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    112 Tennessee St Tallahassee, FL 32301

    For Sale
    $6,000,000

    Prime 2-acre development opportunity.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional 2-acre property, located in the heart of downtown Tallahassee, Florida, presents a unique investment opportunity. Situated on a full city block with prominent frontage on West Tennessee Street, West Virginia Street, North Duval Street, and North Adams Street, this strategically located parcel offers unparalleled access to the city's vibrant core. The property's CC zoning permits the development of up to 300 residential units, making it ideal for a variety of projects, including apartments, condominiums, or a hotel complex. Its central location, just four blocks from the Capitol Complex and two blocks from the Federal Courthouse, ensures high visibility and accessibility. Furthermore, its proximity to numerous amenities, including restaurants, shops, professional offices, and public transportation (including the city bus line), enhances its appeal. The property's location also benefits from its proximity to Florida State University, Florida A&M University, Cascades Park, and the SoMo District, providing access to a large and diverse population base. Recent studies highlight the need for additional housing and hotel units in downtown Tallahassee, making this a particularly attractive investment opportunity for developers seeking to capitalize on this growing demand. The property's two APNs are 21-36-40-197-3972 and 21-36-40-193-3970. The asking price is $6,000,000.

    Property Features for 112 Tennessee St

    General Information

    Property type
    Multifamily properties
    Lot Size
    87,120 SF

    HighLights

    • Exceptional 2‑acre downtown Tallahassee investment opportunity.
    • Full city block with prominent frontage on four streets (West Tennessee, West Virginia, North Duval, North Adams).
    • CC zoning allows up to 300 residential units (apartments, condos, or hotel).
    • Prime location: four blocks from the Capitol, two blocks from the Federal Courthouse.
    • High visibility and accessibility; near amenities, public transit, FSU, FAMU, Cascades Park, and SoMo District.
    • Two APNs: 21‑36‑40‑197‑3972 and 21‑36‑40‑193‑3970. Asking price: $6,000,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Greyhound Package Xpress Transportation Service Super Food Restaurant Estación tallahassi Hotel Greyhound: Bus Station Bus Company

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.282325768583
    Latitude
    30.444731322849

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    FAQs

    What type of property is this?
    Multifamily property - Prime 2-acre development opportunity.
    Where is this multifamily property located?
    The property is located at 112 Tennessee St Tallahassee, FL.
    What is the asking price?
    The asking price for this property is $6,000,000.
    What are key features of this property?
    This property features: Exceptional 2-acre downtown Tallahassee investment opportunity.; Full city block with prominent frontage on four streets (West Tennessee, West Virginia, North Duval, North Adams).; CC zoning allows up to 300 residential units (apartments, condos, or hotel).
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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
    112 Tennessee St Tallahassee, FL 32301
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