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    Property profile & analytics

    1016 Magnolia Dr Tallahassee, FL 32301

    • Community centers
    • 6,009 SF
    • 0.34 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Last Sale
    Dec 19, 2023
    $1,200,000
    Value Estimations
    $1,230,000
    Cap Rate Potential
    5%
    Community centers
    Location Intelligence
    Property ID
    US18-2137863
    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

    • Stylish Shears / Barber Shop

    Property Details for 1016 Magnolia Dr

    Year built
    1964
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.34 lot acres
    Property size
    6,009 SF
    Property type
    Community centers
    APN
    11-31-20-454-000-0
    APU
    1131204540000

    Description

    This exceptional Class A retail property, located at 1016 S Magnolia Dr in Tallahassee, Florida (32301), offers 3,519 square feet of vacant space within a 10,305 square foot building situated on a 0.343-acre lot. The single-story building, constructed in 1964, features multiple tenancies and is zoned UP1. Units range from a minimum of 973 square feet to a maximum contiguous space of 2,546 square feet, providing flexibility for various retail concepts. The property boasts ample surface parking and enjoys a highly visible location near Apalachee Pkwy in Leon County (APN: 1131204540000). Its convenient location offers easy access to a vibrant area, including hotels, restaurants, and diverse shopping options within a one-mile radius. Furthermore, its proximity to Downtown Tallahassee (less than one mile) and Florida State University (under 10 minutes) ensures high foot traffic and a strong customer base. This presents a unique opportunity for businesses seeking a thriving retail environment in a dynamic and accessible location. The property's convenient central location within a shopping strip center makes it an ideal choice for businesses seeking high visibility and accessibility.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,375,000
      ML approach
      $1,310,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,145,000
      6.5%
      $1,055,000
      7%
      $980,000

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,625,000
      Current use
      INDUSTRIAL (GENERAL)
      $1,420,000
      Change: -13% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2622
    Latitude
    30.4346
    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
    $5,222
    $40,728
    $243,566
    $284,294
    -
    $40,728
    $243,566
    $284,294

    Comparable in this City

    • Value Estimation by Request
      1,248 SF

      2990 Apalachee Pkwy

      MINI-MALL • 1,248 SF
      2990 Apalachee Pkwy, Tallahassee, FL 32301-3678
      View Details
    • Value Estimation
      $4,900,000
      57,116 SF

      111 Magnolia Dr Ste, Unit 1

      MINI-MALL • 57,116 SF
      111 Magnolia Dr Ste, Tallahassee, FL 32301-2956
      View Details
    • Value Estimation
      $940,000
      6,320 SF

      1604 Governors Sq Blvd Ste, Unit 1

      MINI-MALL • 6,320 SF
      1604 Governors Sq Blvd Ste, Tallahassee, FL 32301-4034
      View Details
    • Value Estimation by Request
      2,905 SF

      327 Macomb St

      MINI-MALL • 2,905 SF
      327 Macomb St, Tallahassee, FL 32301-1017
      View Details
    • Value Estimation
      $1,205,000
      11,040 SF

      1505 Governors Sq Blvd Ste, Unit 1

      MINI-MALL • 11,040 SF
      1505 Governors Sq Blvd Ste, Tallahassee, FL 32301-3070
      View Details
    • Value Estimation
      $1,845,000
      16,554 SF

      1103 Apalachee Pkwy

      MINI-MALL • 16,554 SF
      1103 Apalachee Pkwy, Tallahassee, FL 32301-4541
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

    • $20 SF/Yr
      10,305 SF

      Tallahassee Retail Space Available

      Prime retail space, 973-2,546 sq ft.
      1016 Magnolia Dr, Tallahassee, FL 32301
      View Details
    • $16 SF/Yr
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      Crescent Park Retail Space Available

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    • $12 SF/Yr
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      Retail Space in Central Tallahassee

      Prime retail location near downtown, FSU, and College Town.
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      View Details
    • $25 SF/Yr
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      Retail Space in Lake Ella

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      1,200 SF

      Retail Space in Tallahassee Center

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      View Details
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    1016 Magnolia Dr
    Tallahassee, FL 32301
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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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