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    Property profile & analytics

    2990 Apalachee Pkwy, Unit 1 Tallahassee, FL 32301-3678

    • Outlet malls
    • 60,000 SF
    • 5.40 lot acres
    OFF-MARKET
    Last Sale
    Feb 25, 2021
    $3,325,000
    Value Estimations
    $3,385,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-6092291
    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

    • Outlet malls

    Property Details for 2990 Apalachee Pkwy

    Year built
    1980
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    5.40 lot acres
    Property size
    60,000 SF
    Property type
    Outlet malls
    APN
    31-04-20-004-000-0
    APU
    3104200040000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,455,000
      ML approach
      $3,625,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,193,000
      Market price range: $2.09M - $7.67M

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2285
    Latitude
    30.4284
    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
    $0.00
    $764,478
    $2,099,550
    $2,864,028
    -
    $764,478
    $2,099,550
    $2,864,028

    Comparable in this City

    • Value Estimation
      $3,815,000
      42,999 SF

      1625 Apalachee Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 42,999 SF
      1625 Apalachee Pkwy, Tallahassee, FL 32301-3007
      View Details
    • Value Estimation
      $3,350,000
      38,160 SF

      2940 Apalachee Pkwy

      WHOLESALE OUTLET, DISCOUNT STORE • 38,160 SF
      2940 Apalachee Pkwy, Tallahassee, FL 32301-3678
      View Details
    • Value Estimation
      $12,210,000
      130,855 SF

      3122 Dick Wilson Blvd

      WHOLESALE OUTLET, DISCOUNT STORE • 130,855 SF
      3122 Dick Wilson Blvd, Tallahassee, FL 32301-5137
      View Details
    • Value Estimation
      $730,000
      6,500 SF

      2135 Monroe St

      WHOLESALE OUTLET, DISCOUNT STORE • 6,500 SF
      2135 Monroe St, Tallahassee, FL 32301-5565
      View Details
    • Value Estimation
      $4,730,000
      45,158 SF

      1190 Capital SE Cir

      WHOLESALE OUTLET, DISCOUNT STORE • 45,158 SF
      1190 Capital SE Cir, Tallahassee, FL 32301-3832
      View Details
    • Value Estimation
      $900,000
      10,836 SF

      2820 Monroe St

      WHOLESALE OUTLET, DISCOUNT STORE • 10,836 SF
      2820 Monroe St, Tallahassee, FL 32301-6952
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      60,000 SF

      Towne South Shopping Center

      Shopping center built in 1981 with established tenants.
      2525 South Monroe St, Tallahassee, FL 32301
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    • Contact for pricing
      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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      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
    • $1,636,500
      2,616 SF

      Renovated Retail Space For Sale

      Recently renovated retail space in a bustling Tallahassee commercial area.
      2870 Apalachee Pkwy, Tallahassee, FL 32301
      View Details
    • $1,200,000
      0.38 Acres

      Renovated Downtown Tallahassee Brick Building

      Meticulously renovated property in downtown Tallahassee with flexible OR-3 zoning.
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      111,977 SF

      Downtown Class A Office Building

      Ten-story Class A office building with parking and on-site bank.
      101 North Monroe St, Tallahassee, FL 32301
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    Similar Nearby for Lease

    • $3,000 /Mo
      12,450 SF

      Retail Center Across From Sam's

      Established retail center with high traffic and ample parking.
      1160-1174 Capital Cir SE, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Tallahassee Center

      Publix-anchored retail space serving southeast Tallahassee's growing residential communities.
      3551 Blair Stone Rd, Tallahassee, FL 32301
      View Details
    • $12 SF/Yr
      10,000 SF

      Retail Plaza Anchored by Best Buy

      Retail space in a high-traffic plaza near downtown.
      1400 Apalachee Pkwy, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      2,546 SF

      Retail Space in Central Tallahassee

      Prime retail location near downtown, FSU, and College Town.
      1010-1108 S Magnolia Dr, Tallahassee, FL 32301
      View Details
    • Contact for pricing
      1,533 SF

      Retail Space on Apalachee Parkway

      Retail spaces available in Tallahassee, Florida shopping center.
      1665-1779 Apalachee Pkwy, Tallahassee, FL 32301
      View Details
    • $20 SF/Yr
      10,305 SF

      Tallahassee Retail Space Available

      Prime retail space, 973-2,546 sq ft.
      1016 Magnolia Dr, Tallahassee, FL 32301
      View Details
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    Tallahassee, FL 32301-3678
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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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