This Multifamily Property is Off-Market.

320 South Lipona Road
Tallahassee, FL 32304 ·

22 Units · Multifamily For Sale

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22 Unit Multifamily

Price N/A Commission Split 3%
No. Units 22 Cap Rate 8.60%
Building Size 13,216 SF No. Stories 2
Property Type Multifamily Year Built 1972
Property Sub-type Garden/Low-Rise Lot Size 1 AC
Property Use Type Investment APN / Parcel ID 21-34-51-000-1820
Listing ID: 19130698 Date Created: 03/05/2015 Last Updated: 08/03/2015

Description

This multifamily project is near FSU, but has the benefit of having stable long term tenancy from non-student sources. Five quadriplex units and 1 duplex with a mix of 20 1BR/1BA units and 2 2BR/1BA. This is a Builder's personal holding and built to last. Property is a quality built all brick project with concrete stairs. The complex has been well maintained in recent years with all new roofs, remodeled interiors and a majority of the HVAC units have been replaced.

- 13,216 SF multifamily units
- Features 20 1BR/1BA units and 2 2BA/1BA units, as five quads and one duplex.
-Cell Tower Located on the property is NOT included in the purchase price, and an access easement will be granted for tenant usage.

- Located off West Pensacola Street, just blocks from FSU
- Traffic count of 6,100 vehicles per day

Highlights

  • Quality Built and Maintained
  • Rents are below market- Upside Increase potential
  • Current Cap Rate in Excess of 8%

Research

320 South Lipona Road, Tallahassee, FL 32304 (Leon County)

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