Brick Quadruplex with
For Sale
Contact for pricing
997 Sutor Rd, Tallahassee, FL 32311
Brick quadruplex with four identical 2-bedroom units, private covered patios/decks, and on-site washer/dryer areas in each unit.
Property Size3,108 SF
Lot Size0.21 Acres
Price / SF$160.55
Days on Market153
Property Features for 997 Sutor Rd
General Information
Standard status
Active
Size
3,108 SF
Class
B
Lot size
0.21 Acres
Property subtype
Multifamily
Occupancy
75%
Investment Type
Core
Net Operating Income
$30,228
Additional Details
Business Included
Yes
Multifamily Units
4
Building Details
Year Built
1981
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
The Multifamily Advisors
Listed By:
Joe Klenck · License #FLSL3555950
(352) 514-4725
Source:
Crexi
Added: Apr 6
Changed: Aug 14
Last Checked: Sep 1 at 5:13PM
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 The Multifamily Advisors
Investment Insights
Based on property information with market context.
This brick construction quadruplex was built in 1981 and consists of a single 2-story structure containing four identical units. Each unit offers 2 bedrooms and 1 bathroom with approximately 777 square feet of living space, along with private covered patio/deck areas and an outside washer/dryer utility room. Three of the four units are currently occupied and generating income, while one unit was recently vacated and is ready for immediate move-in.
The property is situated just steps from A-rated Lincoln High School. It is centrally located with easy access to Governor’s Square, downtown Tallahassee, Florida State University, and FAMU, supporting steady rental demand in the surrounding area.
All units are on month-to-month leases, and current in-place rents range from $950 to $1,000 per month. Tenants pay all utilities, including city water and sewer. The roof was replaced in 2011, supporting long-term durability for the building.
The property is situated just steps from A-rated Lincoln High School. It is centrally located with easy access to Governor’s Square, downtown Tallahassee, Florida State University, and FAMU, supporting steady rental demand in the surrounding area.
All units are on month-to-month leases, and current in-place rents range from $950 to $1,000 per month. Tenants pay all utilities, including city water and sewer. The roof was replaced in 2011, supporting long-term durability for the building.
Key Highlights
- Brick quadruplex built in 1981 with 4 identical units: 2 bed/1 bath, 777 SF each (3,108 SF total).
- Income‑producing setup: 3 of 4 units currently occupied and generating rent; 1 unit recently vacated and available for immediate move‑in.
- Unit mix and leases: all units on month‑to‑month leases with in‑place rents ranging from $950–$1,000/month.
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
$32,566
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
6.53%
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%
$651,320
$651.3K
Cap Rate 7%
$465,229
$465.2K
Cap Rate 9%
$361,844
$361.8K
Market Conditions
NOI Build-Up for 3,108 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
$50.3K $16.20/SF
− Vacancy
−$3.8K −$1.23/SF
EGI
$46.5K $14.97/SF
− OpEx
−$14.0K −$4.49/SF
NOI
$32.6K $10.48/SF
Area
Tallahassee, FL
Vacancy
7.60%
Lease Rate
$16.20 /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%
$651,320
Cap Rate 7%
$465,229
Cap Rate 9%
$361,844
Alternative Uses
Best Use
Multifamily LT 5
$465.2K
$407.1K – $542.8K
NOI $32,566 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$404.4K
$353.9K – $471.8K
NOI $28,308 @ 7.0% cap · market cap 5.67%
Theoretical Best
Office A
$761.9K
$666.7K – $888.9K
NOI $53,336 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 32311, FL
21,218
Population
10,166
Households
2.1
Avg Household Size
39
Median Age
57%
College-Educated
96%
High-School Grad
56.5 sq mi
ZIP Area
376
Density / Sq Mi
$80,250
Median Household Income
$46,466
Median Earnings
$1,497
Median Rent
$288,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Brick quadruplex with four identical 2-bedroom units, private covered patios/decks, and on-site washer/dryer areas in each unit.
Where is this quadplex located?
The property is located at 997 Sutor Rd Tallahassee, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Brick quadruplex built in 1981 with 4 identical units: 2 bed/1 bath, 777 SF each (3,108 SF total).; Income‑producing setup: 3 of 4 units currently occupied and generating rent; 1 unit recently vacated and available for immediate move‑in.; Unit mix and leases: all units on month‑to‑month leases with in‑place rents ranging from $950–$1,000/month.
