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    Property profile & analytics

    2785 Monroe St Tallahassee, FL 32301-6365

    • Turn key restaurants
    • 2,400 SF
    • 1.05 lot acres
    OFF-MARKET
    Last Sale
    Dec 11, 2023
    $1,020,000
    Value Estimations
    $1,105,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-3562139
    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

    • Turn key restaurants

    Property Details for 2785 Monroe St

    Year built
    1978
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.05 lot acres
    Property size
    2,400 SF
    Property type
    Turn key restaurants
    APN
    41-12-30- D-001-1
    APU
    411230D0011

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,170,000
      ML approach
      $1,075,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $899,000
      Market price range: $204k - $1.14M

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.28
    Latitude
    30.4129
    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
    $4,477
    $128,638
    $106,171
    $234,809
    -
    $128,638
    $106,171
    $234,809

    Comparable in this City

    • Value Estimation
      $445,000
      11,525 SF

      243 Magnolia Dr

      RESTAURANT • 11,525 SF
      243 Magnolia Dr, Tallahassee, FL 32301-2664
      View Details
    • Value Estimation
      $410,000
      6,513 SF

      3101 Dick Wilson Blvd

      RESTAURANT • 6,513 SF
      3101 Dick Wilson Blvd, Tallahassee, FL 32301-5134
      View Details
    • Value Estimation
      $205,000
      1,872 SF

      1601 Monroe St

      RESTAURANT • 1,872 SF
      1601 Monroe St, Tallahassee, FL 32301
      View Details
    • Value Estimation
      $290,000
      2,700 SF

      1910 Monroe St

      RESTAURANT • 2,700 SF
      1910 Monroe St, Tallahassee, FL 32301-5530
      View Details
    • Value Estimation
      $335,000
      4,740 SF

      225 Pershing St

      RESTAURANT • 4,740 SF
      225 Pershing St, Tallahassee, FL 32301-4449
      View Details
    • Value Estimation
      $225,000
      3,496 SF

      912 Macomb St

      RESTAURANT • 3,496 SF
      912 Macomb St, Tallahassee, FL 32301-2218
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      13,694 SF

      Prime Retail Spaces in Tallahassee

      Retail and restaurant spaces in a vibrant mixed-use development.
      440 N Monroe St, Tallahassee, FL 32301
      View Details
    • $1,200,000
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      Renovated Downtown Tallahassee Brick Building

      Meticulously renovated property in downtown Tallahassee with flexible OR-3 zoning.
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      Retail Space Near FSU

      Retail space for lease near FSU, delivery expected March 2026.
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      28,087 SF

      South Monroe Street Retail Center

      Retail center with multiple tenants on South Monroe Street.
      1327 S Monroe St, Tallahassee, FL 32301
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    • $1,606,800
      2,616 SF

      2870 Apalachee Pkwy

      Restaurants • 2,616 SF
      2870 Apalachee Pkwy, Tallahassee, FL 32301
      View Details
    • $1,636,500
      2,616 SF

      Renovated Retail Space For Sale

      Recently renovated retail space in a bustling Tallahassee commercial area.
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      View Details

    Similar Nearby for Lease

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      1,800 SF

      Magnolia Drive Retail Opportunity

      Retail and restaurant spaces available near downtown Tallahassee and FSU.
      218 S Magnolia Dr, Tallahassee, FL 32301
      View Details
    • $2,500 /Mo
      436 SF

      Restaurant Space Near FSU

      Restaurant space near FSU and downtown Tallahassee.
      415 Saint Francis St, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      3,500 SF

      Retail Space Near Downtown Tallahassee

      Retail and restaurant spaces available near downtown and Florida State.
      220 S Magnolia Dr, Tallahassee, FL 32301
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    • Contact for pricing
      244,947 SF

      Governors Marketplace: Prime Tallahassee Office

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    • $26 SF/Yr
      5,400 SF

      Restaurant Space in Tallahassee, Florida

      Second-generation restaurant space with high visibility on Apalachee Parkway.
      1355 Apalachee Pkwy, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      16,195 SF

      Tallahassee Retail Opportunity

      Prime Retail/Restaurant Space Available
      850 Gadsden St, Tallahassee, FL 32301
      View Details

    Property Visit Statistics

    • Visits by month
      1.9k
    • Visitors by month
      2.9k
    • Avg Time on site
      43 min
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    2785 Monroe St
    Tallahassee, FL 32301-6365
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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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