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Campus Highland Apartments 2501 S Meridian St 32 Unit Apartment Building $2,350,000 ($73,438/Unit) 7% Cap Rate Tallahassee, FL 32301
Investment Highlights
- Attractive Assumable Debt: Existing loan at a 3.73% interest rate with approximately six years remaining.
- Efficient Unit Mix: 31 of the 32 units are one-bedroom floor plans, creating a simple and highly rentable operating profile.
- Stabilized Cash Flow Potential: Year 3 stabilized NOI is projected at approximately $177,678, compared to historical NOI of approximately $126,189.
- Strong In-Place Yield: Underwritten to a 7.00% Year 1 adjusted cap rate at the asking price.
- Affordable Price Point: Offered at $2,350,000, or approximately $73,438 per unit and $163.19 per square foot.
- Minutes from Florida State University (FSU) & Florida A&M University (FAMU)
Executive Summary
Broker of Record
Kyle Matthews
License # BK3554632, CQ1066435 (FL)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Kyle Matthews
License # BK3554632, CQ1066435 (FL)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Property Facts
| Price | $2,350,000 | Property Subtype | Apartment |
| Price Per Unit | $73,438 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.91 AC |
| Cap Rate | 7% | Building Size | 14,400 SF |
| No. Units | 32 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1973/2015 |
| Zoning | CU-45 | ||
| Price | $2,350,000 |
| Price Per Unit | $73,438 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.91 AC |
| Building Size | 14,400 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1973/2015 |
| Zoning | CU-45 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 400 |
| 1+1 | 31 | - | - |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 31-07-20-287-000.0 | Improvements Assessment | $923,774 |
| Land Assessment | $232,000 | Total Assessment | $1,155,774 |
Property Taxes
Parcel Number
31-07-20-287-000.0
Land Assessment
$232,000
Improvements Assessment
$923,774
Total Assessment
$1,155,774
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Campus Highland Apartments | 2501 S Meridian St