Lipona Pines Small Multi Family For Sale Near FSU

Multi-Family for Sale
Catylist Listing ID: 30858499
Property Subtypes: Duplex/Fourplex
Number of Units: 8 Units
Building Size (RSF): 1,485 SF
Gross Building Area: 12,780 SF
Gross Land Area: 0.52 Acres
Sale Price: $2,160,000
Unit Price: $270,000 Per Unit
Property Use Type: Investment
Building Name: Lipona Pines
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 12/1/2023

Overview / Comments

Welcome to the exclusive Lipona Pines, a rare find in the heart of Tallahassee's college living, a student duplex property steps from Florida State University's main campus. This extraordinary investment opportunity encompasses four duplex buildings (24 bedrooms and bathrooms),100% rented out, making it an ideal choice for savvy investors.

Property Highlights:
Prime Location: Nestled within walking distance of Florida State University and the iconic Doak Campbell Stadium, this property boasts unparalleled convenience for students, ensuring high demand for years to come.
High Rental Demand: With all units currently occupied, you can take advantage of the consistent rental income from day one. The popularity of this location among students guarantees a steady stream of prospective tenants.
Optimal Unit Configuration: Each of the eight units is designed with the modern student in mind, featuring three bedrooms and three bathrooms. This layout ensures maximum privacy and comfort, making it a sought-after choice among students.
Ample Private Parking: Parking woes are a thing of the past here. The property offers ample private parking space for both tenants and guests, enhancing the overall convenience and desirability of the units.
Excellent Condition: The property is meticulously maintained, ensuring a hassle-free ownership experience. You can invest with confidence, knowing that your property is in top-notch condition and ready to welcome new tenants.
Below-Market Rents: Currently, the rents are considerably below market rates, offering a unique opportunity to increase your rental income. By adjusting the rental prices to match the market rates, you can significantly enhance your investment's profitability.

Why Invest Here?
This duplex property represents more than just bricks and mortar; it’s a gateway to a lucrative investment opportunity. The high demand for student housing in this area, coupled with the property's exceptional condition and strategic location, makes it a wise choice for investors looking for stable and growing returns.

Act Now!
Don’t miss out on this golden opportunity to own a premium student rental property near FSU. With high demand, prime location, optimal unit layouts, and room for increased revenue, this investment is a strategic move for your portfolio.


Finance Data Year 2024
Real Estate Taxes - Annual($) $15,000 (Annual)
Tax Value Land $200,000
Tax Value Improvements $660,000
Assessed Value - Total($) $860,000 (Annual)
Potential Rental Income $201,600 (Annual)
Net Operating Income $142,846 (Annual)
Actual or Proforma Year Proforma

Additional Details

Nearest MSA: Tallahassee
County: Leon
Taxing Authority: Leon County
Tax ID/APN: 2134510001810
Percent Occupied: 100%
Property Located Between: Pensacola Street and Jackson Bluff
Airports: TLH
Site Description: Small flat parcel with parking underneath each unit.
Area Description: Great location neat FSU and TCC. Just 2 blocks off of Pensacola Street.
Total Number of Buildings: 4
Property Condition: Excellent
Number of Stories: 2
Year Built: 2005
Construction/Siding: Vinyl Siding
Parking Type: Surface
Parking Description: Ample parking underneath each unit
Total Parking Spaces: 25
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable, DSL
Interior Description: Spacious interior with 3 bedrooms and 3 bathrooms.
Zoning Description: UT (University Transition
Lot Frontage: 100
Lot Depth: 170
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 24,199 97,333 161,986
Median Age: 21.75 26.14 29.58
Households: 9,536 38,429 67,196


Photograph of Listing Agent

Brian S. Messer, CCIM

The Naumann Group Real Estate, Inc. Member
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