306 Laura Lee Avenue

Office for Sale
Also listed as Special Purpose, Business Opportunity
Catylist Listing ID: 30338938
Property Subtypes: Mixed Use, Flex Space, Office Building, Other
Building Size (RSF): 19,700 SF
Gross Building Area: See Agent
Gross Land Area: 4 Acres
Sale Price: $995,000
Unit Price: $50.51 PSF
Ceiling: 10 ft.
Property Use Type: Investment
Building Name: Budd Bell
Class of Space: Class B
Sale Terms: Other
Cap Rate: 10.11%
Average Occupancy Rate: 100
Last Updated: 11/9/2018

Overview / Comments

100% Occupied and 10% Cap on Income! The building is leased to two tenants and recently renovated with new roof, paint, flooring, fencing, and improvements to plumbing and HVAC. Low price per foot relative to the sales market. The lease rate is also low compared to the leasing market, so the relet opportunities are there should one tenant choose not to continue on after the initial term of five years. The Parcel size is Four Acres, with the building situated on the far Eastern side of the property, so there are opportunities for redevelopment of the remaining site for multi-family units should the Buyer desire to do so.

Additional Details

Nearest MSA: Tallahassee
County: Leon
Tax ID/APN: 41-12-20-416-0000
Zoning: MR-1
Property Located Between: South Monroe and Meridian
Property Visibility: Excellent
Airports: Tallahassee Regional Airport
Site Description: Location near Orange Ave and between S Monroe and Meridian Streets
Area Description: South Tallahassee
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 9,850 SF
Year Built: 1970
Year Renovated: 2004
Roof Type: Flat
Construction/Siding: Brick
Exterior Description: Painted Brick Exterior
Parking Type: Surface
Total Parking Spaces: 40
Passenger Elevators: 1
Sprinklers: Wet
Heat Type: Electricity, Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Interior Description: Drywall
Zoning Description: OR-3
Lot Depth: 573 x 304
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,183 76,747 143,820
Median Age: 24.2 27.03 28.98
Households: 2,216 30,592 59,325
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