16 Unit, 1+ acre Land Banking Opportunity 625 Railroad Sq 13,724 SF 4% Leased Industrial Building Tallahassee, FL 32310 $2,149,000 ($156.59/SF) 9.50% Cap Rate

16 units, 13,200 sqft of fully occupied space on 1.01 acres prime for future redevelopment. Currently in place are low, below-market rental rates averaging $9/sqft, but market rates could easily meet or exceed $18/sqft. The owners have historically rented it at below market rates (industrial rates) to artists and creative local businesses as a passion play, but a new owner can come in and raise the rates to retail rental rates (as that is what the spaces are being used for and what the location dictates). All leases are month-to-month. Also, the property is entirely impervious and the UT Zoning allows for 50-75 units per acre, so there is significant redevelopment potential. This is a traditional land-banking deal, if the new owner is not yet ready to develop the property. This property can also be purchased with the contiguous Site #2 parcel which is another 1.47 acres, making the total combined acreage 2.5acres, a great size for a variety of redevelopment options. The location is excellent along the Cascades Trail with many park amenities and right across from Gaines Street, Collegetown, the FSU Stadium, and FAMU Campus.