24 Units
15,888 SF
0.56 acres
1 buildings
2 stories
Brick Masonry
Built in 1959
Contact Agents
Property Documents
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Ray Turchi
Senior Managing Director Investments
[email protected]
Senior Managing Director Investments
[email protected]
(407) 557-3847 (office)
(321) 297-6576 (mobile)
David Vaughan
First Vice President Investments
[email protected]
First Vice President Investments
[email protected]
(407) 557-3829 (office)
(407) 718-2874 (mobile)
Radford Crouppen
Real Estate Investment Advisor
[email protected]
Real Estate Investment Advisor
[email protected]
(407) 557-3826 (office)
(561) 542-4029 (mobile)
Investment Highlights
•Master Lease With Theta Chi Fraternity as Single Tenant – 3% Annual Rent Increases
•Tenant has Three 2 Year Lease Renewal Options
•Tenant Pays for Utilities, Trash Removal, and Landscaping
•Prime Location Between FSU Campus and Downtown Tallahassee
•Vacant Land on Southern Parcel Currently Used for Subject Property Parking
•Adjacent to Onyx, a 574-bedroom Class-A Apartment Complex and The Edge at 401, a 40-Unit 1970’s Vintage Multifamily Property
•5-Minute Walk to FSU Campus Located two Blocks West of Subject
•Florida State is the Oldest, Continuous Site of Higher Education in Florida
•The Main Campus Totals 485+ Acres and Offers Over 600 Student Organizations
•Proximity to Florida Agricultural & Mechanical University and Tallahassee Community College TCC
Key Metrics
Cap Rate Current Year:
5.38%
Cap Rate Year 1:
5.42%
GRM:
11.56
GRM Year 1:
11.22
Price/ Unit
$104,167
Price/ SF
$157.35
Listing Agents: