Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    2738 Monroe St Tallahassee, FL 32303-4030

    • Motels
    • 29,200 SF
    • 2.26 lot acres
    OFF-MARKET
    Last Sale
    Jul 07, 2021
    $2,205,000
    Value Estimations
    $2,435,000
    Show details
    Cap Rate Potential
    4.9%
    Motels
    Location Intelligence
    Property ID
    US18-5426526
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Motel 6 Tallahassee, FL / Motel / Hotel
    • Loyalty Inn Tallahassee / Motel

    Property Details for 2738 Monroe St

    Year built
    1986
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    2.26 lot acres
    Property size
    29,200 SF
    Property type
    Motels
    APN
    21-14-20-424-000-0
    APU
    2114204240000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Estimation
      $2,550,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,090,000
      6.5%
      $1,960,000
      7%
      $2,060,000

    • Comparable approach

      Method
      Estimation
      Relative Method
      $2,200,000
      Geo Method
      $2,035,000

    • Alternative Use

      Use
      Estimation
      Distribution
      $2,685,000
      Retail
      $2,150,000
      Mixed-Use
      $2,140,000
      Hospitality
      $2,095,000
      Educational
      $2,265,000
      Residential Income
      $2,610,000
      Energy
      $2,415,000
      Income-Based Land
      $2,385,000
      Food Service
      $2,235,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.3019
    Latitude
    30.4785
    CBSA code
    45220
    CBSA name
    TALLAHASSEE, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $26,619
    $757,500
    $621,245
    $1,378,745
    -
    $757,500
    $621,245
    $1,378,745

    Comparable in this City

    • Value Estimation by Request
      17,916 SF

      2681 Monroe St

      MOTEL • 17,916 SF
      2681 Monroe St, Tallahassee, FL 32303-4027
      View Details
    • Value Estimation
      $1,025,000
      9,138 SF

      745 Monroe St

      MOTEL • 9,138 SF
      745 Monroe St, Tallahassee, FL 32303-6138
      View Details
    • Value Estimation by Request
      5,815 SF

      2801 Monroe St

      MOTEL • 5,815 SF
      2801 Monroe St, Tallahassee, FL 32303-3634
      View Details
    • Value Estimation
      $315,000
      5,342 SF

      2735 Monroe St

      MOTEL • 5,342 SF
      2735 Monroe St, Tallahassee, FL 32303-4029
      View Details
    • Value Estimation
      $6,350,000
      10,180 SF

      2905 Monroe St

      MOTEL • 10,180 SF
      2905 Monroe St, Tallahassee, FL 32303-3636
      View Details
    • Value Estimation by Request
      10,402 SF

      2726 Monroe St

      MOTEL • 10,402 SF
      2726 Monroe St, Tallahassee, FL 32303-4030
      View Details

    Similar Nearby for Sale

    • $2,000,000
      14.31 Acres

      Lakefront Land in Tallahassee, FL

      14.31 acres on Lake Jackson with development potential.
      4807 Red & Sams, Tallahassee, FL 32303
      View Details
    • $550,000
      0.67 Acres

      Tharpe Street Commercial Land Pad

      Prime Tallahassee Build-to-Suit Opportunity
      950 Tharpe St, Tallahassee, FL 32303
      View Details
    • $2,000,000
      11.92 Acres

      Prime Tallahassee Commercial Land

      11.9 Acres, $2M, High Traffic
      4150 Monroe St, Tallahassee, FL 32303
      View Details
    • $495,000
      1.62 Acres

      Tallahassee Residential Land - 1.62 Acres

      Prime 1.62-acre residential development site
      0 Monroe St, Tallahassee, FL 32303
      View Details
    • $850,000
      7.36 Acres

      7.36 Acres Commercial Land, Tallahassee

      Prime Tallahassee commercial land, C-1 zoning.
      0 Fred George Rd And Msn Rd, Tallahassee, FL 32303
      View Details
    • $169,900
      3.91 Acres

      Land in Private Tallahassee Subdivision

      Almost 4-acre lot in a private, serene Tallahassee subdivision.
      Bellac Rd, Tallahassee, FL 32303
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      5,330 SF

      Tharpe Street Retail Opportunity

      Prime Tallahassee Retail Space Available
      950 Tharpe St, Tallahassee, FL 32303
      View Details
    • $15 SF/Yr
      3,720 SF

      Tallahassee Retail Space - 3720 SF

      Prime Tallahassee retail space, 1.14 acres.
      1450 Capital Cir, Tallahassee, FL 32303
      View Details
    • $11 SF/Yr
      11,150 SF

      Tallahassee Industrial Flex Space

      11,150 SF Multi-Tenant Industrial
      5030 Tennessee Capital Blvd, Tallahassee, FL 32303
      View Details
    • $9,540 /Mo
      32,000 SF

      The Hub Coworking Suites in Midtown

      Prime Tallahassee coworking space, 7 suites available.
      1309 Thomasville Rd, Tallahassee, FL 32303
      View Details
    • $1,300 /Mo
      1,020 SF

      Capital Circle Rental Overlooking Lake

      Rental property near Capital Circle with lake views and private baths.
      5453 Sombra Del Lago Dr, Tallahassee, FL 32303
      View Details
    • $3 SF/Yr
      120 SF

      Flexible Office Space Available

      Serviced offices with flexible sizes, furnished or unfurnished units.
      267 John Knox Rd, Tallahassee, FL 32303
      View Details

    Property Visit Statistics

    • Visits by month
      4.2k
    • Visitors by month
      804
    • Avg Time on site
      491 min
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2738 Monroe St
    Tallahassee, FL 32303-4030
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.