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    Property profile & analytics

    2583 Monroe St Tallahassee, FL 32303-4025

    • Turn key restaurants
    • 7,835 SF
    • 1.83 lot acres
    OFF-MARKET
    Value Estimations
    $1,090,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5149474
    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

    • Red Lobster / Restaurant

    Property Details for 2583 Monroe St

    Year built
    1970
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.83 lot acres
    Property size
    7,835 SF
    Property type
    Turn key restaurants
    APN
    21-23-20-017-000-0
    APU
    2123200170000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $992,000
      Market price range: $429k - $1.13M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,375,000
      Current use
      RETAIL STORES
      $1,670,000
      Change: +21% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,400,000
      Change: +2% Conversion: Easy
      MEDICAL BUILDING
      $1,310,000
      Change: -5% Conversion: Difficult
      OFFICE BUILDING
      $1,290,000
      Change: -6% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2961
    Latitude
    30.4766
    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
    $21,818
    $637,712
    $489,872
    $1,127,584
    -
    $637,712
    $489,872
    $1,127,584

    Comparable in this City

    • Value Estimation by Request
      2,407 SF

      1851 M L King Jr Blvd

      RESTAURANT • 2,407 SF
      1851 M L King Jr Blvd, Tallahassee, FL 32303-4701
      View Details
    • Value Estimation
      $1,200,000
      3,075 SF

      2329 Monroe St

      RESTAURANT • 3,075 SF
      2329 Monroe St, Tallahassee, FL 32303-4733
      View Details
    • Value Estimation
      $2,000,000
      15,184 SF

      2698 Monroe St

      RESTAURANT • 15,184 SF
      2698 Monroe St, Tallahassee, FL 32303-4028
      View Details
    • Value Estimation by Request
      1,192 SF

      4806 Jackson Cv Rd

      RESTAURANT • 1,192 SF
      4806 Jackson Cv Rd, Tallahassee, FL 32303-8097
      View Details
    • Value Estimation by Request
      5,810 SF

      123 5th Ave

      RESTAURANT • 5,810 SF
      123 5th Ave, Tallahassee, FL 32303-6122
      View Details
    • Value Estimation by Request
      6,250 SF

      4808 Woodlane Cir

      RESTAURANT • 6,250 SF
      4808 Woodlane Cir, Tallahassee, FL 32303-6808
      View Details

    Similar Nearby for Sale

    • $650,000
      70,000 SF

      Turnkey Restaurant in Tallahassee

      Restaurant with dedicated clientele, fully built kitchen, ample parking.
      3840 N Monroe St Suite, Tallahassee, FL 32303
      View Details
    • $880,000
      1.56 Acres

      Waterfront Restaurant Opportunity on Lake Jackson

      Turn-key restaurant with lake views, ample parking, and outdoor stage.
      4806 Jackson Cove Rd, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      70,000 SF

      Turnkey Restaurant at Highway Intersection

      Restaurant with high-grade kitchen, ample parking, and high traffic volume.
      3840 N Monroe St, Tallahassee, FL 32303
      View Details
    • $1,100,000
      3,200 SF

      Tallahassee Multi-Tenant Retail Building

      High-traffic, fully leased bar & restaurant.
      3808 Monroe St, Tallahassee, FL 32303
      View Details
    • $1,300,000
      4,846 SF

      Prime Tallahassee Retail Investment Opportunity

      4,846 SF former restaurant building near Florida State University.
      220 W Tennessee St, Tallahassee, FL 32303
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    • $2,295,000
      7,933 SF

      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

    Similar Nearby for Lease

    • $52 SF/Yr
      800 SF

      Tharpe St. Dual Drive-Thru Retail

      Prime Tallahassee location, 800 sq ft, new construction.
      952 Tharpe St, Tallahassee, FL 32303
      View Details
    • Contact for pricing

      Restaurant Space with Outdoor Patio

      Restaurant space for lease with excellent visibility and ample parking.
      1303 S Monroe St, Tallahassee, FL 32303
      View Details
    • $20 SF/Yr
      21,853 SF

      Midtown Tallahassee Retail Space

      Prime Restaurant Space Available, 1,448-4,515 SF
      1122 Thomasville Rd, 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
    • $20 SF/Yr
      5,330 SF

      Tharpe Street Retail Opportunity

      Prime Tallahassee Retail Space Available
      950 Tharpe St, Tallahassee, FL 32303
      View Details
    • $11 SF/Yr
      11,150 SF

      Tallahassee Industrial Flex Space

      11,150 SF Multi-Tenant Industrial
      5030 Tennessee Capital Blvd, Tallahassee, FL 32303
      View Details
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    2583 Monroe St
    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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