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Multifamily

Whispering Pines

2731 N Blair Stone Rd, Tallahassee, FL 32301

Listing Price: Request For Offer

Number of Units
120
Gross SF
123,758

Investment Overview

As the exclusive advisor, Marcus & Millichap is pleased to present Whispering Pines, a 120-unit multifamily opportunity. This residential community is located in Tallahassee, the state capital of Florida. It consists of low-density two-story buildings with one, two, three, and four-bedroom floorplans, It offers residents immediate access to nearby attractions and economic centers such as Downtown Tallahassee, Governor’s Square Mall, Florida State University, Florida A&M University, and many government office buildings. Furthermore, Whispering Pines is situated directly on Hilaman Golf Course, providing golf course views to 62 of the 120 units being offered. The buyer of Whispering Pines will benefit not only from the job growth Tallahassee is experiencing, but will also benefit from the ability to renovate the unit interiors, amenity package, and building exteriors. Upon completing renovations, the Buyer could realize 23% rent growth through a mark-to-market approach, as nearby properties are consistently achieving rental rates $200 to $800 above Whispering’s current average effective rents. Although this investment opportunity already offers a “going-in” cap rate above 6%, the Buyer will be positioned to achieve a pro forma cap rate of nearly 8% on an all-in basis, along with double-digit cash-on-cash returns.

Investment Highlights

  • 120-Unit Multifamily Asset
  • Value-Add Opportunity through unit interior renovations and exterior property upgrades
  • Well located near downtown Tallahassee, Governor's Square Mall, and two major universities

Exclusively Listed By

Financing By

Multifamily

Whispering Pines

Listing Price: Request For Offer

Number of Units
120
Gross SF
123,758

Investment Highlights

  • 120-Unit Multifamily Asset
  • Value-Add Opportunity through unit interior renovations and exterior property upgrades
  • Well located near downtown Tallahassee, Governor's Square Mall, and two major universities

Investment Overview

As the exclusive advisor, Marcus & Millichap is pleased to present Whispering Pines, a 120-unit multifamily opportunity. This residential community is located in Tallahassee, the state capital of Florida. It consists of low-density two-story buildings with one, two, three, and four-bedroom floorplans, It offers residents immediate access to nearby attractions and economic centers such as Downtown Tallahassee, Governor’s Square Mall, Florida State University, Florida A&M University, and many government office buildings. Furthermore, Whispering Pines is situated directly on Hilaman Golf Course, providing golf course views to 62 of the 120 units being offered. The buyer of Whispering Pines will benefit not only from the job growth Tallahassee is experiencing, but will also benefit from the ability to renovate the unit interiors, amenity package, and building exteriors. Upon completing renovations, the Buyer could realize 23% rent growth through a mark-to-market approach, as nearby properties are consistently achieving rental rates $200 to $800 above Whispering’s current average effective rents. Although this investment opportunity already offers a “going-in” cap rate above 6%, the Buyer will be positioned to achieve a pro forma cap rate of nearly 8% on an all-in basis, along with double-digit cash-on-cash returns.

Exclusively Listed By

Financing By

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