324 N Adams St
Tallahassee, FL 32301
Half City Block Downtown Tallahassee · Land For Sale
·
1.00 AC
Investment Highlights
- Generating substantial cash flow
- Central core (CC) zoning (150 dwelling units / acre)
- Favorable landlord lease terms
- Flat & impervious site
Property Facts
| Property Type | Land | Total Lot Size | 1.00 AC |
| Property Subtype | Commercial | No. Stories | 1 |
| Zoning | Central Core | ||
| Property Type | Land |
| Property Subtype | Commercial |
| Total Lot Size | 1.00 AC |
| No. Stories | 1 |
| Zoning | Central Core |
Description
The property is an impervious ½ city block of land primed for redevelopment, located in between Midtown and Downtown Tallahassee and 3 blocks south of the Florida Governor's Mansion. The site in total measures 1.02 acres and is zoned Central Core which allows a maximum density of 150 dwelling units per acre. The 9,078 SF structure on site is currently leased to a charter school who recently exercised a 3 year lease extension. Property is generating a year 1 net operating income of $101,846 with 3% annual increases. The lease contains a clause that allows landlord to terminate the lease with 180 day written notice to the tenant. This sets the table for a developer to obtain their permits while realizing a substantial cash flow to help fund their pending project.
Property Taxes
| Parcel Number | 21-36-40-193-397.0 | Improvements Assessment | $570,602 |
| Land Assessment | $629,850 | Total Assessment | $1,200,452 |
Property Taxes
