New search
Property profile & analytics
OFF-MARKET
Estimated value
$1,140,000
Industrial properties
538 10th St Tallahassee, FL 32301-1028
Entity Owned
2-yr Hold
Free & Clear
Property ID
US18-4026274
Property profile
Verified
Property type
Industrial properties
Use group
MIXED USE (COMMERCIAL/INDUSTRIAL)
Year built
1960
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area
9,240 SF
Lot
0.4 ac (17,424 SF)
APN
21-36-50-045-585-0
UPID
US18-4026274
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.35M
Comparable Approach
Comparable
$1.14M
Blend (final)
Blend
$1.14M
Owner & transaction history
State Of Florida Department Of Tran · 2 yrs held
State Of Florida Department Of Tran
since 2024
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.7M
+8.1%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,455,000
6.5%
$1,345,000
7%
$1,245,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,590,000
Current use
OFFICE BUILDING
$1,720,000
Change: +8% · Conversion: Easy
MEDICAL BUILDING
$1,550,000
Change: -3% · Conversion: Easy
WAREHOUSE, STORAGE
$1,280,000
Change: -20% · Conversion: Difficult
Blend value · Realmo final
$1.14M
Range $1.03M – $1.25M · ±10%
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
$123 / 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
$10,386
Tax year 2023
Assessed value
$536,766
Assessed 2023
Previous assessed
$536,766
+0.0% YoY
Effective rate
1.93%
On assessed value
Assessed land
$322,344
Assessed improvement
$214,422
Land market value
$322,344
Improvement market value
$214,422
Total market value
$536,766
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
Industrial properties
Use group
MIXED USE (COMMERCIAL/INDUSTRIAL)
Status
Off-Market
Year built
1960
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
YES
Buildings
1
Stories
1
Total area
9,240 SF
Lot
0.4 ac (17,424 SF)
APN
21-36-50-045-585-0
UPID
US18-4026274
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
COMMERCIAL (GENERAL) Current
Est. value
$1.6M
OFFICE BUILDING
Est. value
$1.7M
MEDICAL BUILDING
Est. value
$1.6M
WAREHOUSE, STORAGE
Est. value
$1.3M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
MEDICAL BUILDING
WAREHOUSE, STORAGE
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
1960
Construction
MASONRY/CONCRETE MASONRY UNITS (CMUS)
Heating
YES
Cooling
Yes
Stories
1
Buildings
1
Lot
0.4 ac
Current owner
From public records · entity-resolved
State Of Florida Department Of Tran
Entity
Free & Clear · 2 yrs held
Mailing address
PO BOX 607, CHIPLEY, FL 32428-0607
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 14, 2024
—
State Of Florida Department Of Tran
City Of Tallahassee
Special Warranty Deed
—
Feb 6, 2024
—
City Of Tallahassee
W Tennessee St Owner LLC
Special Warranty Deed
—
Oct 18, 2023
$2,000,000
W Tennessee St Owner LLC
George Michael Norman JR
Special Warranty Deed
—
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 538 10th St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
