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Property profile & analytics
FOR LEASE
Hotels
2415 N Monroe St Tallahassee, FL 32303
Entity Owned
2-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US18-6123097
For Lease
1 / 14
$12 SF/Yr
2415 N Monroe St, Tallahassee, FL 32303
View Listing →
Property summary
AI-generated overview
The Centre of Tallahassee, a prominent 561,797 square foot regional mall situated on a spacious 90-acre lot at 2415 N Monroe St, Tallahassee, FL 32303, presents a unique investment opportunity. Built in 1971 and extensively renovated in 2020, this single-story property boasts a prime location and significant potential. Currently, nine retail spaces are available, ranging in size from 1,600 square feet to 62,978 square feet, catering to a diverse range of business needs. The property is zoned AC - Activity Center, reflecting its suitability for a variety of commercial uses. Its substantial size and prominent location within Leon County make it an attractive prospect for investors seeking a high-impact retail investment. The property's parcel number (APN) is 2124202060000. This established center offers a chance to capitalize on a thriving retail market in Tallahassee, Florida. The extensive 2020 renovation ensures modern amenities and a contemporary appeal, attracting both tenants and customers. This is an exceptional opportunity to acquire a significant retail asset in a desirable location.
Property profile
Verified
Property type
Hotels
Use group
HOTEL
Year built
1971
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
232,739 SF
Lot
63.42 ac (2,762,575 SF)
APN
21-24-20-206-000-0
UPID
US18-6123097
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Consumer Credit Counseling Services Financial Advisor
-
AMC Tallahassee 20 Cinema Theater & Performing Art Venue
-
Tal Nails Nail Salon
-
Crowns Hair Salon
-
Florida Blue Center - Sanitas North Monroe Insurance Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$15.31M
Comparable Approach
Comparable
$13.79M
Blend (final)
Blend
$14.55M
Owner & transaction history
Tallahassee Custard LLC · 2 yrs held
Tallahassee Custard LLC
since 2023
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$22.7M
+63.6%
Medical building
$20.7M
+49.1%
Retail stores
$18.7M
+34.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Tallahassee submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tallahassee submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$16,585,000
6.5%
$15,305,000
7%
$14,215,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$13,865,000
Current use
RESTAURANT
$22,680,000
Change: +64% · Conversion: Difficult
MEDICAL BUILDING
$20,675,000
Change: +49% · Conversion: Difficult
RETAIL STORES
$18,670,000
Change: +35% · Conversion: Difficult
Blend value · Realmo final
$14.55M
Range $13.10M – $16.01M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$63 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$247,410
Tax year 2023
Assessed value
$16,215,989
Assessed 2023
Previous assessed
$16,215,989
+0.0% YoY
Effective rate
1.53%
On assessed value
Assessed land
$4,102,424
Assessed improvement
$12,113,565
Land market value
$4,102,424
Improvement market value
$12,113,565
Total market value
$16,215,989
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Hotels
Use group
HOTEL
Status
For Lease
Year built
1971
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Buildings
6
Stories
1
Total area
232,739 SF
Lot
63.42 ac (2,762,575 SF)
APN
21-24-20-206-000-0
UPID
US18-6123097
Jurisdiction
LEON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$13.9M
RESTAURANT
Est. value
$22.7M
MEDICAL BUILDING
Est. value
$20.7M
RETAIL STORES
Est. value
$18.7M
HOTEL/MOTEL Current
RESTAURANT
MEDICAL BUILDING
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1971
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
1
Buildings
6
Lot
63.42 ac
Current owner
From public records · entity-resolved
Tallahassee Custard LLC
Entity
Mailing address
245 W PARK AVE FL, NEW YORK, NY 10167-0002
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 26, 2024
—
Acrc Tfl Owner LLC
—
Deed
related
$60,000,000 · Acrc Lender Ms II LLC
Oct 5, 2023
—
Tallahassee Custard LLC
Tallahassee Custard Re LLC
Quit Claim Deed
related
—
Sep 28, 2020
—
Tallahassee Custard Re LLC
—
Deed
related
$1,305,500 · Community Bank Of Mississippi
Sep 25, 2020
$800,000
Eo Surplus Holding LLC
Tallahassee Retail Venture LLC
Warranty Deed
—
Sep 25, 2020
$1,200,000
Tallahassee Custard Re LLC
Tallahassee Retail Venture LLC
Warranty Deed
related
$1,865,000 · Community Bank Of Mississippi
Feb 15, 2019
—
Tallahassee Retail Venture LLC
—
Loan Modification
related
$27,560,068 · Acrc Lender
Nov 30, 2016
—
Tallahassee Retail Venture LLC
—
Deed
related
$24,000,000 · Miscellaneous Ins Co
Jul 1, 2009
—
Stiles Farm LLC
Owner Name Unavailable
Quit Claim Deed
related
—
Jun 30, 2005
$61,435,000
Fmp Tallahassee LLC
Tallahassee Mall Partners Ltd
Special Warranty Deed
—
Jun 1, 2005
$61,435,000
Owner Name Unavailable
Owner Name Unavailable
Warranty Deed
related
$48,000,000 · Firstboston Mtg
—
—
Tallahassee Retail Venture LLC
—
Deed Of Trust
related
$24,000,000 · Miscellaneous Ins Co
—
—
Tallahassee Retail Venture LLC
—
Deed Of Trust
related
$6,000,000 · Miscellaneous Ins Co
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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