1212 N Monroe St 11,533 SF 100% Leased Retail Building Tallahassee, FL 32303 $3,200,000 ($277.46/SF) 7.13% Cap Rate

Midtown Landing is an 11,533 net leasable-square-foot multi-tenant retail strip center situated on a 0.920-acre site at 1212 and 1216 North Monroe Street in Tallahassee’s established north-central commercial corridor. Theproperty provides infill frontage on North Monroe Street with direct access from Adams Street,approximately 156 feet of street frontage, Central Urban-45 and Central Urban-26 zoning, and a location onemile north of the CBD with connectivity to Thomasville Road and Interstate 10. The asset is fully occupied and leased at rates the report identifies as consistent with market, generating projected gross income of $296,123 from $228,172 in base rent and $67,951 in reimbursements. The reportapplies a 3% vacancy and collection loss assumption, and the capitalization analysis uses NOI of $228,172at a 7.13% cap rate to derive a $3,200,000 value. Comparable retail rents of $16.00 to $24.00 per square footand the subject’s average base rent of $20.36 per square foot indicate current pricing is aligned with the market.
The improvements total 13,333 square feet, including a unrented 1,800-square-foot basement at 1212 NorthMonroe for a total NLS of 11,533, and are configured as a blend of retail shop spaces. That layout can diversify income across multiple tenants and reduce dependence on any single occupancy decision.