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    Property profile & analytics

    2440 Springhill Rd Tallahassee, FL 32305-6146

    • Outlet malls
    • 7,848 SF
    • 1.84 lot acres
    OFF-MARKET
    Last Sale
    Jun 27, 2024
    $2,775,000
    Value Estimations
    $2,775,000
    Show details
    Cap Rate Potential
    2.7%
    Outlet malls
    Location Intelligence
    Property ID
    US18-4202011
    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

    • Family Dollar / Discount Store

    Property Details for 2440 Springhill Rd

    Year built
    2003
    Construction
    FRAME
    Lot size
    1.84 lot acres
    Property size
    7,848 SF
    Property type
    Outlet malls
    Property subtype
    Shopping centers
    APN
    41-11-18-000-011-0
    APU
    4111180000110

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,775,000
      ML approach
      $2,775,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,670,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $2,210,000
      Change: +32% Conversion: Moderate
      RESTAURANT
      $1,970,000
      Change: +18% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,850,000
      Change: +11% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,675,000
      Change: +0% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.3028
    Latitude
    30.4168
    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
    $12,128
    $100,188
    $526,589
    $626,777
    -
    $100,188
    $526,589
    $626,777

    Comparable in this City

    • Value Estimation
      $1,995,000
      8,320 SF

      3613 Crawfordville Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 8,320 SF
      3613 Crawfordville Rd, Tallahassee, FL 32305-7019
      View Details
    • Value Estimation
      $1,315,000
      16,374 SF

      9019 Woodville Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 16,374 SF
      9019 Woodville Hwy, Tallahassee, FL 32305-1608
      View Details
    • Value Estimation
      $2,385,000
      11,060 SF

      3611 Woodville Hwy

      WHOLESALE OUTLET, DISCOUNT STORE • 11,060 SF
      3611 Woodville Hwy, Tallahassee, FL 32305-7495
      View Details
    • Value Estimation
      $820,000
      9,230 SF

      4600 Crawfordville Rd

      WHOLESALE OUTLET, DISCOUNT STORE • 9,230 SF
      4600 Crawfordville Rd, Tallahassee, FL 32305-3306
      View Details
    • Value Estimation by Request
      7,848 SF

      5107 Capital SW Cir, Unit 250

      WHOLESALE OUTLET, DISCOUNT STORE • 7,848 SF
      5107 Capital SW Cir, Tallahassee, FL 32305-7678
      View Details
    • Value Estimation
      $2,775,000
      6,110 SF

      5113 Capital Cir Sw Ste, Unit 1

      MINI-MALL • 6,110 SF
      5113 Capital Cir Sw Ste, Tallahassee, FL 32305-7684
      View Details

    Similar Nearby for Sale

    • $2,650,000

      Retail Space in Tallahassee

      Retail property for lease in a well-located Tallahassee shopping center.
      4727-4827 Crawfordville Rd, Tallahassee, FL 32305
      View Details
    • Contact for pricing

      Corner Lot Retail Opportunity

      Prime corner lot suitable for restaurant or retail development.
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      Highly Visible Retail Site

      Retail site with highway frontage and commercial zoning.
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    • $798,000
      1,100 SF

      Former Gas Station Site

      Two parcels of land formerly used as a gas station.
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    • $385,000
      4,806 SF

      Woodville Highway Auto Shop

      Fenced 1-acre property with 8-bay garage and office.
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    • $600,000

      Former Grocery in Woodville, Florida

      18,256 SF building in a prime location.
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    Similar Nearby for Lease

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      6,400 SF

      Retail Space in Publix-Anchored Center

      Retail spaces available in Tallahassee, anchored by Publix.
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      Commercial Land Retail Opportunity

      Commercial property for rent with drive-through potential.
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      Distribution Space For Lease

      Dock high distribution space available for lease.
      854 Capital Cir Southwest, Tallahassee, FL 32305
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    • Contact for pricing

      Corner Lot Build to Suit

      Prime corner lot available for build to suit development.
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      82,000 SF

      Tallahassee Industrial Space For Lease

      Industrial property near key transportation routes and industrial hubs.
      270 Crossway Rd, Tallahassee, FL 32305
      View Details
    • Contact for pricing

      Industrial Space Near Key Hubs

      Conveniently located industrial space near transportation routes and industrial parks.
      270 Crossway Rd, Tallahassee, FL 32305
      View Details
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    Tallahassee, FL 32305-6146
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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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