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

    4024 Mahan Dr Tallahassee, FL 32308

    • Commercial real estate
    • 3.29 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-5047697
    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

    • Commercial real estate

    Property Details for 4024 Mahan Dr

    Lot size
    3.29 lot acres
    Property type
    Commercial real estate
    APN
    1123206160000

    Description

    This exceptional 3.29-acre commercial land parcel, located at 4024 Mahan Drive in Tallahassee, Florida (APN 1123206160000), presents a rare development opportunity. Situated at a highly visible, lighted intersection, this property enjoys unparalleled access and exposure. Its strategic location is adjacent to the new Mahan Office Park and the Fallschase Shopping Center, a major retail hub anchored by Costco, Walmart, Bass Pro Shops, and CMX Theaters. The property is also within a short five-minute drive of two of Tallahassee's top master-planned communities, with an additional 2,000 proposed residential units nearby, ensuring a robust and growing customer base. The seller is actively pursuing re-zoning to allow for drive-thru and retail uses, significantly expanding development possibilities. This prime location offers convenient access to I-10 via a nearby interchange and a future planned interchange, further enhancing its appeal. Currently zoned to accommodate approximately 26,000 square feet of development, this property is ideal for a variety of commercial ventures. Given the rapid growth in this submarket, this represents one of the few remaining commercial development opportunities in this highly desirable corridor. The asking price is $1,100,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Tallahassee
    County
    Leon
    State
    Florida
    Longitude
    -84.2096612
    Latitude
    30.4673573

    Comparable in this City

    • $2,745,000
      6.54 Acres

      Mahan Corridor Land: Prime Development Site

      6.535 Acres, Excellent Location, High Traffic
      0 Xx Mahan Dr, Tallahassee, FL 32308
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    • $1,500,000
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      Mahan Drive Commercial Land

      3.45 Acres, Prime Tallahassee Location
      3716 Mahan Dr, Tallahassee, FL 32308
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    • $1,400,000
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      4.06 Acres Ready For Development

      4.06 acres in NE Tallahassee's Office/Medical District.
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    • $200,000
      0.29 Acres

      Residential Lot in Tallahassee

      Vacant .29-acre residential lot in a desirable Tallahassee neighborhood.
      Trescott Dr, Tallahassee, FL 32308
      View Details
    • $174,900
      0.51 Acres

      Residential Lot in Southern Oaks

      Residential lot available in Tallahassee, near shopping and dining.
      Southern Oaks Dr, Tallahassee, FL 32308
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    • New
      $1,850,000
      0.60 Acres

      Tallahassee Vacant Development Site

      Shovel-ready land with approved plans for residential complex.
      3586 Austin Davis Ave, Tallahassee, FL 32308
      View Details

    Similar Nearby for Sale

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    • $73,999
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      3-acre property suitable for building or subdivision in Tallahassee.
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    • $225,000
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      Residential single-family lot located in Tallahassee, Florida.
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      Residential Land in Tallahassee, FL

      1.25 acre residential land for sale in Tallahassee, Florida.
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    Similar Nearby for Lease

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    • New
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      Tallahassee Storage Space For Rent

      Storage space available near Downtown Tallahassee with convenient roll-up door.
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      View Details
    • New
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      Tallahassee Commercial Space For Rent

      Commercial space with office and warehouse potential in Tallahassee, Florida.
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      Tallahassee Medical Office Building

      Prime Location, 3,569 SF Medical Office
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    Tallahassee, FL 32308
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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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