Medical Office
For Sale
$5,000,000
904 E Lafayette St, Tallahassee, FL 32301
The property is offered through a ground lease.
Property Size7,294 SF
Price / SF$685.49
Days on Market8
Property Features for 904 E Lafayette St
General Information
Standard status
Active
Size
7,294 SF
Property subtype
Office Medical
Occupancy
100%
Additional Details
Cap Rate
7.1%
Amenities
7.10% cap rate on in-place NOI of $354,900 at the $5,000,000 list price: $350,900 in base rent plus $4,000 in billboard income.
Darden-backed guaranty. Lease guaranteed by Chuy's Holdings, Inc., acquired by Darden Restaurants (NYSE: DRI) in October 2024. Darden reported $13.2 billion in fiscal 2026 sales.
Two layers of occupancy. Chuy's remains fully liable under the lease while Sanitas occupies and operates the building under a sublease.
No landlord responsibilities; tenant pays taxes, insurance and all repairs | Three 5-year options with 10% rent increases in each: $385,990, $424,589 and $467,047 | Building reverts to landlord at lease expiration pays taxes, insurance and all repairs.
Sanitas invested its own capital in 2022 to fully renovate and convert the 7,294 SF building for medical use, showing commitment to the location.
Corner lot on a high-traffic corridor | ±1.96-acre corner parcel; 32,000+ vehicles per day on adjacent Apalachee Parkway.
Surrounded by national anchors. Governors Marketplace (0.8 mi; Marshalls, Ulta, Old Navy, Michaels) and Governor's Square mall (0.9 mi; Dillard's, JCPenney) each draw 2.9M annual visits. Target is 1.5 mi away, and Walmart and Costco anchor Fallschase Village Center (6.3M visits).
182,278 residents within 5 miles, up 12.5% since 2010 and projected to reach 188,335 by 2030 | $90,449 average household income within 1 mile
Building Details
Building Size
7,294 SF
Year Built
2016
Listing Agency:
Tampa Office
Listed By:
Quinn Ryan · License #License(s): FL: SL3549191
(813) 387-4706
Source:
Marcusmillichap
Added: Oct 4
Last Checked: Oct 9 at 4:10PM
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 Tampa Office
Investment Insights
Based on property information with market context.
Medical office space at 904 E Lafayette St in Tallahassee, Florida, was built in 2016. The offering is structured as a ground lease.
Key Highlights
- Medical office property built in 2016
- Ground lease offering
- 904 E Lafayette St, Tallahassee, FL 32301
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,306
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 32301, FL
29,686
Population
17,029
Households
1.7
Avg Household Size
32
Median Age
45%
College-Educated
92%
High-School Grad
10.2 sq mi
ZIP Area
2,910
Density / Sq Mi
$50,412
Median Household Income
$34,271
Median Earnings
$1,200
Median Rent
$211,900
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - The property is offered through a ground lease.
Where is this medical office space located?
The property is located at 904 E Lafayette St Tallahassee, FL.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Medical office property built in 2016; Ground lease offering; 904 E Lafayette St, Tallahassee, FL 32301
