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    Property profile & analytics

    2121 Killarney Way Tallahassee, FL 32309-3458

    • Office buildings
    • 4,000 SF
    • 1.44 lot acres
    OFF-MARKET
    Value Estimations
    $925,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-1060449
    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

    • Michael Petrandis / Financial Advisor
    • The Law Office of John A. Grant, P.A. / Law Firm
    • Ameris Bank Mortgage Office / Bank / Loan Service
    • Hayward Title Group / Title Company
    • Joanie Trotman / Homeowners' Association / Property Management Company

    Property Details for 2121 Killarney Way

    Year built
    1987
    Construction
    WOOD
    Lot size
    1.44 lot acres
    Property size
    4,000 SF
    Property type
    Office buildings
    APN
    11-02-50- C-001-0
    APU
    110250C0010

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $875,000
      6.5%
      $805,000
      7%
      $750,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,062,000
      Market price range: $479k - $1.06M
      AI Estimate
      $898,000
      Market price range: $338k - $899k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $790,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $1,130,000
      Change: +43% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $855,000
      Change: +8% Conversion: Easy
      RETAIL STORES
      $850,000
      Change: +8% Conversion: Moderate
      MEDICAL BUILDING
      $670,000
      Change: -15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2438
    Latitude
    30.5112
    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
    $19,747
    $248,715
    $851,662
    $1,100,377
    -
    $248,715
    $851,662
    $1,100,377

    Comparable in this City

    • Value Estimation
      $1,540,000
      9,350 SF

      2930 Wellington Cir Ste, Unit 101

      OFFICE BUILDING • 9,350 SF
      2930 Wellington Cir Ste, Tallahassee, FL 32309-6878
      View Details
    • Value Estimation by Request
      1,455 SF

      3837 Killearn Ct Ste A

      OFFICE BUILDING • 1,455 SF
      3837 Killearn Ct Ste A, Tallahassee, FL 32309-3486
      View Details
    • Value Estimation
      $2,300,000
      40,340 SF

      2324 Killearn Ctr Blvde

      OFFICE BUILDING (MULTI-STORY) • 40,340 SF
      2324 Killearn Ctr Blvde, Tallahassee, FL 32309-3582
      View Details
    • Value Estimation
      $1,680,000
      9,367 SF

      1558 Vlg Sq Blvd

      OFFICE BUILDING • 9,367 SF
      1558 Vlg Sq Blvd, Tallahassee, FL 32309-2748
      View Details
    • Value Estimation by Request
      1,250 SF

      1615 Vlg Sq Blvd, Unit 104

      OFFICE BUILDING • 1,250 SF
      1615 Vlg Sq Blvd, Tallahassee, FL 32309-2769
      View Details
    • Value Estimation by Request
      2,880 SF

      2931 Kerry Frst Pkwy Ste, Unit 102

      OFFICE BUILDING • 2,880 SF
      2931 Kerry Frst Pkwy Ste, Tallahassee, FL 32309-6883
      View Details

    Similar Nearby for Sale

    • $799,900
      0.06 Acres

      Killearn Center Blvd Office Building

      Office building with frontage on Killearn Center Blvd.
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      Northeast Tallahassee Former Call Center

      Two-story, 40,000 SF office building in a professional park.
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      Northeast Tallahassee Former Call Center

      Two-story office building with open floor plan and generator.
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      20,548 SF

      Turnkey Television News Studio

      20,548 SF office building, ready for media operations.
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      Northeast Office Near Thomasville Rd

      Office space for sale in a convenient Northeast location.
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    • $185,000
      1,136 SF

      1,136 SF 2 Story Office/Retail Condo For Sale

      1,136 SF 2 Story Office/Retail Condo For Sale
      3832 Killearn Crt #11, Miccosukee, FL 32309
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr

      Professional Office Space in Tallahassee

      Office building for rent in a professional office park.
      2312 Killearn Center Blvd, Tallahassee, FL 32309
      View Details
    • $21 SF/Yr

      Professional Office Space Available

      Office space for rent in Northeast Tallahassee office park.
      2312 Killearn Center Blvd, Tallahassee, FL 32309
      View Details
    • Contact for pricing

      Two-Story Office Building For Rent

      Two-story former call center in Northeast Tallahassee submarket.
      2324 Killearn Center Blvd, Tallahassee, FL 32309
      View Details
    • $21 SF/Yr

      Northeast Tallahassee Office Suite

      Professional office park with easy access to shopping and dining.
      2316 Killearn Center Blvd, Tallahassee, FL 32309
      View Details
    • Contact for pricing

      Killearn Area Executive Suites

      Executive suites for lease in the Killearn area.
      2707 Killarney Way, Tallahassee, FL 32309
      View Details
    • $16 SF/Yr

      Office Space with Scenic Views

      Functional office space in a popular NE Tallahassee location.
      2282 Killearn Center Blvd, Tallahassee, FL 32309
      View Details
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    Tallahassee, FL 32309-3458
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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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