1411-1415 Pullen Rd
Tallahassee, FL 32303
Botany Woods · Multifamily Property For Sale · 18 Units

Marcus & Millichap, as exclusive advisor, is pleased to present the Botany Woods Apartments; an 18-unit, 1980’s vintage, rental townhome community located in Tallahassee, Florida just 2-miles north of the Florida State University Campus and less than 3-miles to the State Capitol Building. This property has a strong rental history and is being offered at an 8.01% FY1 Cap Rate and a double digit cash-on-cash return with additional upside potential through a strategic plan of improving both the exterior curb appeal and updating unit interiors. In addition, Botany Woods is being offered free and clear of existing debt thereby allowing investors to take advantage of attractive long-term financing options which are still at historically low rates. Originally built in 1983, Botany Woods has been well maintained under the current 8.5 year ownership. This boutique-sized community consists of three 2-story, wood-frame buildings with exterior brick and wood siding and pitched-shingle roofs on a quiet 1.17 acre site which features a concrete driveway and parking lot, mature landscaping and shade from a large oak tree canopy on certain portions of the property. Units are all townhome-style 2 Bedroom / 1.5 Bath averaging 1,008 square feet and featuring semi-private entries, a mix of private front patios and back decks, a mix of carpet and ceramic tile floor coverings, working fireplaces, in-unit laundry, ceiling fans, mostly original wood cabinets and countertops, stainless appliance packages (select units), updated light fixtures and window treatments (select units). Botany Woods enjoys an excellent location within the City of Tallahassee with access off of Pullen Road and direct proximity to Interstate 10 at North Monroe Street (US 27). Residents enjoy ease of access to both Florida State University; Florida’s fifth largest university with a student enrollment of over 42,000 and downtown Tallahassee; home to the State Capitol and roughly 40,000 government employees which are less than 2-miles and 3-miles south and southeast, respectively. In addition, the recently renovated Centre of Tallahassee Mall; a mixed-use restaurant, retail, urban park and open-air amphitheater is located less than 1-mile away and Tallahassee Community College with an annual student enrollment of nearly 18,000 is just under 4-miles to the west.