0.23 Acres MultiFamily Vacant Lot

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 30861832
Property Subtypes: Multi-Family
Status: Pending
Gross Land Area: 0.23 Acres
Sale Price: $400,000
Unit Price: $1,739,130 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/21/2024

Overview / Comments

1. $400,000 Land ONLY

2. $650,000 Land with Approved City of Tallahassee Type B Site Plan Entitlement & Custom Apartment Building design & Drawings - LAND WITH APPROVED SITE PLAN ENTITLEMENT & DESIGN + DRAWINGS
"St. Francis Street Flats” which includes a 3 story Apartment Building.
The Apartment Design includes 6 units / 15 bedroom / bath suites, 14 secure off street parking spaces and 1 handicap accessible space with additional on street parking available.
Based on leasing rates and history in the area we estimate a $20,000 + -monthly income at 100% occupancy with $18,600 per month rental income ($14,400 per month from 12 studio suites with bathrooms, kitchenettes and living areas + common areas and $4,200 from (3) 1-bedroom apartments.) + $1,400 per month from leasing parking spaces.
The following have been submitted and approved:
Environmental Conditions : A Natural Features Inventory Exemption
Land Use Compliance Certificate (LUCC)
Concurrency Waiver
The previous residential rental property building has been demolished. The front of the property faces St. Francis Street. The lot is 66’ x 170’ (less a 6’ x 75’ area in the northeast portion of the lot). The total site area is 10,877 sf (.25 acre). The parking area is located on the rear portion of the lot and is accessed by 2 alleys that connect to St Michael Street (east side of block). There is an existing Cross Use Access Easement with the adjacent east properties for shared use of the alleys.
The proposed building includes 8,000 htd. / cooled sq. ft. The estimated construction cost (including site work) is $1.75 million.

Additional Details

Nearest MSA: Tallahassee
County: Leon
Taxing Authority: Leon
Tax ID/APN: 2136900328760
Property Visibility: Excellent
Airports: Tallahassee International Airport
Site Description: Vacant commercial lot
Area Description: Located near FSU, FAMU, Downtown Tallahassee
Zoning Description: All Saints Zoning District-A

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,623 109,255 166,850
Median Age: 24.01 27.93 29.8
Households: 4,455 45,266 69,447


Photograph of Listing Agent

Lawrence "Chip" Hartung

Coldwell Banker Hartung TALrex.com Member
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