510 Kissimmee St Tallahassee, FL 32310
- Apartment buildings
- 5,150 SF
- 0.18 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 510 Kissimmee St
- Year built
- 1965
- Lot size
- 0.18 lot acres
- Property size
- 5,150 SF
- Property type
- Apartment buildings
Description
This 10-unit apartment building in Tallahassee, Florida presents a compelling investment opportunity. The property, located at 510 Kissimmee St, 32310, boasts a total of 5,150 square feet of rentable space, comprising eight one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units. Built in 1965 and extensively renovated in 2021, the property is currently operating at 100% occupancy as of October 2, 2024. The asking price is $760,000, translating to $76,000 per unit and $147.57 per square foot. The property sits on a 0.18-acre lot and features a two-story building. The current Net Operating Income (NOI) is $55,761, yielding a 7.34% cap rate. Pro-forma NOI is projected at $60,528, resulting in a 7.96% pro-forma cap rate. All units are individually metered for water and sewer. The property's location offers residents convenient access to major Tallahassee economic drivers within a 15-minute radius. This stabilized asset with minimal deferred maintenance presents a strong potential for future rental rate increases, given the current average effective rent of $815.
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
- -84.2902
- Latitude
- 30.4226
