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    501 Blair Stone Rd Tallahassee, FL 32301

    Sponsored
    For Lease
    $9 SF/Yr ($17,569 /Mo)

    11,538 SF Available, Class B Office

    Lot size:
    21,624 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    409
    This exceptional office property, located at 2700 Blair Stone Road in Tallahassee, Florida, offers a significant opportunity for businesses seeking flexible and well-appointed space. The building, a Class B property constructed in 1985, boasts a total of 21,624 square feet situated on a 0.98-acre lot. Currently, there is 11,538 square feet of vacant space available, offering substantial potential for a single tenant or multiple occupants. The minimum divisible space is 4,108 square feet, while the maximum contiguous space available is 6,000 square feet. The layout provides versatility, with the lower level featuring approximately 6,000 square feet of built-out space including individual private offices. The upper level offers one immediately available suite of approximately 1,290 square feet, complete with a reception area, private offices, a conference room, and a kitchenette. This property is ideally suited for a variety of businesses seeking a prominent location in Leon County, with easy access to major transportation routes. The traditional office design provides a professional and functional workspace. This is a multi-tenant building, offering flexibility in lease terms and space requirements. The property's location in Tallahassee, Florida, 32301, provides excellent access to amenities and a thriving business community. The building's size and layout make it an attractive option for companies of various sizes.

    Property Features for 501 Blair Stone Rd

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    21,624 SF
    Class
    B
    Total Rate
    17569.5

    Building Details

    Year Built
    1985

    Unit(s) available at that property

    Space
    Lower Level
    Size
    6,000 SF
    Rate per SF
    $9
    Space
    Suite 203 (Upper Level)
    Size
    1,290 SF
    Rate per SF
    $17

    We can help!

    Listing Contact
    Jim Taube, CCIM
    Jim Taube, CCIM

    Learn more

    HighLights

    • 21,624 SF Class B office building on 0.98‑acre lot in Tallahassee, FL.
    • 11,538 SF of vacant space available, divisible from 4,108 SF to a maximum of 6,000 contiguous SF.
    • Ample parking.
    • Convenient to Governor's Square Mall, Downtown Tallahassee, Southwood, VA Hospital, and other State offices.
    • Full‑service rate (excluding janitorial).
    Property Profile Location Intelligence

    Current Use by Public Records

    Blairstone at Governor's Square ... Apartment Building

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Food Market Clothing Store Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2437261
    Latitude
    30.4352928

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    FAQs

    What type of property is this?
    Office Property / Space - 11,538 SF Available, Class B Office
    Where is this office property / space located?
    The property is located at 501 Blair Stone Rd Tallahassee, FL.
    What is the lease rate?
    The lease rate is $9-$17 SF/Yr.
    What are key features of this property?
    This property features: 21,624 SF Class B office building on 0.98-acre lot in Tallahassee, FL.; 11,538 SF of vacant space available, divisible from 4,108 SF to a maximum of 6,000 contiguous SF.; Ample parking.
    Request Owner's contact information
    501 Blair Stone Rd Tallahassee, FL 32301
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    Tallahassee, FL 32301
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    501 Blair Stone Rd Tallahassee, FL 32301
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    We can help!
    Listing Contact
    Jim Taube, CCIM
    Jim Taube, CCIM
    Real Estate License ID: FL 672081
    Learn more
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