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    Property profile & analytics

    1661 Phillips Rd Tallahassee, FL 32308

    • Medical Office Space
    • 13,488 SF
    • 3.00 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5399653
    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

    • Medical Office Space

    Property Details for 1661 Phillips Rd

    Year built
    1978
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    3.00 lot acres
    Property size
    13,488 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    11-28-20-202-000-0
    APU
    1128202020000

    Description

    This exceptional 13,448-square-foot office building, situated on a spacious 3-acre lot in Tallahassee, Florida, presents a unique investment opportunity. Currently vacant, the property offers significant potential for a variety of uses. Previously utilized as a surgery center, the building boasts numerous features ideal for continued medical use, including multiple operating rooms, recovery areas, private offices, and ample support spaces. These spaces include dedicated conference rooms, staff locker rooms, a medical records room, and a business office. The property's layout is highly adaptable, making it suitable for repurposing to meet diverse business needs. The building is located at 1661 Phillips Road, Tallahassee, FL 32308, within Leon County. The property is zoned Office Residential (OR-3) and includes 66 parking spaces, ensuring convenient access for staff and clients. With its substantial size, prime location, and versatile design, this property represents a compelling opportunity for businesses seeking a well-equipped and strategically located office space in a thriving Florida market. The single-tenant occupancy allows for complete control and customization. This is a rare opportunity to acquire a substantial, well-maintained building in a desirable area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,956,000
      Market price range: $1.67M - $2.90M
      AI Estimate
      $1,035,000
      Market price range: $809k - $1.67M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $2,260,000
      Current use
      OFFICE BUILDING
      $2,225,000
      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
    -84.2402
    Latitude
    30.4592
    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
    $27,346
    $372,438
    $1,147,500
    $1,519,938
    -
    $372,438
    $1,147,500
    $1,519,938

    Comparable in this City

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      16,899 SF

      1608 Surgeons Dr

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      View Details
    • Value Estimation
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      49,862 SF

      1775 1st Healing Pl

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      1775 1st Healing Pl, Tallahassee, FL 32308-4600
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    • 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
    • Value Estimation by Request
      2,695 SF

      1634 Plz Dr

      MEDICAL BUILDING • 2,695 SF
      1634 Plz Dr, Tallahassee, FL 32308-5323
      View Details

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      Former Surgery Center For Sale

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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

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    • $25 SF/Yr
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      Mahan Medical Office Suites

      Tallahassee medical office space available
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    • Contact for pricing
      2,500 SF

      Professional Office Building Near Hospitals

      Two-story brick office building near hospitals with ample parking.
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    • $650 /Mo

      Single Room Office Suites Available

      Office suites with sinks, shared amenities, near TMH.
      1623 Physicians 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
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    Tallahassee, FL 32308
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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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