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Property profile & analytics
OFF-MARKET
Estimated value
$5,390,000
Outlet malls
3213 Apalachee Pkwy Tallahassee, FL 32311-5203
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US19-0625347
Property profile
Verified
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Year built
1995
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
26,834 SF
Lot
2.24 ac (97,574 SF)
APN
31-03-20-243-000-0
UPID
US19-0625347
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Badcock Home Furniture &more Furniture & Home Goods Home Decor Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.65M
CAP Approach
CAP
$4.01M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.39M
Owner & transaction history
National Retail Properties LP · 4 yrs held
National Retail Properties LP
since 2022
Last sale
$5.2M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Neighborhood: shopping center
$7.6M
+32.4%
Restaurant
$6.7M
+17.8%
Industrial (general)
$6.3M
+10.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Tallahassee submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Tallahassee submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$5,600,000
ML approach
$5,650,000
CAP Approach
CAP Return
Estimation
6%
$4,345,000
6.5%
$4,010,000
7%
$3,725,000
Alternative Use
Use
Estimation
RETAIL STORES
$5,715,000
Current use
NEIGHBORHOOD: SHOPPING CENTER
$7,565,000
Change: +32% · Conversion: Moderate
RESTAURANT
$6,735,000
Change: +18% · Conversion: Easy
INDUSTRIAL (GENERAL)
$6,330,000
Change: +11% · Conversion: Difficult
COMMERCIAL (GENERAL)
$5,720,000
Change: +0% · Conversion: Easy
Blend value · Realmo final
$5.39M
Range $4.85M – $5.93M · ±10% · vs last sale $5.16M (Apr 4 2022)
Last sale anchor
$5.16M
Apr 4 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$201 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$31,102
Tax year 2023
Assessed value
$1,607,394
Assessed 2023
Previous assessed
$1,683,158
-4.5% YoY
Effective rate
1.93%
On assessed value
Assessed land
$424,274
Assessed improvement
$1,183,120
Land market value
$424,274
Improvement market value
$1,183,120
Total market value
$1,607,394
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Outlet malls
Use group
WHOLESALE OUTLET, DISCOUNT STORE
Status
Off-Market
Year built
1995
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Buildings
1
Stories
1
Total area
26,834 SF
Lot
2.24 ac (97,574 SF)
APN
31-03-20-243-000-0
UPID
US19-0625347
Jurisdiction
LEON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RETAIL STORES Current
Est. value
$5.7M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$7.6M
RESTAURANT
Est. value
$6.7M
INDUSTRIAL (GENERAL)
Est. value
$6.3M
COMMERCIAL (GENERAL)
Est. value
$5.7M
RETAIL STORES Current
NEIGHBORHOOD: SHOPPING CENTER
RESTAURANT
INDUSTRIAL (GENERAL)
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1995
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
1
Buildings
1
Lot
2.24 ac
Current owner
From public records · entity-resolved
National Retail Properties LP
Entity
Mailing address
450 S ORANGE AVE STE #900, ORLANDO, FL 32801-3339
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 4, 2022
$5,157,064
National Retail Properties LP
W S Badcock Corporation
Special Warranty Deed
—
Jul 12, 2018
—
W S Badcock Corp
—
Deed
related
$31,367,500 · Centerstate Bk NA
Mar 26, 2018
—
W A Badcock Corp
—
Grant Deed
related
$62,735,000 · Center St Bk
Jan 6, 2004
—
Ghary L Van Ostrand
Princeton 7 Exchange Accomodat
Quit Claim Deed
related
—
Mar 11, 2003
$1,350,000
Princeton Seven Exchange Accom
B 3 D LLC
Grant Deed
$945,000 · B 3 D LLC
—
—
Gary L Vanostrand
—
Deed Of Trust
related
$1,300,000 · Tallahassee State Bank
—
—
W S Badcock Corp
—
Loan Modification
related
$31,367,500 · Centerstate Bk NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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