510 Kissimmee StTallahassee, FL 32310
- Residential income properties
- 5,150 SF
Property Details for 510 Kissimmee St
- Year built
- 1965
- Lot size
- 0.18 AC
- Property size (Sq ft)
- 5,150 SF
- Property type
- Residential income properties
- Property subtype
- Multifamily properties
Description
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.
Location Insight
- City
- Tallahassee
- County
- Leon
- State
- Florida
- Latitude
- 30.4226
- Longitude
- -84.2902
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