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1417 Pullen Rd
Tallahassee, FL 32303
Timber Ridge · Multifamily Property For Sale
·
15 Units
PROPERTY FACTS
| No. Units | 15 | Building Size | 20,988 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Townhome | Year Built | 2007 |
| Building Class | B | Parking Ratio | 7.39/1,000 SF |
| Lot Size | 0.93 AC | ||
| Zoning | MR-1 - Medium Density Residential 1 | ||
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | B |
| Lot Size | 0.93 AC |
| Building Size | 20,988 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2007 |
| Parking Ratio | 7.39/1,000 SF |
| Zoning | MR-1 - Medium Density Residential 1 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Patio
ABOUT 1417 PULLEN RD , TALLAHASSEE, FL 32303
Marcus & Millichap, as exclusive advisor, is pleased to present the Timber Ridge Townhome Apartments; a 15-unit, 2000’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 with historically low operating expense to income ratio and is being offered at an 7.06% FY1 Cap Rate and an 9.34% cash-on-cash return. In addition, Timber Ridge Townhomes is being offered with an in-place Freddie Mac loan at an attractive, below market interest rate of 4.63%. Built in 2007 with condominium level finishes, Timber Ridge has been well maintained by the original Developer/Owner. This boutique-sized community consists of two 2-story, wood-frame buildings with exterior Hardi Board and wood siding and pitched-shingle roofs on a quiet 1.09 acre site which features a well lit asphalt driveway and parking lot. Units are all townhome-style with bed/bath parity and all units consist of 3 Bedrooms and 3 Baths, averaging 1,399 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, ceiling fans, wood cabinets, granite countertops, stainless appliance packages, updated light fixtures and window treatments. Timber Ridge 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.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+3 | 15 | $1,200 | 1,399 |
PROPERTY TAXES
| Parcel Number | 21-23-20-243-000.0 | Improvements Assessment | $2,260,629 |
| Land Assessment | $163,500 | Total Assessment | $2,424,129 |
PROPERTY TAXES
