3802 Monroe St Tallahassee, FL 32303
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NNN Lease, 100% Occupied, High NOI
Property size:
17,544 SFProperty Features for 3802 Monroe St
General Information
- Property type
- Lifestyle centers
- Square Feet
- 17,544 SF
- Lot Size
- 122,665 SF
Building Details
- Year Built
- 2010
- Buildings
- 1
- Stories
- 1
- Units
- 2
Listing Agency: Newmark Commercial Real Estate Listing Agent: Jacqueline Tavares
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
This exceptional NNN retail investment opportunity in Tallahassee, Florida, presents a 17,544 square foot free-standing building on a 2.816-acre lot, situated at 3802 N Monroe St, 32303. The property boasts 100% occupancy with two corporate tenants: Dollar General (9,014 sq ft) and Ace Hardware (8,530 sq ft), both under long-term leases with built-in rent increases. Dollar General's lease includes three 5-year options with a 10% rent bump per renewal, while Ace Hardware's lease offers three 5-year options at a 12% increase per renewal. The current Net Operating Income (NOI) stands at $226,498, yielding a 4.75% cap rate on the $4,800,000 asking price. Built in 2010, this single-story building is situated in a high-visibility location with excellent highway frontage. The property is zoned Commercial Parkway, and the landlord's responsibilities are limited to roof and structure maintenance. This investment benefits from a finite amount of developable land in the area due to lake protection zoning, making it a particularly attractive opportunity in a growing market. The leases are corporate guaranteed, providing significant security and stability for the investor. The property's APN is 2109513281180.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Dollar General
Discount Store
Ace Hardware
Building Supply
Western Union
Bank
Location Insight
- Map
- Local Demand
- City
- Tallahassee
- County
- Leon
- State
- Florida
- Longitude
- -84.3289778
- Latitude
- 30.5002355
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FAQs
What type of property is this?
Lifestyle center - NNN Lease, 100% Occupied, High NOI
Where is this lifestyle center located?
The property is located at 3802 Monroe St Tallahassee, FL.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: Excellent investment opportunity in high-growth Northwest Tallahassee, FL.; Limited developable land due to Lake Protection zoning creates scarcity value.; Dollar General: 9,014 SF, 5-year corporate guaranteed lease with three 5-year options at 10% increases.
