726 W Georgia St

Tallahassee, FL 32304 View Map $675,000 Schedule a Tour
On Site88 days
Year2006
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Status: Active
Property Type:Multi Family
MLS #:350622
On Site:88 Days
County:Leon
26 West Georgia Street is a 4-unit, 12-bed multifamily property located across from Florida State University's campus and popular student nightlife. Each unit contains the same floor plan and features 1,280 square feet, three bedrooms and three bathrooms with private exterior bedroom doors (replaced in 2018), in-unit washer and dryers, vinyl plank flooring in the living areas and bathroom (living and bedroom flooring replaced in 2018, bathroom flooring replaced in 2022 which is not included in all pictures), and private off-street parking. The site's accessibility to the university and its public transportation system will create continued rental demand at the property. The property is currently 100% leased for the 2022 / 2023 school year at average rents per unit, prior to any miscellaneous recurring income, of $1,412, or $1.10 per square foot. This is well below market rent of $1.20 per square foot, presenting an opportunity for the prospective buyer to materially increase revenue upon lease turnover. The asking price is $675,000, which equates to an attractive 8.9% cap rate based on proforma income and 8.4% cap rate based on current leased rental rates and 2021 calendar year expenses.

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Price Change History

Date Old Price New Price Percent Change
10/22/2022$699,000$675,000-3.4%

Community Information

Address:726 W Georgia St Tallahassee, FL 32304
Area:NW-02
County:Leon
Subdivision:Saxon Add
Zip Code:32304

School Information

High School:Leon
Middle School:Griffin
Elementary School:Riley

Architecture

Year Built:2006
Style:Two Story
Construction Materials: Vinyl Siding
Building Area: 5120.0
Parking Features: Unassigned

Features / Amenities

Appliances: Dryer, Dishwasher, Range, Refrigerator, Washer
Flooring: Vinyl
Cooling: Central Air
Heating: Heat Pump

Property Features

Lot Dimensions:50x147x50x147
Directions:Head east on W Tennessee St and take a right on Dewey St. Then, take a left on W Georgia St. The pro

Tax and Financial Info

Tax Annual Amount: $6,406
Gross Income: $5,728
Terms: Conventional

Schools

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726 W Georgia St Tallahassee, FL 32304
GO SEE THIS LISTING
726 W Georgia St Tallahassee, FL 32304
 
ASAP
Tue
29
Nov
Wed
30
Nov
Thu
1
Dec
Fri
2
Dec
Sat
3
Dec
Sun
4
Dec
Mon
5
Dec
Choose Your Date -- It's Free, Cancel Anytime
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Listing Information Last Updated 11/28/2022
Listing provided courtesy of Community Realty Associates.
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program. Real estate listings held by IDX Brokerage firms other than Joe Manausa Real Estate are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. This information is provided exclusively for personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

The Broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Information deemed reliable but is not guaranteed.
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