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726 W Georgia Street , 1-4

Tallahassee, FL 32304
  • $699,000
  • STATUS: Active
  • ON SITE: 32 Days
  • MLS #: 350622
$699,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
2006
County:
Area:

School Information

Elementary School:
Middle School:
High School:

Description

726 West Georgia Street is a 4-unit, 12-bed multifamily property located across from Florida State University's campus and popular student nightlife. Each unit contains the same floor plan and features 1,280 square feet, three bedrooms and three bathrooms with private exterior bedroom doors (replaced in 2018), in unit washer and dryers, vinyl plank flooring in the living areas and bathroom (living and bedroom flooring replaced in 2018, bathroom flooring replaced in 2022 which is not included in all pictures), and private off-street parking. The site's accessibility to the university and its public transportation system will create continued rental demand at the property. The property is currently 100% leased for the 2022 / 2023 school year at average rents per unit, prior to any miscellaneous recurring income, of $1,412, or $1.10 per square foot. This is well below market rent of $1.20 per square foot, presenting an opportunity for the prospective buyer to materially increase revenue upon lease turnover. The asking price is $699,000, which equates to an attractive 8.6% cap rate based on proforma income and 8.1% cap rate based on current leased rental rates and 2021 calendar year expenses.

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© 2022 CAPITAL AREA TECHNOLOGY & REALTOR® SERVICES, INC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Xcellence Realty. Data last updated: 2022-10-05T00:14:45.22.
www.tallahasseehomesandland.com/homes/132766497
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726 W Georgia Street , 1-4 Tallahassee, FL 32304

  • Price: $699,000
  • Status: Active
  • On Site: 32 Days
  • MLS #: 350622
0
Beds
0
Baths
0
½ Baths
N/A
Acres
2006
Built
Neighborhood:
Saxon Add
County:
Leon
Area:
Nw-02
Elementary School:
Riley
Middle School:
Griffin
High School:
Leon
Property Description
726 West Georgia Street is a 4-unit, 12-bed multifamily property located across from Florida State University's campus and popular student nightlife. Each unit contains the same floor plan and features 1,280 square feet, three bedrooms and three bathrooms with private exterior bedroom doors (replaced in 2018), in unit washer and dryers, vinyl plank flooring in the living areas and bathroom (living and bedroom flooring replaced in 2018, bathroom flooring replaced in 2022 which is not included in all pictures), and private off-street parking. The site's accessibility to the university and its public transportation system will create continued rental demand at the property. The property is currently 100% leased for the 2022 / 2023 school year at average rents per unit, prior to any miscellaneous recurring income, of $1,412, or $1.10 per square foot. This is well below market rent of $1.20 per square foot, presenting an opportunity for the prospective buyer to materially increase revenue upon lease turnover. The asking price is $699,000, which equates to an attractive 8.6% cap rate based on proforma income and 8.1% cap rate based on current leased rental rates and 2021 calendar year expenses.
Exterior Features

Architectural Style Two Story Construction Materials Vinyl Siding Parking Features Unassigned Pool Private YN No

Interior Features

Appliances DryerDishwasherRangeRefrigeratorWasher Cooling Central Air Cooling YN Yes Fireplace YN No Flooring Vinyl Heating Heat Pump Heating YN Yes

Property Features

Association Fee 0 Building Area Total 5120 Gross Income 5728 Home Warranty YN No Lease Considered YN No Listing Terms Conventional Owner Pays Other Possession Close Of Escrow Property Sub Type Multi Family Property Sub Type Additional Multi Family Rent Includes None Tax Annual Amount 6406

Listing information © 2022 Capital Area Technology & Realtor Services
Listing provided courtesy of Community Realty Associates: 561-852-1341.


© 2022 CAPITAL AREA TECHNOLOGY & REALTOR® SERVICES, INC. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Xcellence Realty. Data last updated: 2022-10-05T00:14:45.22.
 
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Xcellence Realty
835-B E. Park Avenue
Tallahassee FL, 32301