Office Suite with Top-Floor
For Sale
$360,000
215 E Virginia, Tallahassee, FL 32304
Office suite includes multiple offices and a conference room, plus a 1BR/1BA top-floor suite.
Property Size2,193 SF
Days on Market192
Property Features for 215 E Virginia
General Information
Standard status
Active
Size
2,193 SF
Class
B
Property subtype
Multi Tenant Office
Building Details
Building Size
2,193 SF
Year Built
1983
Properties For Sale
at 215 E Virginia Contact us- Size
- 2,193 SF
- Lease Type
- Modified Gross
Cambridge Office Space for lease
Listing Agency:
NAI TALCOR
(850) 224-2300
Listed By:
John McNeill, SIOR · License ##SL3173254
(850) 224-2300
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 25
Last Checked: Jul 23 at 9:27AM
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 NAI TALCOR
Investment Insights
Based on property information with market context.
This downtown office suite is configured with multiple offices and a conference room, along with a 1BR/1BA suite on the top floor. The layout supports a mix of workspace and an additional upper-level private living or guest space.
The property is located at 215 E Virginia in Tallahassee, minutes from City Hall, the Leon County Courthouse, Florida State University, FAMU, and Cascade Park, with the State Capitol Complex also nearby.
The offering is available for sale or lease, providing flexibility for owner-users or tenants seeking a multi-room office configuration with an added top-floor suite.
The property is located at 215 E Virginia in Tallahassee, minutes from City Hall, the Leon County Courthouse, Florida State University, FAMU, and Cascade Park, with the State Capitol Complex also nearby.
The offering is available for sale or lease, providing flexibility for owner-users or tenants seeking a multi-room office configuration with an added top-floor suite.
Key Highlights
- Built in 1983 office suite in downtown Tallahassee.
- Includes multiple offices and a conference room within the office suite.
- Top‑floor 1BR/1BA suite included for an owner user or short‑term rental use.
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
$26,941
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
7.48%
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%
$538,820
$538.8K
Cap Rate 7%
$384,871
$384.9K
Cap Rate 9%
$299,344
$299.3K
Market Conditions
NOI Build-Up for 2,193 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
$46.1K $21.00/SF
− Vacancy
−$10.1K −$4.62/SF
EGI
$35.9K $16.38/SF
− OpEx
−$9.0K −$4.10/SF
NOI
$26.9K $12.29/SF
Area
Tallahassee, FL
Vacancy
22.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$538,820
Cap Rate 7%
$384,871
Cap Rate 9%
$299,344
Alternative Uses
Best Use
Office B
$384.9K
$336.8K – $449.0K
NOI $26,941 @ 7.0% cap · market cap 7.48%
Second Best
Mixed Use
$296.1K
$259.1K – $345.4K
NOI $20,724 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$537.6K
$470.4K – $627.2K
NOI $37,634 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,770
Businesses Nearby
Explore this area
Business Placement
Demographics for 32304, FL
50,007
Population
23,296
Households
2.1
Avg Household Size
25
Median Age
36%
College-Educated
89%
High-School Grad
15.2 sq mi
ZIP Area
3,290
Density / Sq Mi
$30,823
Median Household Income
$14,475
Median Earnings
$1,132
Median Rent
$147,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office suite includes multiple offices and a conference room, plus a 1BR/1BA top-floor suite.
Where is this office units located?
The property is located at 215 E Virginia Tallahassee, FL.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Built in 1983 office suite in downtown Tallahassee.; Includes multiple offices and a conference room within the office suite.; Top‑floor 1BR/1BA suite included for an owner user or short‑term rental use.
