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Building #4 2314 NE Capital Cir 4,126 SF Retail Building Tallahassee, FL 32308 $3,431,405 ($831.65/SF) 6.05% Cap Rate
Investment Highlights
- Brand-new 4,126 SF, 2-tenant retail building
- 1,326 SF end-cap drive-thru — vacant with lease-up upside
- Located in national-brand plaza (Dunkin’, Smoothie King, CubeSmart)
- Smile Doctors corporate lease — 10-year NNN. Billion-dollar+ national orthodontics platform
- Immediate NOI and cap rate upside upon lease-up
- Capital Circle NE (~60,000 VPD) — dominant retail corridor
Executive Summary
Newly constructed 4,126 S,F two-tenant retail building located on Capital Circle NE in Tallahassee, one of the most heavily trafficked retail corridors in the Florida
Panhandle. The property is anchored by Smile Doctors (Fishbein Orthodontics), a billion-dollar+ national orthodontics platform, secured by a 10-year corporate NNN lease at $117,600 annually, with store opening scheduled for April 2026.
The asset includes a 1,326 SF vacant end-cap drive-thru, offering immediate value-add potential. The end cap is being marketed at a discounted pro forma rent of $90,000 NNN, providing an opportunity for a new owner to lease at higher market rates and capture instant NOI and cap rate upside.
Located within a new retail plaza featuring Dunkin’, Smoothie King, CubeSmart, and other national brands, and in close proximity to Canopy, Fallschase, I-10, hotels, and major grocers, the property benefits from strong daily traffic and long-term retail demand.
**The end cap has attracted interest from a regional chicken franchise, offering potential tenancy while still allowing the buyer flexibility in determining the final occupant
Panhandle. The property is anchored by Smile Doctors (Fishbein Orthodontics), a billion-dollar+ national orthodontics platform, secured by a 10-year corporate NNN lease at $117,600 annually, with store opening scheduled for April 2026.
The asset includes a 1,326 SF vacant end-cap drive-thru, offering immediate value-add potential. The end cap is being marketed at a discounted pro forma rent of $90,000 NNN, providing an opportunity for a new owner to lease at higher market rates and capture instant NOI and cap rate upside.
Located within a new retail plaza featuring Dunkin’, Smoothie King, CubeSmart, and other national brands, and in close proximity to Canopy, Fallschase, I-10, hotels, and major grocers, the property benefits from strong daily traffic and long-term retail demand.
**The end cap has attracted interest from a regional chicken franchise, offering potential tenancy while still allowing the buyer flexibility in determining the final occupant
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
4,126 SF
Building Class
B
Year Built
2025
Price
$3,431,405
Price Per SF
$831.65
Cap Rate
6.05%
NOI
$207,600
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.45
Lot Size
0.21 AC
Zoning
PUD - Planned Unit Development
Frontage
34’ on Capital Circle Northeast
Space Availability
- Space
- Size
- Space Use
- Position
- Available
Premier End Cap Drive-Thru Opportunity at Capital Hill Plaza | $90,000/yr NNN
| Space | Size | Space Use | Position | Available |
| 1st Floor | 1,326 SF | Retail | End Cap | Now |
1st Floor
| Size |
| 1,326 SF |
| Space Use |
| Retail |
| Position |
| End Cap |
| Available |
| Now |
1st Floor
| Size | 1,326 SF |
| Space Use | Retail |
| Position | End Cap |
| Available | Now |
Premier End Cap Drive-Thru Opportunity at Capital Hill Plaza | $90,000/yr NNN
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 11-16-50-000-004.0 | Improvements Assessment | $0 |
| Land Assessment | $95,040 | Total Assessment | $95,040 |
Property Taxes
Parcel Number
11-16-50-000-004.0
Land Assessment
$95,040
Improvements Assessment
$0
Total Assessment
$95,040
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Building #4 | 2314 NE Capital Cir
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