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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1491 Governors Sq Blvd Tallahassee, FL 32301-3049

    • Medical offices
    • 48,300 SF
    • 5.87 lot acres
    OFF-MARKET
    Value Estimations
    $4,880,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-2986456
    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

    • Capital Health Plan / Medical Center / Doctor
    • Shafer David MD / Family Practice Physician
    • Dr. James R. Thomas, MD / Family Practice Physician
    • Currieo Steven MD / Family Practice Physician
    • Henry Gunter / Family Practice Physician

    Property Details for 1491 Governors Sq Blvd

    Year built
    1998
    Construction
    FRAME
    Lot size
    5.87 lot acres
    Property size
    48,300 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    11-32-20-622-000-0
    APU
    1132206220000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $6,491,000
      Market price range: $5.98M - $11.0M
      AI Estimate
      $3,442,000
      Market price range: $2.74M - $5.98M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $8,090,000
      Current use
      WAREHOUSE, STORAGE
      $6,690,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2594
    Latitude
    30.4389
    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
    $101,024
    $920,509
    $4,300,506
    $5,221,015
    -
    $920,509
    $4,300,506
    $5,221,015

    Comparable in this City

    • Value Estimation
      $1,095,000
      7,294 SF

      904 Lafayette St

      MEDICAL BUILDING • 7,294 SF
      904 Lafayette St, Tallahassee, FL 32301-4514
      View Details
    • Value Estimation by Request
      2,502 SF

      428 College Ave

      MEDICAL BUILDING • 2,502 SF
      428 College Ave, Tallahassee, FL 32301-1524
      View Details
    • Value Estimation by Request
      3,536 SF

      1160 Apalachee Pkwy

      MEDICAL BUILDING • 3,536 SF
      1160 Apalachee Pkwy, Tallahassee, FL 32301-4542
      View Details
    • Value Estimation
      $3,235,000
      8,960 SF

      1407 Lafayette St

      MEDICAL BUILDING • 8,960 SF
      1407 Lafayette St, Tallahassee, FL 32301-4747
      View Details
    • Value Estimation
      $705,000
      5,398 SF

      1433 Lafayette St

      MEDICAL BUILDING • 5,398 SF
      1433 Lafayette St, Tallahassee, FL 32301-4747
      View Details
    • Value Estimation by Request
      1,548 SF

      318 Ofc Plz Dr

      MEDICAL BUILDING • 1,548 SF
      318 Ofc Plz Dr, Tallahassee, FL 32301-2730
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Highland Office Park Lots

      Tallahassee Office Land for Sale
      Lots 1-7 Highland Oaks Ter, Tallahassee, FL 32301
      View Details
    • $659,000
      0.51 Acres

      Downtown Tallahassee Office Building

      Prime location, 6,630 SF, ample parking.
      243 Office Plz Dr, Tallahassee, FL 32301
      View Details
    • $820,000
      3,721 SF

      3,721 SF Downtown E Park Ave Office Bldg For Sale

      3,721 SF Downtown E Park Ave Office Bldg For Sale
      851 E Park Ave Avenue, Tallahassee, FL 32301
      View Details
    • $375,000
      0.17 Acres

      Tallahassee Historic Office Opportunity

      Charming 1926 building near Capitol and Leon County Library.
      128 N Bronough St, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      61,666 SF

      Class A Office Space Available

      Premium office space near Capitol Complex, available August 2025.
      201 East Park Ave, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      15,000 SF

      Class A Office Downtown Location

      Class A office building in the heart of downtown.
      315 S Calhoun St, Tallahassee, FL 32301
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      58,176 SF

      Magnolia Centre I: Prime Tallahassee Office Space

      Executive & Medical Suites, 10,979 SF Vacant
      1203 Governors Square Blvd, Tallahassee, FL 32301
      View Details
    • $8 SF/Yr
      6,249 SF

      Tallahassee Office Space Available

      Flexible workspace solutions in prime location.
      101 Monroe St, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      7,890 SF

      Premier Retail Location

      Individual retail properties • 7,890 SF
      2000 Apalachee Pkwy, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      288 SF

      Office Space Available For Rent

      Office space available for rent, totaling 288 square feet.
      1020 E Lafayette St, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      244,947 SF

      Governors Marketplace: Prime Tallahassee Office

      Class A Office Space, High Visibility, Ample Parking
      1654 Governors Square Blvd, Tallahassee, FL 32301
      View Details
    • $34 SF/Yr
      3,320 SF

      Office Space in Tallahassee, FL

      Office space available for lease in Tallahassee, Florida.
      414 E Bloxham St, Tallahassee, FL 32301
      View Details
    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.
    1491 Governors Sq Blvd
    Tallahassee, FL 32301-3049
    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.

    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
    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
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.