate 7%
$374,214
Cap Rate 9%
$291,056
Alternative Uses
Best Use
Multifamily LT 5
$374.2K
$327.4K – $436.6K
NOI $26,195 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$325.3K
$284.6K – $379.5K
NOI $22,770 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$612.9K
$536.3K – $715.0K
NOI $42,902 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
577
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Two-story layout with two-bedroom, one-bath units and updated HVAC, roofing, waterline, driveway, and parking improvements.
Where is this quadplex located?
The property is located at 837 Griffin Street - Tallahassee, FL.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: 4‑unit solid block building with two apartments upstairs and two downstairs; All four units are configured as 2BR/1BA apartments; Unit 3C features new vinyl plank flooring and fresh paint
