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1612 Old Bainbridge Rd - Tallahassee Development Opportunity 1.44 Acres of Residential Land Offered at $350,000 in Tallahassee, FL 32303
INVESTMENT HIGHLIGHTS
- Proposed New Construction Multifamily
- Close to downtown Tallahassee, government buildings, restaurants and more...
- Built to exceed current Florida building code
EXECUTIVE SUMMARY
Proposed Multifamily New Construction! Great opportunity for the investor/owner to own a brand new apartment building close to downtown Tallahassee. Owner is affiliated to a local construction company. Many student housing multifamily projects currently under construction nearby. This property is an excellent opportunity to provide apartment rentals to the rest of the non-student market. Current rental rates should yield an 11% Cap Rate with a estimated NOI of $605,000. Each unit will include luxury vinyl plank flooring, granite counter tops, 9 feet high ceilings, upgraded electrical package, real wood cabinetry in kitchen and bathrooms, and much more! A complete appliance package for each apartment unit will be offered at no additional cost for buyers able to close by December 20, 2025. Buyer can choose to purchase the vacant land at $350,000 by December 20, build later, and still take advantage of the free appliance package option.
PROPERTY FACTS
| Price | $350,000 | Property Type | Land |
| Sale Type | Investment or Owner User | Property Subtype | Residential |
| Sale Condition | Build to Suit | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 1.44 AC |
| Zoning | MR-1 - MR-1 zoning on both parcels allows for multifamily. Zoning already in place. No changes required. | ||
| Price | $350,000 |
| Sale Type | Investment or Owner User |
| Sale Condition | Build to Suit |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Apartment Units |
| Total Lot Size | 1.44 AC |
| Zoning | MR-1 - MR-1 zoning on both parcels allows for multifamily. Zoning already in place. No changes required. |
1 LOT AVAILABLE
Lot
| Price | $350,000 | Lot Size | 1.44 AC |
| Price Per AC | $243,055.56 |
| Price | $350,000 |
| Price Per AC | $243,055.56 |
| Lot Size | 1.44 AC |
Shovel ready lot approved for 36 multifamily units. Hi and dry. No flood zone. All utilities present.
DESCRIPTION
Vacant lot already zoned with preliminary approvals for a 36 unit, multifamily building. Owner will work with the buyer, step by step, to complete the building in a timely manner. Owner willing to sell the vacant parcels at $350,000 if the buyer chooses to build at a later date. The construction cost for the turnkey building would be $5,150,000.
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HERMANAS INC.
1612 Old Bainbridge Rd - Tallahassee Development Opportunity
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