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650 Railroad Sq - Site #3 - 3.15acre Redevelopment (150+ units) 3.15 Acres of Commercial Land Offered at $5,670,000 in Tallahassee, FL 32310
INVESTMENT HIGHLIGHTS
- Longterm landbank opportunity with interim cash-flow as-is
- Adjacent to Hyatt House hotel, and many parks, ponds, and trails
- In the middle of Downtown, FAMU, and FSU/Collegetown
EXECUTIVE SUMMARY
The addresses 608, 616, 648, 650, 653, 655, 661, & 663 Railroad Square together are considered to be "Site #3" and amounts to 3.15 acres. Other sites for sale include:
Site #1 - 625 Railroad Square - 1.02 acres - LISTING: https://www.loopnet.com/Listing/625-Railroad-Sq-Tallahassee-FL/34767061/
Site #2 - 633, 635, & 637 Railroad Square - 1.45 acres - LISTING: https://www.loopnet.com/Listing/635-Railroad-Sq-Tallahassee-FL/34771230/
Site #4 - 609 Railroad Square - 0.25 acres - LISTING: https://www.loopnet.com/Listing/609-Railroad-Sq-Tallahassee-FL/34757408/
Property is listed by Broker-Owner, who intends to keep a portion of the existing property, not listed for sale, and continue to operate it as a creative retail, arts, and entertainment district which will serve as an amenity to any other adjacent developments.
PROPERTY FACTS
1 LOT AVAILABLE
Lot
| Price | $5,670,000 | Lot Size | 3.15 AC |
| Price Per AC | $1,800,000.00 |
| Price | $5,670,000 |
| Price Per AC | $1,800,000.00 |
| Lot Size | 3.15 AC |
3.15acres in Tallahassee's central-urban core. Zoned University Transition (UT) for 50+ units per acre. Flat lot. Phase 1 & Phase 2 environmentals. Offsite stormwater retention capacity in adjacent SWMF. Adjacent to parks, trails, and Collegetown.
DESCRIPTION
This is SITE #3 in Railroad Square. The site consists of the following addresses: 608, 616, 648, 650, 653, 655, 661, & 663 Railroad Sq. This site is a unique investor opportunity to "land bank" a prime redevelopment opportunity to build 150-200 units located within the Railroad Square Art District which is a short walk to both FSU, FAMU, and Downtown. On site there are multiple buildings, currently producing rental income on the 3.15 acres, tenant uses include retail storefronts, martial arts school, and artist workshops. The property fronts the Coal Chute Pond and is next to Cascades Trail, FAMU Way, and the FAMU Way skatepark. The trail surrounding the pond has many amenities including a 1/4 mile walking/jogging path, benches, picnic tables, and interactive musical stations. These buildings are on the other side of the pond from Collegetown and Gaines St, including the Urban Enclaves development of over 1500 residents in a single development as well as almost 10,000 beds along Gaines Street. The property also overlooks the FSU Doak Campbell stadium. Operate it "as-is" and cash flow these rental units until you are ready to pursue the significant redevelopment opportunity to build housing, hotel, retail, or mixed use development, as 5 stories high and 50/units per acre are allowed in the UT zoning. Some of the current buildings were damaged in the May 2024 tornados in Tallahassee. Most units have been repaired. 608 Railroad Square alone has 12 rental units and had an entire metal roof replacement in 2024. These buildings are very operable and usable in their current state, whether the buyer wanted to use them as an owner-operator or rental property until they decide to redevelop the property entirely. Currently working on a possible road abandonment / road realignment with the city, which would result in more acreage for this site and a more "squared-off" development site allowing for a better development site and more cost-efficient design and construction. See the conceptual site plan in our documents section.
PROPERTY TAXES
| Parcel Number | 4101209520000 | Improvements Assessment | $0 |
| Land Assessment | $1 | Total Assessment | $1 |
PROPERTY TAXES
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650 Railroad Sq - Site #3 - 3.15acre Redevelopment (150+ units)
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