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    Property profile & analytics

    2824 12th Steps Way Tallahassee, FL 32305

    • Office buildings
    • 2,113 SF
    • 0.38 lot acres
    OFF-MARKET
    Value Estimations
    $285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4270627
    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

    • Office buildings

    Property Details for 2824 12th Steps Way

    Year built
    1940
    Construction
    WOOD
    Lot size
    0.38 lot acres
    Property size
    2,113 SF
    Property type
    Office buildings
    APN
    33-16-07-000-020-0
    APU
    3316070000200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $270,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $460,000
      6.5%
      $425,000
      7%
      $395,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $319,000
      Market price range: $238k - $521k
      AI Estimate
      $355,000
      Market price range: $243k - $527k

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2286
    Latitude
    30.3074
    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
    2022
    $86
    $15,000
    $163,683
    $178,683
    -
    $15,000
    $163,683
    $178,683

    Comparable in this City

    • Value Estimation
      $275,000
      1,536 SF

      4420 Woodville Hwy

      OFFICE BUILDING • 1,536 SF
      4420 Woodville Hwy, Tallahassee, FL 32305-3425
      View Details
    • Value Estimation
      $285,000
      682 SF

      111 Hannon Ml Rd

      OFFICE BUILDING • 682 SF
      111 Hannon Ml Rd, Tallahassee, FL 32305-7166
      View Details
    • Value Estimation
      $285,000
      1,664 SF

      252 Crossway Rd

      OFFICE BUILDING • 1,664 SF
      252 Crossway Rd, Tallahassee, FL 32305-3475
      View Details
    • Value Estimation
      $245,000
      962 SF

      8225 Woodville Hwy

      OFFICE BUILDING • 962 SF
      8225 Woodville Hwy, Tallahassee, FL 32305-1770
      View Details
    • Value Estimation
      $280,000
      1,014 SF

      3901 Crawfordville Rd

      OFFICE BUILDING • 1,014 SF
      3901 Crawfordville Rd, Tallahassee, FL 32305-7025
      View Details
    • Value Estimation
      $150,000
      836 SF

      4903 Crawfordville Rd

      OFFICE BUILDING • 836 SF
      4903 Crawfordville Rd, Tallahassee, FL 32305-7311
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      10,680 SF

      Northwest Florida Investment Opportunity

      Four sites occupied by Rentokil North America, Inc.
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    • $4,000,000
      22,000 SF

      Panama City Commercial Center For Sale

      Multi-use professional center near 23rd Street and Jenks Avenue.
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      8,000 SF

      Flex Space Unit For Sale

      2,000 SF flex space with office and warehouse.
      3972 Woodville Hwy, Tallahassee, FL 32305
      View Details
    • $1,300,000
      2.88 Acres

      Tallahassee Office Warehouse on 2.88 Acres

      Office warehouse space with large yard area on 2.88 acres.
      5301 SW Capital Cir, Tallahassee, FL 32305
      View Details
    • $749,000
      1,100 SF

      Prime Tallahassee Redevelopment Opportunity

      0.7-acre lot, 1100 sqft building, high potential.
      4925 Crawfordville Rd, Tallahassee, FL 32305
      View Details
    • $79,900
      0.26 Acres

      Land For Sale, Tallahassee, FL

      Buildable lot zoned RP-2 in Tallahassee, Florida.
      625 Tram Rd, Tallahassee, FL 32305
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      7,000 SF

      Prime Tallahassee Commercial Land

      1.6-acre lot, Commercial zoning
      6301 Capital Cir, Tallahassee, FL 32305
      View Details
    • $9 SF/Yr
      15,093 SF

      Woodville Family Dollar Center

      Retail Investment Opportunity in Tallahassee, FL
      1875 Oak Ridge Rd, Tallahassee, FL 32305
      View Details
    • Contact for pricing
      6,400 SF

      Retail Space in Publix-Anchored Center

      Retail spaces available in Tallahassee, anchored by Publix.
      5032 Capital Cir SW, Tallahassee, FL 32305
      View Details
    • $11 SF/Yr
      83,466 SF

      Tallahassee Warehouse Space Available

      15,000 SF Warehouse, Prime Location
      854 Capital Cir, Tallahassee, FL 32305
      View Details
    • Contact for pricing
      3,000 SF

      Woodville Hwy Retail Opportunity

      Prime Retail Space - Build to Suit
      4595 Woodville Hwy, Tallahassee, FL 32305
      View Details
    • Contact for pricing
      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
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    2824 12th Steps Way
    Tallahassee, FL 32305
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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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