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1857 W Pensacola St
Tallahassee, FL 32304
Arive850 · Multifamily Property For Sale
·
35 Units
Investment Highlights
- Proximity to Major University: Walking distance to FSU's campus core, guaranteeing high student demand for convenient, accessible housing
- Value Add Opportunity: New leases are signing $100+/bed above in-place rents, with an unleased model unit presenting $40,200 in additional revenue
- Rare Infill Location: Great infill location with only two active developments nearby, fueling high occupancy, rent growth, and lasting appreciation
- Thoughtful, Efficient Design: Townhome floorplans with covered parking and student-geared layout keep the property attractive with a small footprint
Executive Summary
CBRE, as the exclusive listing agent, is pleased to present Arive850, a well-maintained student housing property located in the vibrant city of Tallahassee, Florida. This attractive investment opportunity features 140 beds across 35 units, each designed as a spacious and modern 4-bed/4-bath townhome spanning three stories. Arive850 is ideally situated at 850 Pensacola Street, offering residents unparalleled convenience, being less than a mile from the center campus of Florida State University. Furthermore, tenants enjoy easy access to everyday necessities and leisure activities, with shopping options like Publix and ALDI, as well as a variety of restaurants and retail establishments, located within a half-mile radius.
Deal Room: https://www.cbredealflow.com/handler/modern.aspx?pv=bh5cC8DBcfZwk7PWaK7pQnztY1Ea-KE_btnMJ86W7HPBD_NsoEhCSUQ8V0b1xYAAEkJk_-DxWVrJkv0k3uZfzw
Deal Room: https://www.cbredealflow.com/handler/modern.aspx?pv=bh5cC8DBcfZwk7PWaK7pQnztY1Ea-KE_btnMJ86W7HPBD_NsoEhCSUQ8V0b1xYAAEkJk_-DxWVrJkv0k3uZfzw
Property Facts
| Sale Type | Investment | Lot Size | 2.75 AC |
| No. Units | 35 | Building Size | 67,200 SF |
| Property Type | Multifamily | Average Occupancy | 69% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built | 2017 |
| Building Class | B | Parking Ratio | 1.99/1,000 SF |
| Zoning | UT - Multi-Family Residential District | ||
| Sale Type | Investment |
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 2.75 AC |
| Building Size | 67,200 SF |
| Average Occupancy | 69% |
| No. Stories | 3 |
| Year Built | 2017 |
| Parking Ratio | 1.99/1,000 SF |
| Zoning | UT - Multi-Family Residential District |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Tile Floors
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Walk-In Closets
Site Amenities
- Pool
- Property Manager on Site
- Furnished Units Available
- Lounge
- Maintenance on site
- Roommate Matching
- Walk To Campus
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 35 | - | 480 |
Property Taxes
| Parcel Number | 21-34-51-000-131.0 | Improvements Assessment | $8,413,455 |
| Land Assessment | $925,750 | Total Assessment | $9,339,205 |
Property Taxes
Parcel Number
21-34-51-000-131.0
Land Assessment
$925,750
Improvements Assessment
$8,413,455
Total Assessment
$9,339,205
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