305-321 Mayo St
Tallahassee, FL 32304
FSU Student Housing Development Opportunity · Land For Sale · 1.15 AC

FLORIDA STATE UNIVERSITY/TCC AREA- PRIVATE SECTOR STUDENT HOUSING The provided package is for information purposes only. Residences are to be sold as five units collectively, as-is, with whole house leases in place. Any and all pro-forma, scenario options, soil tests, tree surveys, site layouts used or other studies used to determine for purchase, are to be established solely by the Buyer. Additional detailed site development or other development information can be acquired at Tallahassee Leon County Planning Department. Our student rental properties are located in Leon County Florida two blocks west of Florida State University and Doak Campbell Stadium. This cul de sac hilltop location with the sounds of the FSU band and with all the activities adjoining a 7.5 acre FSU owned property currently used for game day booster’s parking, is THE ultimate Game Day Neighborhood. The offer of sale is for five adjacent residential lots in the Belle Vue Manor Subdivision that we have acquired over the past 13 years (305, 309, 313, 317, and 321 Mayo Street Tallahassee Florida 32304). Four of the platted lots are 65 feet road frontage and 141.6 feet deep or 9,204 +/- sf in area and back up to the existing downhill COT owned drainage conveyance in the rear. The fifth lot is larger, 0.31 acres or 13, 504 sf +/-, and is located in the cul de sac with the COT drainage conveyance adjoining on its north side. All five properties currently have four bedroom single family one story detached houses under current student housing 2018-2019 Leases, which contain a sixty day notices that upon sale allowing the new Landlord the option to request the tenants to vacate, if new owners so choose that option. Otherwise, the current yearly Leases provides an annual income of $80,000+ and all these annual leases are all set to expire July 15, 2019. These units are owner-managed with no management company and no other obligating contracts existing. Due to the location and adjacency to the May 2018 recorded FSU Land Deed, these Mayo Street properties may now be best suited for a higher and better use as determined by the Buyer. These units are located on the east side of Mayo Street south of Belle Vue Way, just 2 blocks west of the FSU Stadium, near the top of a hill and total +/- 50,320 sf or 1.155 acres collectively. The residences are on existing platted lots in the 1951 Belle Vue Manor Subdivision, within the MMTD Multi Modal Transportation District with the FSU Tomahawk bus service route at the corner, a FSU walking tunnel access under Stadium Drive at Hayden and come with existing public amenities, electric, gas, sewer, water, paved street, stormwater, cable, etc. already in place. The City has stated that they will upgrade the waterline to 6 inches to meet fire flow calculation requirements and that the stormwater ditch can be crossed via a driveway permit and culvert. The zoning is UT University Transition, which allows up to 50 units per acre. For this property, that equates up to 57 units with a ranging number of beds per unit that will be primarily based on parking scenarios that could possibly be reduced with the MMTD area designation. The property also provides over 300 feet of road frontage, with a possible diagonal parking layout being used on this cul de sac street. Such a configuration could provide an additional 20+/- on street parking spaces adjoining in front of the new units. This property is located on and near the top of the hill (ground elevation of 155’ +/-) part of the former Princess Murat Plantation off of Belle Vue (French for beautiful view) and could command an impressive setting to the east with all the ambient sounds of FSU sports nearby (football, baseball, soccer, intermural fields) and band practices, available from the lower ground elevation of these sports fields. For a denser scenario, or future value under a Type A new construction review, a five story, 14 foot finished floor to finished ceiling building (155’ plus 70’ =225’) Class A facility can raise the value of the upper floors eastern views towards Doak Campbell Stadium (which is 65’ at ground elevation), Madison Street and Gaines Street and a five story building will be viewed from Gaines Street and Madison Street (65’ up to 225’ top of building) commanding the hilltop near the stadium. Stormwater and parking will need to be addressed to achieve this higher density. A simpler on grade redevelopment scenario could be modelled similar to 1718 Belle Vue 115 +/- foot deep lot project currently just built at a density of 36 beds on 0.46 acre or roughly 556sf of land per bed which could equate up to a 60 bed (or higher) possibility for these Mayo Street lots, conservatively at the 60 beds configuration with a 12 bedroom per lot (units located at the street with double aisle parking behind on the unit on the 141.6 feet deep lot placing any onsite stormwater swales at the edge of the COT drainage swale) as a redevelopment with area rent set at $600 per bed, the Mayo Street lots will generate $36,000 monthly or $432,000 annually.