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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3020 West Pensacola St Tallahassee, FL 32304

    • Community centers
    • 5,475 SF
    • 1.74 lot acres
    For Lease
    View listing
    $27 SF/Yr
    Last Sale
    Mar 12, 2025
    $1,675,000
    Value Estimations
    $1,590,000
    Cap Rate Potential
    4.2%
    Community centers
    Location Intelligence
    Property ID
    US18-6397939
    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

    • Which Wich Superior Sandwiches / Take-out & Catering
    • Jail Bail Bonds Tallahassee / Law Firm
    • Moe's Southwest Grill / Take-out & Catering / Catering Service

    Property Details for 3020 West Pensacola St

    Year built
    2014
    Construction
    FRAME
    Lot size
    1.74 lot acres
    Property size
    5,475 SF
    Property type
    Community centers
    APN
    21-33-05-000-001-0
    APU
    2133050000010

    Description

    This exceptional 5,475 square foot shopping center in Tallahassee, Florida, boasts a 7.00% cap rate and a strong 100% occupancy. Located directly across from Tallahassee Community College (TCC) and minutes from Florida State University (FSU), this property benefits from a massive student population of approximately 56,000 within a two-mile radius. The center's prime location also offers proximity to major national retailers like Publix and Target. The asking price is $1,771,957, with a Net Operating Income (NOI) of $124,037. Landlord responsibilities are limited to roof and structure maintenance, with tenants covering other expenses. Tallahassee's population has grown significantly since 2020, presenting a compelling investment opportunity in a thriving market. Florida's status as an income tax-free state further enhances the investment appeal. This multi-tenant retail property offers a stable income stream and significant upside potential in a high-demand college town location. The property is situated at 3020 W Pensacola St, Tallahassee, FL 32304.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,500,000
      ML approach
      $1,500,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,040,000
      6.5%
      $960,000
      7%
      $895,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,102,000
      Market price range: $543k - $2.87M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,545,000
      Current use
      COMMERCIAL (GENERAL)
      $2,025,000
      Change: +31% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $1,290,000
      Change: -16% Conversion: Difficult
      RESTAURANT
      $1,240,000
      Change: -20% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.3368
    Latitude
    30.4422
    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
    $14,463
    $270,016
    $485,429
    $755,445
    -
    $270,016
    $485,429
    $755,445

    Comparable in this City

    • Value Estimation by Request
      690 SF

      502 Ocala Rd

      MINI-MALL • 690 SF
      502 Ocala Rd, Tallahassee, FL 32304
      View Details
    • Value Estimation
      $620,000
      4,706 SF

      5052 10th St

      MINI-MALL • 4,706 SF
      5052 10th St, Tallahassee, FL 32304-3555
      View Details
    • Value Estimation
      $1,555,000
      8,200 SF

      1660 10th St Ste, Unit 1

      MINI-MALL • 8,200 SF
      1660 10th St Ste, Tallahassee, FL 32304-3582
      View Details
    • Value Estimation
      $705,000
      6,103 SF

      815 Madison St Ste, Unit 106

      MINI-MALL • 6,103 SF
      815 Madison St Ste, Tallahassee, FL 32304-4433
      View Details
    • Value Estimation
      $1,045,000
      20,361 SF

      2020 Pensacola St Ste, Unit 300

      MINI-MALL • 20,361 SF
      2020 Pensacola St Ste, Tallahassee, FL 32304-0500
      View Details
    • Value Estimation by Request
      2,819 SF

      1410 10th St

      MINI-MALL • 2,819 SF
      1410 10th St, Tallahassee, FL 32304-3403
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      69,000 SF

      Retail Plaza Near University

      Retail property near FSU, TCC, and FAMU with high traffic.
      1833 W Tennessee St, Tallahassee, FL 32304
      View Details
    • $2,200,000
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      Prime Tallahassee Retail & Warehouse

      17,000 SF retail/warehouse, vacant.
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      Retail-Warehouse Flex space on Blountstown Hwy, M-1 zoning.
      848-852 Blountstown Hwy, Tallahassee, FL 32304
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    • $5,248,000
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      Walgreens NNN Lease, Tallahassee

      High-traffic, long-term Walgreens investment.
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      69,176 SF

      Industrial Warehouse Spaces For Sale

      Industrial warehouse spaces available near FSU & TCC.
      566-572-3 Appleyard Dr, Tallahassee, FL 32304
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    • $950,000

      Vacant Land in Opportunity Zone

      Vacant land with 17 permits for drive-thru and retail.
      2633 West Tennessee St, Tallahassee, FL 32304
      View Details

    Similar Nearby for Lease

    • $33 SF/Yr
      3,060 SF

      Ocala Corners Retail Space Available

      Prime Tallahassee retail space, Publix-anchored center.
      800 Ocala Rd, Tallahassee, FL 32304
      View Details
    • $33 SF/Yr
      1,200 SF

      Ocala Corners Retail Space Available

      1200 sq ft retail space, prime Tallahassee location.
      800 Ocala Rd, Tallahassee, FL 32304
      View Details
    • Contact for pricing
      1,650 SF

      Retail Space Near Florida State

      Retail space near FSU with high traffic and visibility.
      1801 W Tennessee St, Tallahassee, FL 32304
      View Details
    • Contact for pricing
      6,000 SF

      Retail Space in Tallahassee, FL

      Retail space available in Tallahassee with high traffic and student population.
      1861 W Tennessee St, Tallahassee, FL 32304
      View Details
    • $18 SF/Yr
      2,400 SF

      Retail Space in Tallahassee, FL

      Retail space with high visibility and ample parking available for rent.
      4330 W Tennessee St, Tallahassee, FL 32304
      View Details
    • Contact for pricing
      93,421 SF

      Publix Anchored Center Near FSU

      Retail and restaurant spaces in Tallahassee near Florida State University.
      800 Ocala Rd, Tallahassee, FL 32304
      View Details
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    3020 West Pensacola St
    Tallahassee, FL 32304
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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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