House with 6 Cottages

Multi-Family for Sale
Catylist Listing ID: 30666374
Property Subtypes: Low-Rise/Garden, Mixed Use, Other
Number of Units: 7 Units
Building Size (RSF): 7,179 SF
Gross Land Area: 6.65 Acres
Sale Price: $895,000
Unit Price: $127,857.14 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/28/2021

Overview / Comments

Once in a lifetime opportunity to own nearly seven acres of investment property plus a ranch-style homestead (or larger rental) in Tallahassee's most sought-after area: The Northeast Market District // Built in the mid-1950's, the property consists of a 2100 sq ft main house with four bedrooms and two full baths that has been renovated over the years to blend with it's classic original elements // The cottages range in rent from $600-$895 (Seller has chosen not to raise rent for two long-time tenants), but market rent is $895 each // With interior cosmetic renovations and/or a furnished AirBnb/short-term rental concept, the market rent could be much, much higher // The cottages are all nearly identical in their floor plans, but are 844 square feet and each have two bedrooms and one full bathroom, some have carports // Various updates throughout each, but most have rather original interior finishes hard floors // Owner has kept up with septic and roof repairs very well // Property was parceled separately so that main house is on one parcel for homestead purposes // Water well for all properties is on homestead parcel // Both parcels must be sold together // Leases, surveys and old appraisal docs are available

Additional Details

Nearest MSA: Tallahassee
County: Leon
Taxing Authority: Leon County
Tax ID/APN: 2101204030000, 2101204130000
Property Located Between: NE Tallahassee
Total Number of Buildings: 7
Year Built: 1954
Zoning Description: Lake Protection

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,435 40,593 152,141
Median Age: 48.85 38.23 33.48
Households: 1,057 17,789 63,109


Photograph of Listing Agent

Christie Perkins

Coldwell Banker Hartung Member
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