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    Property profile & analytics

    2515 Monroe St Tallahassee, FL 32303-4025

    • Retail space
    • 4,032 SF
    • 0.65 lot acres
    OFF-MARKET
    Value Estimations
    $550,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5190180
    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

    • Leslie's / (Bike/Boat/Book/etc) Store / Hardware & Home Improvement

    Property Details for 2515 Monroe St

    Year built
    1972
    Construction
    FRAME
    Lot size
    0.65 lot acres
    Property size
    4,032 SF
    Property type
    Retail space
    APN
    21-23-20-020-000-0
    APU
    2123200200000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $655,000
      6.5%
      $600,000
      7%
      $560,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $357,000
      Market price range: $190k - $546k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $860,000
      Current use
      COMMERCIAL (GENERAL)
      $720,000
      Change: -16% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2949
    Latitude
    30.4752
    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
    $10,621
    $226,512
    $322,365
    $548,877
    -
    $226,512
    $322,365
    $548,877

    Comparable in this City

    • Value Estimation
      $2,290,000
      14,331 SF

      1930 Thomasville Rd

      RETAIL STORES (PERSONAL SERVICES) • 14,331 SF
      1930 Thomasville Rd, Tallahassee, FL 32303-5263
      View Details
    • Value Estimation
      $950,000
      7,873 SF

      3624 Monroe St Sta, Unit A

      RETAIL STORES (PERSONAL SERVICES) • 7,873 SF
      3624 Monroe St Sta, Tallahassee, FL 32303-2748
      View Details
    • Value Estimation
      $655,000
      7,380 SF

      1014 Monroe St, Unit 1

      RETAIL STORES (PERSONAL SERVICES) • 7,380 SF
      1014 Monroe St, Tallahassee, FL 32303-6183
      View Details
    • Value Estimation by Request
      4,850 SF

      1838 Monroe St

      RETAIL STORES (PERSONAL SERVICES) • 4,850 SF
      1838 Monroe St, Tallahassee, FL 32303-4724
      View Details
    • Value Estimation by Request
      5,280 SF

      2320 Monroe St

      RETAIL STORES (PERSONAL SERVICES) • 5,280 SF
      2320 Monroe St, Tallahassee, FL 32303-4734
      View Details
    • Value Estimation
      $2,030,000
      2,400 SF

      1912 Monroe St

      RETAIL STORES (PERSONAL SERVICES) • 2,400 SF
      1912 Monroe St, Tallahassee, FL 32303-4726
      View Details

    Similar Nearby for Sale

    • $450,000
      0.13 Acres

      Midtown Tallahassee Mixed-Use Opportunity

      Prime location near shops, bars, and eateries.
      231 Lafayette Cir, Tallahassee, FL 32303
      View Details
    • $120,000
      0.01 Acres

      Centrally Located Retail/Office Space

      Office/retail space near Whole Foods on Thomasville Road.
      1710 Thomasville Rd, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      23,625 SF

      NNN Leased Retail Investment Opportunity

      NNN leased retail property with long-term tenant in Florida.
      3510 N Monroe St, Tallahassee, FL 32303
      View Details
    • New
      $779,000
      0.49 Acres

      Midtown Tallahassee Commercial Property

      Versatile commercial building in Midtown, ideal for diverse business models.
      250 E 6Th Ave, Tallahassee, FL 32303
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    • $510,000
      0.19 Acres

      Tallahassee Commercial Property with Parking

      Commercial property in Tallahassee, FL with parking and patio.
      707-717 Old Bainbridge Rd, Tallahassee, FL 32303
      View Details
    • $4,800,000
      17,544 SF

      Prime Tallahassee Retail Investment

      NNN Lease, 100% Occupied, High NOI
      3802 Monroe St, Tallahassee, FL 32303
      View Details

    Similar Nearby for Lease

    • $395,000
      1,270 SF

      Freestanding Building Near Northwood Mall

      Freestanding 1,270 SF building suitable for medical, office, retail.
      1881 N M L King Jr Blvd, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      4,635 SF

      Retail Space on Thomasville Road

      Retail space with high visibility and multiple access points.
      1800-1898 Thomasville Rd, Tallahassee, FL 32303
      View Details
    • $16 SF/Yr
      92,067 SF

      Midtown Tallahassee Retail Space

      Prime retail space, multiple units available.
      1800 Thomasville Rd, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      8,530 SF

      Retail Space Available For Lease

      8,530 SF retail space with highway visibility.
      3802 N Monroe St, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      5,000 SF

      Retail/Restaurant Space For Rent

      Retail or restaurant space in a high-traffic location.
      1885 Northwood Blvd, Tallahassee, FL 32303
      View Details
    • $12 SF/Yr
      561,797 SF

      Retail Space in Tallahassee Mall

      Retail space available in the Centre of Tallahassee.
      2415 N Monroe St, Tallahassee, FL 32303
      View Details

    Property Visit Statistics

    • Visits by month
      1.8k
    • Visitors by month
      1.5k
    • Avg Time on site
      19 min
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    Tallahassee, FL 32303-4025
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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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