7 Acres FLEX - MULTI-PURPOSE SPACE between FSU and FAMU

Industrial for Sale
Also listed as Business Opportunity
Catylist Listing ID: 30379075
Property Subtypes: Flex Space, Free-Standing, Industrial-Business Park, Manufacturing, Mixed Use, Light Industrial, Research & Development, Self Storage, Truck Terminal, Warehouse/Distribution
Building Size (RSF): 71,650 SF
Gross Land Area: 7.15 Acres
Sale Price: $3,200,000
Unit Price: $44.66 PSF
Ceiling: 18 ft.
Docks/Doors: 30 Docks, 30 Doors
Office SF: 3,000 SF
Drive In Bays: 3 Bays
Property Use Type: Net Leased Investment (NNN), Investment, Business
Building Name: Council Properties
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 85
Last Updated: 11/5/2019

Overview / Comments

FUTURE USE POTENTIAL IS ENDLESS!
The subject property is located at the southwest intersection of Gamble Street and along the west side of Mill Street across from The City of Tallahassee improved park “Tallahassee Junction" Park and Cascades Park Trail.
1.5 Miles SW of Downtown Tallahassee
1.1 Miles from Innovation Park
3.3 Miles to Tallahassee Regional Airport
7.10 Acres Light Industrial Warehouse Property
Comprised of 5 Buildings with multiple office/storage bays, loading docks, electric and water in gated property with 2 entrances.
General Zoning CU-45 Central Urban
Future Land Use Designation CU Central Urban
Five, One-Story Buildings. Concrete Block Construction.
Total 71,660 Square Feet gross leasable area.
10,750 sf Approximate Office Space-Conditioned
60,900 sf Approximate Warehouse Space.
3 Phase Electric
Units have overhead Garage Doors and Steel Entry doors
Concrete Block, Steel Frame/Metal Roofing with Insulation
Asphalt Paved Parking and roadways, partial non-paved
Chain link Fencing with Barbed Wire top
Two entrance gates.
Tenants are month-to-month with a 90 day courtesy notice and several wish to continue leases.

Additional Details

Nearest MSA: Tallahassee
County: Leon
Taxing Authority: Leon County
Tax ID/APN: 41-02-20-429-000.0
Zoning: CU-45
Property Located Between: Gamble Rd, FAMU Way, Orange Avenue
Highway Access: .2 mi to Hwy 363 - Orange Ave. .2 Mi to FAMU - FLorida A & M University .3 MI to FSU - Florida State University
Airports: Tallahassee International Airport- 2 miles
Site Description: Multi-Use property prime for redevelopment - housing - office - business -located across from Tallahassee Junction Park-an extension of Cascades Park Trail. .3 MI to FSU - Florida State University 2 Mi to FAMU - Florida A & M University FAMU Way being constructed and relocated at Eastern border of Property Surrounded by Southside Frenchtown Development district. Mutimodal transportation.
Area Description: PRIME RE-DEVELOPMENT AREA - HEART OF SOUTH-CENTRAL TALLAHASSEE CENTRAL URBAN - 45 HIGH DENSITY, MULTIPLE POTENTIAL USAGES
Tenancy: Multiple Tenants
Total Number of Buildings: 5
Number of Stories: 1
Typical SF / Floor: 13,500 SF
Property Condition: Average
Year Built: 1960
Roof Type: Gable
Construction/Siding: Block
Exterior Description: Concrete Block with concrete loading docks and asphalt paved parking areas
Parking Type: Surface
Parking Description: Ample parking spaces in front of buildings as well as large open areas on property.
Eave Height: 12
Column Spacing: 50+
Sprinklers: None
X-Phase: Three-Phase
Lighting: Fluorescent
Interior Description: Open warehouse with insulated metal roof, concrete flooring, half-baths in most units, some have small office spaces finished.
Zoning Description: CU-45
Lot Frontage: City of Tallahassee Park, City of Tallahassee Drainage ditch
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Easements Description: City Utilities
Land Ownership: Owned with some leased units
Legal Description: 2 1S 1W IN W 1/2 OF SE 1/4

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,803 94,296 155,474
Median Age: 24.38 26.77 29.06
Households: 4,517 37,120 64,234

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