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    Property profile & analytics

    3216 Monroe St Tallahassee, FL 32303-2822

    • Hotels
    • 36,094 SF
    • 2.13 lot acres
    OFF-MARKET
    Last Sale
    Aug 03, 2021
    $4,800,000
    Value Estimations
    $5,145,000
    Show details
    Cap Rate Potential
    2.8%
    Hotels
    Location Intelligence
    Property ID
    US19-0411966
    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

    • Radha Krishna mart / Grocery & Convenience Store / Food Market
    • Sleep Inn & Suites Tallahassee-Capitol / Hotel & Motel

    Property Details for 3216 Monroe St

    Year built
    1998
    Construction
    WOOD
    Lot size
    2.13 lot acres
    Property size
    36,094 SF
    Property type
    Hotels
    APN
    21-15-51-447-111-2
    APU
    2115514471112

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,555,000
      ML approach
      $5,420,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $8,425,000
      INDUSTRIAL (GENERAL)
      $7,180,000
      OFFICE BUILDING
      $5,085,000
      NEIGHBORHOOD: SHOPPING CENTER
      $4,780,000
      RESTAURANT
      $3,515,000
      MEDICAL BUILDING
      $3,205,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.3162
    Latitude
    30.486
    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
    $35,995
    $864,500
    $1,551,373
    $2,415,873
    -
    $864,500
    $1,551,373
    $2,415,873

    Comparable in this City

    • Value Estimation
      $690,000
      16,472 SF

      522 Silver Slipper Ln, Unit 3

      HOTEL • 16,472 SF
      522 Silver Slipper Ln, Tallahassee, FL 32303-4867
      View Details
    • Value Estimation
      $6,900,000
      38,457 SF

      3219 Monroe St

      HOTEL • 38,457 SF
      3219 Monroe St, Tallahassee, FL 32303-2821
      View Details
    • Value Estimation
      $6,150,000
      81,252 SF

      2725 Graves Rd

      HOTEL • 81,252 SF
      2725 Graves Rd, Tallahassee, FL 32303-2865
      View Details
    • Value Estimation
      $715,000
      17,339 SF

      522 Silver Slipper Ln, Unit 1

      HOTEL • 17,339 SF
      522 Silver Slipper Ln, Tallahassee, FL 32303-4867
      View Details
    • Value Estimation
      $3,860,000
      26,882 SF

      1695 Capital NW Cir

      HOTEL • 26,882 SF
      1695 Capital NW Cir, Tallahassee, FL 32303-3113
      View Details
    • Value Estimation
      $1,545,000
      111,632 SF

      John Knox Rd

      HOTEL • 111,632 SF
      John Knox Rd, Tallahassee, FL 32303
      View Details

    Similar Nearby for Sale

    • $880,000
      1.56 Acres

      Waterfront Restaurant Opportunity on Lake Jackson

      Turn-key restaurant with lake views, ample parking, and outdoor stage.
      4806 Jackson Cove Rd, Tallahassee, FL 32303
      View Details
    • $2,000,000
      14.31 Acres

      Lakefront Land in Tallahassee, FL

      14.31 acres on Lake Jackson with development potential.
      4807 Red & Sams, Tallahassee, FL 32303
      View Details
    • $1,595,000
      14,500 SF

      Office/Warehouse Building on N Monroe

      Class A office/warehouse building suitable for e-commerce, distribution, manufacturing.
      4030 N Monroe St, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      275,000 SF

      Renovated Office Space Available

      Newly renovated office with conference room, reception, and breakroom.
      2601 S Blair Stone Rd, Tallahassee, FL 32303
      View Details
    • $275,000
      1 SF

      Land Available with PUD Zoning

      1.44 +/- acre land parcel with city utilities.
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    • $650,000
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      Single Story Office Building For Sale

      Single-story office building with 18 private offices on 0.65 acres.
      1917 Commonwealth Ln, Tallahassee, FL 32303
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    Similar Nearby for Lease

    • $52 SF/Yr
      800 SF

      Tharpe St. Dual Drive-Thru Retail

      Prime Tallahassee location, 800 sq ft, new construction.
      952 Tharpe St, Tallahassee, FL 32303
      View Details
    • $96 SF/Yr
      5,000 SF

      Lakefront Tallahassee Office Space

      Prime Office, 2,500 SF Available
      4901 Tower Ct, Tallahassee, FL 32303
      View Details
    • Contact for pricing
      1,800 SF

      Industrial Space Available For Lease

      Industrial property with 1800 square feet available for rent.
      5285 Tower Rd, Tallahassee, FL 32303
      View Details
    • $10 SF/Yr
      6,000 SF

      Office/Warehouse Space Near I-10

      Office and warehouse space in a sought-after industrial area.
      4800 Woodlane Cir, Tallahassee, FL 32303
      View Details
    • $1,700 /Mo

      Partially Furnished Townhome For Rent

      Partially furnished townhome near universities and shopping with open floorplan.
      2786 Westbrook Ct, Tallahassee, FL 32303
      View Details
    • Contact for pricing

      Restaurant Space with Outdoor Patio

      Restaurant space for lease with excellent visibility and ample parking.
      1303 S Monroe St, Tallahassee, FL 32303
      View Details

    Property Visit Statistics

    • Visits by month
      6.3k
    • Visitors by month
      2.5k
    • Avg Time on site
      468 min
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    Tallahassee, FL 32303-2822
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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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