For Sale
$760,000

510 Kissimmee StTallahassee, FL 32310

10-Unit Multifamily, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
114
This 10-unit apartment building in Tallahassee, Florida presents a compelling investment opportunity. The property, located at 510 Kissimmee St, 32310, boasts a total of 5,150 square feet of rentable space, comprising eight one-bedroom/one-bathroom units and two two-bedroom/one-bathroom units. Built in 1965 and extensively renovated in 2021, the property is currently operating at 100% occupancy as of October 2, 2024. The asking price is $760,000, translating to $76,000 per unit and $147.57 per square foot. The property sits on a 0.18-acre lot and features a two-story building. The current Net Operating Income (NOI) is $55,761, yielding a 7.34% cap rate. Pro-forma NOI is projected at $60,528, resulting in a 7.96% pro-forma cap rate. All units are individually metered for water and sewer. The property's location offers residents convenient access to major Tallahassee economic drivers within a 15-minute radius. This stabilized asset with minimal deferred maintenance presents a strong potential for future rental rate increases, given the current average effective rent of $815.

Highlights

  • 10-unit multifamily property in Tallahassee, FL.
  • Kissimmee Apartments underwent extensive interior and exterior renovations since 2021.
  • $815 average effective rent; potential for rental rate increases.
  • 100% occupancy, stabilized asset with minimal deferred maintenance.
  • Individual water/sewer meters for each unit.
  • Prime Tallahassee location, within 15 minutes of major economic drivers.

Property Details for 510 Kissimmee St

Property type
Apartment buildings
Square Feet
5,150 SF
Class
C
Year Built/Renovated
1965/2021
Buildings
1
Stories
2
Lot Size (sq. ft)
7,841 SF
Units
10

Location Insight

City
Tallahassee
County
Leon
State
Florida
Latitude
30.422582494295
Longitude
-84.290222228178
510 Kissimmee St, Tallahassee, Florida

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510 Kissimmee St
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