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    3773 Commonwealth Blvd Tallahassee, FL 32303-3175
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    3773 Commonwealth Blvd Tallahassee, FL 32303-3175

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    • Industrial properties
    • 14,884 SF
    • 5.69 lot acres
    Off-Market
    Property ID
    US18-4628638
    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.
    Value Estimations
    $2,545,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • VR Systems, Inc. / (Bike/Boat/Book/etc) Store / Corporate Office

    Property Details for 3773 Commonwealth Blvd

    Year built
    1984
    Construction
    FRAME
    Lot size
    5.69 lot acres
    Property size
    14,884 SF
    Property type
    Industrial properties
    Property subtype
    Industrial live-work properties
    APN
    21-19-30- B-002-2
    APU
    211930B0022

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,345,000
      6.5%
      $2,165,000
      7%
      $2,010,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,371,000
      Market price range: $1.07M - $3.41M
      AI Estimate
      $3,101,000
      Market price range: $1.55M - $5.39M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,655,000
      Current use
      NEIGHBORHOOD: SHOPPING CENTER
      $3,685,000
      Change: +39% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $3,510,000
      Change: +32% Conversion: Moderate
      RETAIL STORES
      $3,170,000
      Change: +19% Conversion: Easy
      RESTAURANT
      $2,615,000
      Change: -2% Conversion: Difficult
      MEDICAL BUILDING
      $2,495,000
      Change: -6% Conversion: Easy
      OFFICE BUILDING
      $2,455,000
      Change: -8% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.3571
    Latitude
    30.4747
    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
    $21,445
    $241,660
    $866,627
    $1,108,287
    -
    $241,660
    $866,627
    $1,108,287

    Comparable in this City

    • Value Estimation
      $1,230,000
      6,375 SF

      2044 Monroe St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 6,375 SF
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      View Details
    • Value Estimation
      $905,000
      5,976 SF

      1223 Tharpe St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 5,976 SF
      1223 Tharpe St, Tallahassee, FL 32303-4600
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    • Value Estimation by Request
      5,168 SF

      617 4th Ave

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 5,168 SF
      617 4th Ave, Tallahassee, FL 32303-6015
      View Details
    • Value Estimation
      $1,495,000
      10,292 SF

      3651 Hartsfield Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 10,292 SF
      3651 Hartsfield Rd, Tallahassee, FL 32303-1143
      View Details
    • Value Estimation
      $890,000
      5,457 SF

      897 Monroe St

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 5,457 SF
      897 Monroe St, Tallahassee, FL 32303-6176
      View Details
    • Value Estimation by Request
      2,252 SF

      1104 Old Bainbridge Rd

      MIXED USE (COMMERCIAL/INDUSTRIAL) • 2,252 SF
      1104 Old Bainbridge Rd, Tallahassee, FL 32303-5939
      View Details

    Similar Nearby for Sale

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      0.89 Acres

      Tallahassee Industrial Land - $65k

      0.89-acre industrial lot, buildable, high & dry.
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    • $859,900
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      Mixed-Use Investment Opportunity

      Versatile mixed-use property with diversified income potential in Tallahassee, FL.
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    • $950,000
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      Midtown Mixed-Use Opportunity

      Versatile property in Tallahassee's Midtown, suitable for commercial or residential.
      259 E 7Th Ave, Tallahassee, FL 32303
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      11,000 SF

      North Monroe Street Mixed-Use Property

      Mixed-use property with showroom and office space on North Monroe.
      3624 N Monroe St, Tallahassee, FL 32303
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      5,448 SF

      Mixed-Use Property For Sale

      Mixed-use property featuring 5,448 square feet of commercial real estate.
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      Capital Circle NW Commercial Parcels

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    Similar Nearby for Lease

    • Contact for pricing
      1,800 SF

      Industrial Space Available For Lease

      Industrial property with 1800 square feet available for rent.
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    • Contact for pricing
      5,700 SF

      Industrial Space Available For Lease

      5,700 SF industrial property available for lease.
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      10,400 SF

      Warehouse with Fenced Yard

      Warehouse space with fenced yard, minutes from US Highway 27.
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      W Tharpe Street Flex Space

      Flex space available for lease on W Tharpe Street.
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      Warehouse with Office Space Available

      15,000 SF warehouse with office space for lease.
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    • Contact for pricing

      Drive-Thru Restaurant Space Available

      800 SF double drive-thru in high-traffic Tallahassee location.
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      View Details
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    3773 Commonwealth Blvd
    Tallahassee, FL 32303-3175
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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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