2016 Ann Arbor Ave Tallahassee, FL 32304
- Dormitories
- 39,680 SF
Current Use by Public Records
- Dormitories
Property Details for 2016 Ann Arbor Ave
- Year built
- 2017
- Property size
- 39,680 SF
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This exceptional investment opportunity presents a 32-unit multifamily complex ideally situated in Tallahassee, Florida, at 2016 Ann Arbor Ave, 32304. The property, built in 2017 by Hartsfield Construction, comprises four two-story buildings totaling 39,680 square feet of net rentable space, offering a compelling 7.19% pro-forma cap rate based on a projected Net Operating Income (NOI) of $425,600. Currently boasting a 90% occupancy rate (projected to be 100% by August 1, 2024), this Class B property features 96 beds across 32 condos, each with three bedrooms, three bathrooms, and three parking spaces. Each 1240 sq ft condo includes all appliances and a washer/dryer. The gated community provides residents with a swimming pool, recreation room, gym, and volleyball court. The property is zoned PUD and benefits from on-site property management. Tenants are responsible for their utilities, while trash and yard maintenance are covered by the HOA. This value-add investment presents a significant upside potential, with the option to purchase the entire complex or individual blocks of eight units. Financial statements are available upon request. This is a rare opportunity to acquire a well-maintained, high-performing student housing complex in a thriving Florida market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Tallahassee
- County
- Leon
- State
- Florida
- Longitude
- -84.349179
- Latitude
- 30.4629359
