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

    231 Palmer Ave Tallahassee, FL 32301-5533

    • Distribution centers
    • 18,024 SF
    • 1.66 lot acres
    OFF-MARKET
    Last Sale
    Dec 13, 2024
    $1,775,000
    Value Estimations
    $1,880,000
    Show details
    Cap Rate Potential
    8.6%
    Distribution centers
    Location Intelligence
    Property ID
    US18-5358332
    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

    • Downtown Community Church / Church
    • Blue Streak Couriers / Transportation Service / Courier Service
    • ADL Tallahassee / Logistics Service / Distribution Service
    • Dr. máirín M. morcant, DDS / Doctor

    Property Details for 231 Palmer Ave

    Year built
    1966
    Construction
    FRAME
    Lot size
    1.66 lot acres
    Property size
    18,024 SF
    Property type
    Distribution centers
    APN
    41-01-20-408-000-0
    APU
    4101204080000

    Description

    This exceptional investment opportunity presents a 26,000-square-foot multi-tenant industrial property in downtown Tallahassee, Florida, boasting a remarkable 8.82% cap rate and 100% occupancy. Situated on a 1.66-acre lot at 231 E Palmer Ave, this fee-simple property offers a compelling blend of strong cash flow and long-term growth potential. The property is currently leased to three tenants, providing a stable income stream with a weighted average lease term of approximately 5.28 years. Recent tenant improvements exceeding $425,000 demonstrate a strong commitment to the location. Its prime location in the Tallahassee/Leon County Multimodal Transportation District Plan, nestled between Florida A&M University and the Capital City Country Club, ensures high visibility and accessibility. Furthermore, its designation within an Opportunity Zone provides significant tax advantages for long-term investors. The property's classification as both flex and manufacturing space caters to a diverse range of potential tenants, enhancing its overall value and marketability. This is a rare chance to acquire a high-performing industrial asset in a thriving urban area. The asking price is $1,975,000, translating to $75.96 per square foot. The property's strategic location along a major arterial road connecting downtown Tallahassee to Interstate 10 guarantees high traffic volume.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,635,000
      ML approach
      $1,640,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,340,000
      6.5%
      $2,160,000
      7%
      $2,005,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,102,000
      Market price range: $550k - $2.32M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $2,495,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2796
    Latitude
    30.4262
    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
    $24,575
    $169,022
    $1,101,022
    $1,270,044
    -
    $169,022
    $1,101,022
    $1,270,044

    Comparable in this City

    • Value Estimation
      $280,000
      11,040 SF

      216 Oakland E Ave

      DISTRIBUTION WAREHOUSE • 11,040 SF
      216 Oakland E Ave, Tallahassee, FL 32301
      View Details
    • Value Estimation
      $190,000
      1,250 SF

      2915 Park Ave, Unit 4

      DISTRIBUTION WAREHOUSE • 1,250 SF
      2915 Park Ave, Tallahassee, FL 32301-3452
      View Details
    • Value Estimation
      $315,000
      7,099 SF

      1010 Adams St

      DISTRIBUTION WAREHOUSE • 7,099 SF
      1010 Adams St, Tallahassee, FL 32301-2304
      View Details
    • Value Estimation
      $285,000
      2,500 SF

      2915 Park Ave, Unit 6

      DISTRIBUTION WAREHOUSE • 2,500 SF
      2915 Park Ave, Tallahassee, FL 32301-3452
      View Details
    • Value Estimation
      $250,000
      17,600 SF

      3064 Adams St

      DISTRIBUTION WAREHOUSE • 17,600 SF
      3064 Adams St, Tallahassee, FL 32301-6946
      View Details
    • Value Estimation
      $310,000
      6,300 SF

      453 All Saints St

      DISTRIBUTION WAREHOUSE • 6,300 SF
      453 All Saints St, Tallahassee, FL 32301-2223
      View Details

    Similar Nearby for Sale

    • $1,625,000
      2.10 Acres

      Tallahassee Warehouse - $1.625M

      12,400 SF Warehouse, Multiple Uses
      3434 Monroe St, Tallahassee, FL 32301
      View Details
    • $2,338,000

      Retail and Warehouse Buildings ForSale

      Two buildings with retail, warehouse, and office space available.
      2809 S Adams St, Tallahassee, FL 32301
      View Details
    • $699,000
      12 SF

      12,400 SF Warehouse Building

      Spacious warehouse with multiple uses in South Tallahassee.
      3434 Monroe St, Tallahassee, FL 32301
      View Details
    • $485,000
      0.62 Acres

      Tallahassee Commercial Land

      0.62 Acres, Prime C2 Zoning
      0 Monroe St, Tallahassee, FL 32301
      View Details
    • $800,000
      0.82 Acres

      S Adams St Mixed-Use Redevelopment

      Prime Tallahassee location, high redevelopment potential.
      2011 Adams St, Tallahassee, FL 32301
      View Details
    • $2,350,000

      Downtown Corner Retail Investment

      Prime corner retail space in downtown Tallahassee, fully leased.
      541 N Monroe St, Tallahassee, FL 32301
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      8,400 SF

      Crescent Park Warehouse - Tallahassee

      8,400 SF Warehouse Space Available
      2931 Crescent Dr, Tallahassee, FL 32301
      View Details
    • $14 SF/Yr
      54,000 SF

      Golden Commerce Center, Tallahassee

      Flex Warehouse Space Available in Tallahassee
      2819 Industrial Plaza Dr, Tallahassee, FL 32301
      View Details
    • $14 SF/Yr
      3,250 SF

      Industrial/Warehouse/Distribution Space Available

      Rare industrial/warehouse/distribution space on Capital Circle NE.
      2847-2851 Industrial Plaza Dr, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      13,750 SF

      Tallahassee Warehouse with Ample Parking

      Northeast Tallahassee warehouse space available for lease with heavy power.
      2846 Industrial Plaza Dr, 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
    • $26 SF/Yr
      5,400 SF

      Restaurant Space in Tallahassee, Florida

      Second-generation restaurant space with high visibility on Apalachee Parkway.
      1355 Apalachee Pkwy, 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.
    231 Palmer Ave
    Tallahassee, FL 32301-5533
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.