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Property profile & analytics
OFF-MARKET
Estimated value
$4,445,000
Drug stores
1202 Magnolia Dr Tallahassee, FL 32308-4634
Entity Owned
3-yr Hold
Free & Clear
Property ID
US18-3509444
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
2006
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
13,566 SF
Lot
1.32 ac (57,499 SF)
APN
11-30-36-001-004-0
UPID
US18-3509444
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Walgreens Photo (Bike/Boat/Book/etc) Store
-
Walgreens Pharmacy Pharmacy
-
Walgreens Pharmacy
-
Mina S. Messiha, PharmD Pharmacy
-
Cassandra Y. Marshall, RPH Pharmacy
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.59M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$4.44M
Blend (final)
Blend
$4.45M
Owner & transaction history
National Retail Properties LP · 3 yrs held
National Retail Properties LP
since 2022
Last sale
$4.4M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$3.8M
+32.4%
Restaurant
$3.4M
+17.8%
Industrial (general)
$3.2M
+10.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Tallahassee submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tallahassee submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$4,440,000
ML approach
$4,590,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RETAIL STORES
$2,890,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$3,825,000
Change: +32% · Conversion: Moderate
RESTAURANT
$3,405,000
Change: +18% · Conversion: Easy
INDUSTRIAL (GENERAL)
$3,200,000
Change: +11% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,890,000
Change: +0% · Conversion: Easy
Blend value · Realmo final
$4.45M
Range $4.00M – $4.89M · ±10% · vs last sale $4.45M (Dec 12 2022)
Last sale anchor
$4.45M
Dec 12 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$328 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$55,896
Tax year 2023
Assessed value
$2,888,756
Assessed 2023
Previous assessed
$2,854,177
+1.2% YoY
Effective rate
1.93%
On assessed value
Assessed land
$517,491
Assessed improvement
$2,371,265
Land market value
$517,491
Improvement market value
$2,371,265
Total market value
$2,888,756
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
2006
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Buildings
1
Stories
1
Total area
13,566 SF
Lot
1.32 ac (57,499 SF)
APN
11-30-36-001-004-0
UPID
US18-3509444
Jurisdiction
LEON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$2.9M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.8M
RESTAURANT
Est. value
$3.4M
INDUSTRIAL (GENERAL)
Est. value
$3.2M
COMMERCIAL (GENERAL)
Est. value
$2.9M
RETAIL STORES Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2006
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
1
Buildings
1
Lot
1.32 ac
Current owner
From public records · entity-resolved
National Retail Properties LP
Entity
Free & Clear · 3 yrs held
Mailing address
450 S ORANGE AVE STE #900, ORLANDO, FL 32801-3339
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 12, 2022
$4,448,900
National Retail Properties LP
Walgreen Co
Special Warranty Deed
—
Dec 12, 2022
—
Walgreen Co
National Retail Properties LP
Lease
—
Sep 27, 2006
$4,721,900
Walgreen Co
Nnn/1031 11 Magnolia LLC
Warranty Deed
—
Feb 24, 2005
—
Walgreen Co
Ram Dev
Grant Deed
related
—
Dec 27, 2004
$315,000
Nnn/1031 11 Magnolia LLC
Leon County
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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