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    Property profile & analytics

    1978 Village Green Way Tallahassee, FL 32308

    • Hotels
    • 52,768 SF
    • 2.08 lot acres
    For Sale
    View listing
    $13,500,000
    Last Sale
    Oct 25, 2022
    $11,250,000
    Value Estimations
    Cap Rate Potential
    2%
    Hotels
    Location Intelligence
    Property ID
    US18-0890433
    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

    • MainStay Suites / Hotel / Restaurant
    • Tallahassee Suites / Hotel
    • Taco time / Mexican Restaurant
    • TRYP by Wyndham Tallahassee North I-10 Capital Circle / Hotel / Inn
    • elementary school / School

    Property Details for 1978 Village Green Way

    Year built
    1989
    Construction
    WOOD
    Lot size
    2.08 lot acres
    Property size
    52,768 SF
    Property type
    Hotels
    APN
    11-08-75- A-005-0
    APU
    110875A0050

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,230,000
      ML approach
      $8,810,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $12,310,000
      INDUSTRIAL (GENERAL)
      $10,495,000
      OFFICE BUILDING
      $7,945,000
      RESTAURANT
      $6,890,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2442
    Latitude
    30.4987
    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
    $123,127
    $430,369
    $5,932,966
    $6,363,335
    -
    $430,369
    $5,932,966
    $6,363,335

    Comparable in this City

    • Value Estimation
      $1,750,000
      26,784 SF

      1876 Capital NE Cir

      HOTEL • 26,784 SF
      1876 Capital NE Cir, Tallahassee, FL 32308-4441
      View Details
    • Value Estimation
      $2,240,000
      54,080 SF

      1972 Raymond Diehl Rd

      HOTEL • 54,080 SF
      1972 Raymond Diehl Rd, Tallahassee, FL 32308-3842
      View Details
    • Value Estimation
      $945,000
      33,632 SF

      1950 Raymond Diehl Rd

      HOTEL • 33,632 SF
      1950 Raymond Diehl Rd, Tallahassee, FL 32308-3842
      View Details
    • Value Estimation
      $4,015,000
      67,135 SF

      1653 Raymond Diehl Rd

      HOTEL • 67,135 SF
      1653 Raymond Diehl Rd, Tallahassee, FL 32308-3721
      View Details
    • Value Estimation
      $1,970,000
      50,410 SF

      1880 Raymond Diehl Rd

      HOTEL • 50,410 SF
      1880 Raymond Diehl Rd, Tallahassee, FL 32308-3840
      View Details
    • Value Estimation
      $2,940,000
      64,905 SF

      3388 Lonnbladh Rd

      HOTEL • 64,905 SF
      3388 Lonnbladh Rd, Tallahassee, FL 32308-4626
      View Details

    Similar Nearby for Sale

    • $13,500,000

      Turnkey Hotel Near Universities

      Recently renovated hotel with restaurant, fitness center, and complimentary breakfast.
      1978 Village Green Way, Tallahassee, FL 32308
      View Details
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      31,114 SF

      Hermitage Office Park For Sale

      Hermitage Office Park For Sale
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      NNN Lease Near Florida State

      NNN lease with rental increases near Florida State University.
      1719 W Tennessee St, Tallahassee, FL 32308
      View Details
    • Contact for pricing
      10,000 SF

      Centrally Located Office Suite

      Office suite in central Tallahassee, convenient to downtown and Midtown.
      545 E Tennessee St, Tallahassee, FL 32308
      View Details
    • $675,000
      3,904 SF

      Single Story Office Building

      Single-story office building featuring 14 private offices and ample parking.
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      View Details
    • Contact for pricing
      18,000 SF

      Retail Space on Capital Circle

      Retail space available in Tallahassee, Florida.
      1704 Capital Cir NE, Tallahassee, FL 32308
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      2,066 SF

      Live Oak Plaza: Prime Tallahassee Office

      Two Executive Suites, Ample Parking, 2066 SF Total
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      View Details
    • $68 SF/Yr
      4,100 SF

      Capital Hill Plaza: Last Building Available

      Tallahassee Commercial Land, Prime Location
      2314 Capital Cir, Tallahassee, FL 32308
      View Details
    • $22 SF/Yr
      3,569 SF

      Tallahassee Medical Office Building

      Prime Location, 3,569 SF Medical Office
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      View Details
    • $1,800 /Mo
      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
    • New
      $1,500 /Mo
      20,038 SF

      Efficient Micro Office with Gym

      750 sqft Tallahassee office with gym access, available 10/15.
      3554 Austin Davis Ave, Tallahassee, FL 32308
      View Details
    • $14 SF/Yr
      29,000 SF

      Mahan Drive Executive Office Space

      Prime Tallahassee Office Building, 29,000 SF
      1709 Mahan Dr, 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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