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 |
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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