1355 Apalachee PkwyTallahassee, FL 32301

Property Details for 1355 Apalachee Pkwy

Year built

1970

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

3.26 AC

Property size (Sq ft)

75,003 SF

Property type

Hospitality properties

Property subtype

Hotels

APN

11-31-20-448-000-0

APU

1131204480000

Description

This exceptional investment opportunity presents the leasehold interest in a 147-key Wyndham Garden hotel in Tallahassee, Florida. The four-story, 1969-built hotel boasts a prime location near the Florida State Capitol, Florida State University, and Tallahassee Memorial HealthCare. Its convenient proximity also includes the Park Avenue Historic District, Tallahassee Museum, and other key attractions, making it ideal for both business and leisure travelers. The hotel features amenities such as free daily breakfast, high-speed WiFi, and an outdoor pool. A significant value-add opportunity exists with 5,400 square feet of vacant restaurant space (formerly Applebee's) available for lease, presenting potential for increased net operating income. The property sits on a 2.92-acre lot and benefits from a high traffic count on Apalachee Parkway (32,500 vehicles). The hotel has demonstrated strong financial performance, with gross revenues exceeding $2.9 million in both 2022 and 2023. Premium brand rebranding options are also available for the property, further enhancing its investment potential. This is a concrete construction building with an interior corridor. The property is situated 1.9 miles from the Florida State Capitol, 2.4 miles from Florida State University, 1.6 miles from Tallahassee Memorial HealthCare, 2.3 miles from Florida A&M University, 1.9 miles from the Park Avenue Historic District, and 6.9 miles from the Tallahassee Museum. The property also has proximity to the Florida Supreme Court and Capital City Bank Group.

• CAP approach

  CAP return

  Valuation

  6%

  $17,635,002

  6.5%

  $16,278,463

  7%

  $15,115,716

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,530,114

  Geo Method

  $12,530,114

• Alternative Use

  Use

  Valuation

  Residential

  $17,771,352

  Hospitality

  $16,278,463

  Educational

  $13,543,490

  Medical

  $14,009,272

  Retail

  $21,067,652

Location Insight

City

Tallahassee

County

Leon

State

Florida

Latitude

30.4357

Longitude

-84.2602

CBSA code

45220

CBSA name

TALLAHASSEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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