1701 Hermitage BlvdTallahassee, FL 32308

Property Details for 1701 Hermitage Blvd

Year built

2004

Construction

FRAME

Lot size

3.33 AC

Property size (Sq ft)

32,336 SF

Property type

Office properties

Property subtype

Office buildings

APN

11-17-20-006-001-0

APU

1117200060010

Description

This exceptional Class A office building, located at 1701 Hermitage Blvd in Tallahassee, Florida, offers a prime opportunity for businesses seeking high-visibility space. The 32,366 square foot building, constructed in 2004 and extensively renovated in 2022, boasts a desirable two-story design. Currently, 10,395 square feet of space is available for lease. Three individual suites are available, including an immediate occupancy turnkey first-floor suite of 3,642 square feet and a larger 6,753 square foot suite ready for occupancy in July 2024. The property sits on a 3.33-acre lot with ample surface parking (120 spaces) and features elevators. The building enjoys high visibility and signage directly on Hermitage Boulevard, less than half a mile from the Thomasville Road interchange, ensuring excellent accessibility. Planned upgrades to the entry foyer and common areas are scheduled for the first or second quarter of 2024. Renovations and improvements are available based on lease terms. This property benefits from long-term ownership and professional management, providing stability and peace of mind for tenants. The building's zip code is 32308.

• CAP approach

  CAP return

  Valuation

  6%

  $7,586,744

  6.5%

  $7,003,148

  7%

  $6,502,923

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,298,766

  Geo Method

  $2,298,766

• Alternative Use

  Use

  Valuation

  Residential

  $8,683,903

  Hospitality

  $7,954,408

  Educational

  $6,617,974

  Medical

  $6,845,577

  Retail

  $10,294,627

Location Insight

City

Tallahassee

County

Leon

State

Florida

Latitude

30.4873

Longitude

-84.2471

CBSA code

45220

CBSA name

TALLAHASSEE, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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