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    Property profile & analytics

    1623 Medical Dr Tallahassee, FL 32308-4684

    • Medical offices
    • 20,755 SF
    • 1.75 lot acres
    OFF-MARKET
    Value Estimations
    $3,610,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5410413
    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

    • Tallahassee Memorial Human Resources / Employment Agency / Business Service Center
    • Tallahassee Diagnostic Imaging: Goethe Robert C MD / Physician
    • Dr. Stephen L. Carr, MD / Physician / Medical Clinic
    • Tallahassee Diagnostic Imaging: Ray Ronald D MD / Physician
    • Dr. Maribel U. Lockwood, MD / Physician / Medical Clinic

    Property Details for 1623 Medical Dr

    Year built
    1978
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.75 lot acres
    Property size
    20,755 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    11-29-60-000-033-0
    APU
    1129600000330

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $4,100,000
      6.5%
      $3,785,000
      7%
      $3,515,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,467,000
      Market price range: $2.57M - $4.47M
      AI Estimate
      $2,570,000
      Market price range: $1.24M - $2.57M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,475,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $5,850,000
      Change: +68% Conversion: Difficult
      RESTAURANT
      $5,210,000
      Change: +50% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $4,895,000
      Change: +41% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $4,425,000
      Change: +27% Conversion: Easy
      RETAIL STORES
      $4,420,000
      Change: +27% Conversion: Difficult
      OFFICE BUILDING
      $3,420,000
      Change: -2% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2606
    Latitude
    30.4606
    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
    $0.00
    $464,400
    $3,447,850
    $3,912,250
    -
    $464,400
    $3,447,850
    $3,912,250

    Comparable in this City

    • Value Estimation
      $2,895,000
      16,899 SF

      1608 Surgeons Dr

      MEDICAL BUILDING • 16,899 SF
      1608 Surgeons Dr, Tallahassee, FL 32308-4683
      View Details
    • Value Estimation
      $8,670,000
      49,862 SF

      1775 1st Healing Pl

      MEDICAL BUILDING • 49,862 SF
      1775 1st Healing Pl, Tallahassee, FL 32308-4600
      View Details
    • Value Estimation
      $1,495,000
      13,488 SF

      1661 Phillips Rd

      MEDICAL BUILDING • 13,488 SF
      1661 Phillips Rd, Tallahassee, FL 32308-5303
      View Details
    • Value Estimation
      $1,015,000
      7,586 SF

      2020 Fleischmann Rd

      MEDICAL BUILDING • 7,586 SF
      2020 Fleischmann Rd, Tallahassee, FL 32308-4599
      View Details
    • Value Estimation
      $700,000
      4,500 SF

      1771 Capital NE Cir

      MEDICAL BUILDING • 4,500 SF
      1771 Capital NE Cir, Tallahassee, FL 32308-5517
      View Details
    • Value Estimation by Request
      2,303 SF

      1840 Capital Medical Ct

      MEDICAL BUILDING • 2,303 SF
      1840 Capital Medical Ct, Tallahassee, FL 32308-4468
      View Details

    Similar Nearby for Sale

    • $1,695,000
      41,382 SF

      0.95 AC Former Ambulatory Surgery Center For Sale

      0.95 AC Former Ambulatory Surgery Center For Sale
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    • Contact for pricing
      13,488 SF

      Former Surgery Center For Sale

      Medical facility suitable for re-purposing on 3-acre site.
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      5,328 SF

      Spacious Medical Office For Sale

      Medical office in a convenient location near two hospitals.
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      Professional Office Suites For Sale

      Two well-located office suites in Centre Pointe near hospitals.
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    • $1,000,000
      5,192 SF

      Renovated Medical Office Building

      Recently renovated medical office building in a high-traffic location.
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      View Details
    • $625,000
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      Medical Office Building For Sale

      Medical office building featuring exam rooms, offices, and ample parking.
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    Similar Nearby for Lease

    • $10 SF/Yr
      13,448 SF

      Prime Tallahassee Office Space

      13,448 SF Office Building, 3 Acres
      1661 Phillips Rd, Tallahassee, FL 32308
      View Details
    • $22 SF/Yr
      3,569 SF

      Tallahassee Medical Office Building

      Prime Location, 3,569 SF Medical Office
      3401 Capital Cir, Tallahassee, FL 32308
      View Details
    • $25 SF/Yr
      20,000 SF

      Mahan Medical Office Suites

      Tallahassee medical office space available
      2459 Mahan Dr, Tallahassee, FL 32308
      View Details
    • Contact for pricing
      5,989 SF

      Tallahassee Office Space For Rent

      Office space for rent with commercial/medical zoning.
      1925 Capital Cir NE, Tallahassee, FL 32308
      View Details
    • $2,200 /Mo
      4,792 SF

      Office/Medical Space For Lease

      Office/medical space available for lease in Tallahassee, Florida.
      1706 Riggins Rd, Tallahassee, FL 32308
      View Details
    • Contact for pricing
      1,250 SF

      Professional Office Space Available

      Single-story office building in high-traffic area, suitable for businesses.
      1963 Village Green Way, Tallahassee, FL 32308
      View Details
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    1623 Medical Dr
    Tallahassee, FL 32308-4684
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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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