NNN Retail Investment
For Sale
Contact for pricing
3802 N Monroe St, Tallahassee, FL 32303
Freestanding building with corporate tenants, ideal for retail investment.
Property Size17,544 SF
Price / SF$273.60
Days on Market1282
Property Features for 3802 N Monroe St
General Information
Standard status
Active
Size
17,544 SF
Property subtype
Retail
Zoning
Commercial Parkway
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$226,498
Building Details
Year Built
2010
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Newmark Commercial Real Estate
(561) 702-8187
Listed By:
Jacqueline Tavares · License #FL 689745
Source:
Crexi
Added: Feb 22, 2023
Changed: Aug 27
Last Checked: Jul 13 at 10:05AM
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 Newmark Commercial Real Estate
Investment Insights
Based on property information with market context.
This property is a freestanding building suitable for retail investment. It is currently occupied by corporate tenants and is being offered as an NNN (Triple-Net) investment. The property has a size of 17544 square feet.
Key Highlights
- NNN Retail Investment opportunity
- Free Standing Building
- Features Corporate Tenants
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
$170,396
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
3.55%
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%
$3,407,920
$3.4M
Cap Rate 7%
$2,434,229
$2.4M
Cap Rate 9%
$1,893,289
$1.9M
Market Conditions
NOI Build-Up for 17,544 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
$263.2K $15.00/SF
− Vacancy
−$19.7K −$1.13/SF
EGI
$243.4K $13.88/SF
− OpEx
−$73.0K −$4.16/SF
NOI
$170.4K $9.71/SF
Area
Tallahassee, FL
Vacancy
7.50%
Lease Rate
$15.00 /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%
$3,407,920
Cap Rate 7%
$2,434,229
Cap Rate 9%
$1,893,289
Alternative Uses
Best Use
Retail
$2.43M
$2.13M – $2.84M
NOI $170,396 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.30M
$3.76M – $5.02M
NOI $301,072 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
316
Businesses Nearby
101k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 59%
Shops & Services 38%
Home Improvements & Furnishings 3%
McDonald's
Dining
20,361 visits/mo
0.1 miles
Starbucks
Dining
14,522 visits/mo
0.2 miles
Dollar Tree
Shops & Services
13,649 visits/mo
0.2 miles
Dollar General
Shops & Services
10,061 visits/mo
0.1 miles
Popeyes Louisiana Kitchen
Dining
7,886 visits/mo
0.2 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail property - Freestanding building with corporate tenants, ideal for retail investment.
Where is this retail property located?
The property is located at 3802 N 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: NNN Retail Investment opportunity; Free Standing Building; Features Corporate Tenants
