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    1661 Phillips Road Tallahassee, FL 32308 Tallahassee, FL 32308

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    1661 Phillips Road Tallahassee, FL 32308 Tallahassee, FL 32308

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    • Medical Office Space
    For Lease
    $10 SF/Yr
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    1661 Phillips Road For Lease
    $10 SF/Yr

    1661 Phillips Road

    Medical facility available

    1661 Phillips Road Tallahassee, FL 32308, Tallahassee, FL 32308
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    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 1661 Phillips Road Tallahassee, FL 32308

    Property type
    Medical Office Space
    Property subtype
    Medical centers

    Description

    A former surgery center that is ideal for continued use as a medical facility or suitable for re-purposing. It holds multiple operating rooms, recovery areas, private offices, conference rooms, staff locker rooms, medical records room and a business office. Location Description Off Phillips Road, between Blairstone and Mahan Dr. Highlights 3 Acre Site Building is equipped with auxiliary generator Ideal for continued use as a medical facility or suitable for re-purposing Parking Lot Info: 66 Spaces Zoning: Office Residential (OR-3) Construction: Concrete Block & Brick

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    State
    Florida
    Longitude
    -84.2647522
    Latitude
    30.4309686

    Comparable in this City

    • Value Estimation
      $2,895,000
      16,899 SF

      1608 Surgeons Dr

      MEDICAL BUILDING • 16,899 SF
      1608 Surgeons Dr, Tallahassee, FL 32308-4683
      View Details
    • Value Estimation
      $8,670,000
      49,862 SF

      1775 1st Healing Pl

      MEDICAL BUILDING • 49,862 SF
      1775 1st Healing Pl, Tallahassee, FL 32308-4600
      View Details
    • Value Estimation
      $1,495,000
      13,488 SF

      1661 Phillips Rd

      MEDICAL BUILDING • 13,488 SF
      1661 Phillips Rd, Tallahassee, FL 32308-5303
      View Details
    • Value Estimation
      $1,015,000
      7,586 SF

      2020 Fleischmann Rd

      MEDICAL BUILDING • 7,586 SF
      2020 Fleischmann Rd, Tallahassee, FL 32308-4599
      View Details
    • Value Estimation
      $700,000
      4,500 SF

      1771 Capital NE Cir

      MEDICAL BUILDING • 4,500 SF
      1771 Capital NE Cir, Tallahassee, FL 32308-5517
      View Details
    • Value Estimation by Request
      2,303 SF

      1840 Capital Medical Ct

      MEDICAL BUILDING • 2,303 SF
      1840 Capital Medical Ct, Tallahassee, FL 32308-4468
      View Details

    Similar Nearby for Sale

    • $1,695,000
      41,382 SF

      0.95 AC Former Ambulatory Surgery Center For Sale

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      Former Surgery Center For Sale

      Medical facility suitable for re-purposing on 3-acre site.
      1661 Phillips Rd, Tallahassee, FL 32308
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      Professional Office Suites For Sale

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      Spacious Medical Office For Sale

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      3,200 SF

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    Similar Nearby for Lease

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      5,500 SF

      Professional Office Building Near Hospitals

      Two-story brick office building near hospitals with ample parking.
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      Former Surgery Center For Lease

      Former surgery center suitable for medical facility or repurposing.
      1661 Phillips Rd, Tallahassee, FL 32308
      View Details
    • $650 /Mo

      Single Room Office Suites Available

      Office suites with sinks, shared amenities, near TMH.
      1623 Physicians Dr, Tallahassee, FL 32308
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    • Contact for pricing
      5,989 SF

      Tallahassee Office Space For Rent

      Office space for rent with commercial/medical zoning.
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      Medical Office Space For Lease

      New medical office space ready for tenant build out.
      2459 Mahan Dr, Tallahassee, FL 32308
      View Details
    • Contact for pricing
      1,500 SF

      Medical Condo For Lease

      Medical condo available for lease near HCA Florida Capital Hospital.
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      View Details
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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.

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    1661 Phillips Road Tallahassee, FL 32308, Tallahassee, FL, 32308

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