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    2439 Monroe St Tallahassee, FL 32303-4103
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    2439 Monroe St Tallahassee, FL 32303-4103

    View on Map
    • Community centers
    • 5,242 SF
    • 1.12 lot acres
    Off-Market
    Last Sale Oct 5, 2023
    Property ID
    US18-7293435
    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.
    Value Estimations
    $1,205,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Culver's / Restaurant

    Property Details for 2439 Monroe St

    Year built
    2021
    Construction
    WOOD
    Lot size
    1.12 lot acres
    Property size
    5,242 SF
    Property type
    Community centers
    Property subtype
    Shopping centers
    APN
    21-24-20-206-003-0
    APU
    2124202060030

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,000,000
      6.5%
      $920,000
      7%
      $855,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,105,000
      Market price range: $219k - $1.11M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,300,000
      Current use
      INDUSTRIAL (GENERAL)
      $1,235,000
      Change: -5% Conversion: Difficult
      RETAIL STORES
      $1,115,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2924
    Latitude
    30.4736
    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
    $31,709
    $390,296
    $1,248,445
    $1,638,741
    -
    $390,296
    $1,248,445
    $1,638,741

    Comparable in this City

    • Value Estimation
      $7,880,000
      36,471 SF

      1817 Thomasville Rd

      MINI-MALL • 36,471 SF
      1817 Thomasville Rd, Tallahassee, FL 32303-5769
      View Details
    • Value Estimation
      $690,000
      3,066 SF

      1494 Capital NW Cir

      MINI-MALL • 3,066 SF
      1494 Capital NW Cir, Tallahassee, FL 32303-1169
      View Details
    • Value Estimation by Request
      976 SF

      1560 Capital Cir Nw Ste, Unit 17

      MINI-MALL • 976 SF
      1560 Capital Cir Nw Ste, Tallahassee, FL 32303-3181
      View Details
    • Value Estimation by Request
      976 SF

      1560 Capital Cir Nw Ste, Unit 11

      MINI-MALL • 976 SF
      1560 Capital Cir Nw Ste, Tallahassee, FL 32303-3181
      View Details
    • Value Estimation
      $1,290,000
      12,100 SF

      2418 Monroe St Ste, Unit 110

      MINI-MALL • 12,100 SF
      2418 Monroe St Ste, Tallahassee, FL 32303-4119
      View Details
    • Value Estimation
      $1,475,000
      17,028 SF

      1307 Monroe St, Unit 1

      MINI-MALL • 17,028 SF
      1307 Monroe St, Tallahassee, FL 32303-5786
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Retail Space in Midtown Tallahassee

      Retail property for sale in Tallahassee's Midtown area.
      1800 Thomasville Rd, Tallahassee, FL 32303
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    • Contact for pricing

      Thomasville Road Outparcel Opportunity

      Outparcel in front of Whole Foods on Thomasville Road.
      1839 Thomasville Rd, Tallahassee, FL 32303
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    • Contact for pricing
      3,200 SF

      Retail Property Near I-10 Interchange

      Retail property with high visibility, foot traffic, and strong income.
      3808 N Monroe St, Tallahassee, FL 32303
      View Details
    • $859,900
      0.86 Acres

      Mixed-Use Investment Opportunity

      Versatile mixed-use property with diversified income potential in Tallahassee, FL.
      3976 N Monroe St, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      15,184 SF

      High-Visibility Property on N Monroe

      Property with high traffic and renovation potential on N Monroe.
      2698 N Monroe St, Tallahassee, FL 32303
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    • $880,000
      2,395 SF

      Waterfront Restaurant Opportunity on Lake

      Turn-key restaurant with indoor/outdoor seating and lake views.
      4806 Jackson Cove Rd, Tallahassee, FL 32303
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Prime Tallahassee Retail Location

      Central location with high traffic and established tenants.
      1700 N Monroe St, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      9,918 SF

      Retail Space on Thomasville Road

      Retail space with high visibility and multiple access points.
      1800-1898 Thomasville Rd, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Tallahassee Center

      Retail space available in a Publix-anchored, redeveloped Tallahassee center.
      5678 N Monroe St, Tallahassee, FL 32303
      View Details
    • Contact for pricing

      Thomasville Road Retail & Restaurant

      Retail and restaurant spaces available on Thomasville Road.
      1800 Thomasville Rd, Tallahassee, FL 32303
      View Details
    • Contact for pricing

      Tallahassee Retail Strip Center For Sale

      7,933 SF retail strip center, 100% leased in Tallahassee.
      1212-1216 N Monroe St, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Tallahassee Center

      Publix-anchored retail space available in Tallahassee, Florida.
      5678 Capital Cir NW, Tallahassee, FL 32303
      View Details

    Property Visit Statistics

    • Visits by month
      34.2k
    • Visitors by month
      30.7k
    • Avg Time on site
      24 min
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    Tallahassee, FL 32303-4103
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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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