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    Property profile & analytics

    2459 Mahan Dr Tallahassee, FL 32308

    • Neighborhood centers
    • 20,000 SF
    For Lease
    View listing
    $25 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • RISE Medical Marijuana Dispensary Tallahassee on Mahan / Cannabis Store
    • Express MRI / Medical Diagnostic Imaging Center
    • Rose Massage Spa / Massage Spa
    • Elegant House Furniture & Kitchen / Cabinet Store / Furniture Store

    Property Details for 2459 Mahan Dr

    Year built
    2020
    Property size
    20,000 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties

    Description

    This 20,000 square foot, single-story medical office building, constructed in 2020, offers 13 suites for lease in Tallahassee, Florida. Located at 2459 Mahan Dr, this property boasts a prime location on Mahan Drive, just west of Capital Circle, with excellent visibility and access from both Mahan Drive and Riggins Road (signalized intersection). The building sits on a 3-acre lot and is zoned C2 General Commercial. Currently, 4,580 square feet of space is available, with individual suites ranging from 1,000 to 3,580 contiguous square feet. The high-traffic area sees 28,945 vehicles daily, providing exceptional exposure for tenants. The building allows for customized tenant build-outs and offers prominent signage opportunities, including a monument sign and individual facade signage. This property presents a unique opportunity for medical professionals seeking a modern, well-located space in a thriving commercial area. The APN is 1128280000020. The property features a convenient location within a cluster of medical offices and retail businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2352
    Latitude
    30.457

    Comparable in this City

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      29,055 SF

      1350 Mahan Dr

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      1891 Capital Cir

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      2040 Fleischmann Rd

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      10,033 SF

      2030 Fleischmann Rd

      MEDICAL BUILDING • 10,033 SF
      2030 Fleischmann Rd, Tallahassee, FL 32308-4599
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    • Value Estimation
      $335,000
      3,694 SF

      1834 Jaclif Cta

      MEDICAL BUILDING • 3,694 SF
      1834 Jaclif Cta, Tallahassee, FL 32308-4400
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    • Value Estimation
      $1,125,000
      37,742 SF

      2605 Welaunee Blvd

      MEDICAL BUILDING • 37,742 SF
      2605 Welaunee Blvd, Tallahassee, FL 32308-4697
      View Details

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    Similar Nearby for Lease

    • $25 SF/Yr
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      Mahan Medical Office Suites

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      Capital Circle NE Retail Center

      High-traffic retail space available.
      1519 Capital Cir, Tallahassee, FL 32308
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    Tallahassee, FL 32308
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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
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