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    3802 Monroe St Tallahassee, FL 32303

    Sponsored
    For Sale
    $4,800,000

    NNN Lease, 100% Occupied, High NOI

    Property size:
    17,544 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    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 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

    HighLights

    • 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.
    • Ace Hardware: 8,530 SF, 5‑year guaranteed lease with three 5‑year options at 12% increases.
    • High visibility and frontage on major highway.
    • NNN investment; Dollar General and Ace Hardware are tenants with leases through Q4 2024 and renewal options.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dollar General Dollar Store Ace Hardware Hardware Store Western Union Money Transfer Service

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    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.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3802 Monroe St Tallahassee, FL 32303
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