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    1355 Apalachee Pkwy Tallahassee, FL 32301
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    1355 Apalachee Pkwy, Tallahassee, FL 32301

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    • Hotels
    • 75,003 SF
    • 3.26 lot acres
    For Lease
    $1,210,000
    View Listing →
    Restaurant Space in Tallahassee, Florida For Lease
    $1,210,000
    5,400 SF

    Restaurant Space in Tallahassee, Florida

    Second-generation restaurant space with high visibility on Apalachee Parkway.

    1355 Apalachee Pkwy, Tallahassee, FL
    View Listing
    Property ID
    US18-3987571
    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.
    Value Estimations
    $1,210,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Wyndham Garden Tallahassee Capitol / Hotel & Motel
    • hotel / Hotel & Motel

    Property Details for 1355 Apalachee Pkwy

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.26 lot acres
    Property type
    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $940,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,481,000
      Market price range: $986k - $2.92M

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2602
    Latitude
    30.4357
    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
    $92,015
    $1,117,500
    $4,282,497
    $5,399,997
    -
    $1,117,500
    $4,282,497
    $5,399,997

    Comparable in this City

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    • Value Estimation
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      101 Adams St

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      801 Gadsden St

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      415 Monroe St

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      415 Monroe St

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    • Value Estimation
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      41,862 SF

      2814 Apalachee Pkwy

      HOTEL
      2814 Apalachee Pkwy, Tallahassee, FL 32301-3608
      View Details

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    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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