Prime Redevelopment Opportunity

Vacant Land for Sale
Also listed as Special Purpose, Business Opportunity
Catylist Listing ID: 30404570
Property Subtypes: Hospitality, Industrial, Multi-Family, Office, Residential (Single Family), Retail, Retail-Pad, Vacation/Resort, Other
Gross Land Area: 1.02 Acres
Sale Price: $1,750,000
Unit Price: $1,715,686 Per Acre
Sale Terms: Other
Cap Rate: Undisclosed
Last Updated: 9/28/2020

Overview / Comments

The property is an impervious ½ block (1.02 acres) of land primed for redevelopment, located in between Midtown and Downtown Tallahassee and 3 blocks south of the Florida Governor's Mansion. The 9,078 SF structure on site is generating a net operating income of $101,200 a year with only 1 year remaining on their lease, thus providing the potential developer a steady cash flow during the permitting process.

A key improvement to this immediate sub‐market will be significant infrastructure improvements dubbed the Governor’s Walk Project. This project will be funded by the City’s 2020 Sales Tax extension and will include enhanced sidewalks, landscaping, lighting and crosswalks, and reconstruction of the existing asphalt pavement.

Additional Details

Nearest MSA: Tallahassee
County: Leon
Tax ID/APN: 2136401933970

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,152 111,604 177,019
Median Age: 28.05 28.46 30.89
Households: 5,832 46,814 73,611
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