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Southwood Town Center - Tallahassee, FL 3197 Merchants Row Blvd 32,590 SF 96% Leased Retail Building Tallahassee, FL 32311 $5,990,000 ($183.80/SF) 6.81% Cap Rate
INVESTMENT HIGHLIGHTS
- The Asset: Southwood Town Center is a Multi-Tenant Retailer Center, Comprised of Two (2) Buildings With 32,590 SF of Leasable Space
- Net Leases: All the Tenants Have Net Leases and Are Responsible For Reimbursing Their Pro-Rata Share of All Operating Expenses
- Area Economic Drivers: The Economy of Tallahassee is Centered Around Government, Education, Healthcare, and Technology
- Scheduled Rent Increases: Five of the Leases Provide Scheduled Rent Increases Throughout the Primary Lease Term or at the Start of the Renewal Options
- Strong University Presence: Tallahassee is Home to Florida State University (FSU), Florida A&M University (FAMU), and Tallahassee State College
- Strong Demographics: Approximately 23,900 People Live Within 3-Miles of the Property With an Average HHI of $96,307
EXECUTIVE SUMMARY
Sands Investment Group is Pleased to Exclusively Offer For Sale the 32,590 SF Southwood Town Center Located at 3196 & 3197 Merchants Row Boulevard in Tallahassee, FL. All the Tenants Have Net Leases and Are Responsible For Reimbursing Their Pro-Rata Share of all Operating Expenses, Repairs, and Maintenance, Making it an Attractive Investment For the Passive Real Estate Investor, Providing For a Secure Investment.
In Cooperation With SIG RE Services, LLC - Lic. #CQ1055229 BoR: Andrew Ackerman - Lic. FL #BK3369953
In Cooperation With SIG RE Services, LLC - Lic. #CQ1055229 BoR: Andrew Ackerman - Lic. FL #BK3369953
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
32,590 SF
Building Class
B
Year Built
2005
Price
$5,990,000
Price Per SF
$183.80
Cap Rate
6.81%
NOI
$407,767
Percent Leased
96%
Tenancy
Multiple
Building Height
1 Story
Loading Docks
1 Exterior
Building FAR
0.60
Lot Size
1.24 AC
Zoning
PUD - Planned Development
Parking
220 Spaces (6.75 Spaces per 1,000 SF Leased)
Frontage
AMENITIES
- Dedicated Turn Lane
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
- CANOPY ROADS CAFÉ
- Retailer
- 2,456 SF
- $11.82
- Triple Net
- Feb 2030
- EL JALISCO MEXICAN RESTAURANT
- Accommodation and Food Services
- 3,644 SF
- $12.51
- Triple Net
- Sep 2026
- GOVERNMENTAL MGMT SERVICES
- Administrative and Support Services
- 288 SF
- $17.83
- Triple Net
- -
- MANAGEMENT COMPANY
- Administrative and Support Services
- 1,075 SF
- $23.26
- Triple Net
- -
- NAUMANN GROUP REAL ESTAT
- Administrative and Support Services
- 1,200 SF
- $23.34
- Triple Net
- Sep 2025
- PARKWAY BAPTIST CHURCH
- Retailer
- 5,412 SF
- $16.96
- Triple Net
- Sep 2029
- SOUTHWOOD SWEETS
- Accommodation and Food Services
- 2,078 SF
- $18.30
- Triple Net
- -
- SUBWAY
- Accommodation and Food Services
- 1,428 SF
- $18.00
- Triple Net
- Jan 2030
- TC FITNESS
- Retailer
- 12,275 SF
- $8.80
- Triple Net
- Dec 2025
- TWINKLE TOES NAIL SALON
- Retailer
- 1,356 SF
- $21.23
- Triple Net
- Jun 2026
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
| CANOPY ROADS CAFÉ | Retailer | 2,456 SF | $11.82 | Triple Net | Feb 2030 | |
| EL JALISCO MEXICAN RESTAURANT | Accommodation and Food Services | 3,644 SF | $12.51 | Triple Net | Sep 2026 | |
| GOVERNMENTAL MGMT SERVICES | Administrative and Support Services | 288 SF | $17.83 | Triple Net | - | |
| MANAGEMENT COMPANY | Administrative and Support Services | 1,075 SF | $23.26 | Triple Net | - | |
| NAUMANN GROUP REAL ESTAT | Administrative and Support Services | 1,200 SF | $23.34 | Triple Net | Sep 2025 | |
| PARKWAY BAPTIST CHURCH | Retailer | 5,412 SF | $16.96 | Triple Net | Sep 2029 | |
| SOUTHWOOD SWEETS | Accommodation and Food Services | 2,078 SF | $18.30 | Triple Net | - | |
| SUBWAY | Accommodation and Food Services | 1,428 SF | $18.00 | Triple Net | Jan 2030 | |
| TC FITNESS | Retailer | 12,275 SF | $8.80 | Triple Net | Dec 2025 | |
| TWINKLE TOES NAIL SALON | Retailer | 1,356 SF | $21.23 | Triple Net | Jun 2026 |
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 31-15-27-00E-001.0 | Improvements Assessment | $687,516 |
| Land Assessment | $233,450 | Total Assessment | $920,966 |
PROPERTY TAXES
Parcel Number
31-15-27-00E-001.0
Land Assessment
$233,450
Improvements Assessment
$687,516
Total Assessment
$920,966
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Southwood Town Center - Tallahassee, FL | 3197 Merchants Row Blvd
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