Multifamily
Lodge 2765
2765 W Tharpe St, Tallahassee, FL 32303
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Lodge 2765, a 59-unit multifamily asset in Tallahassee, FL. Lodge 2765 was built in 1973 of full concrete block and consists of 44 one-bedroom/one-bathroom units with 600 square feet and 15 two-bedroom/one-bathroom units with 880 square feet. Currently, 46 of the 59 units have been renovated and an investor has the ability to continue renovations on the remaining 13 standard units, all while increase rental rates to $1,000/unit on the 1x1s, and $1,150/unit on the 2x1s, as units turn. Amenities at Lodge 2765 consist of a dog park, laundry facility, small cardio/fitness center, and a swimming pool. Additionally, the Property is situated on 3.28 +/- acres and has under utilized green space that an investor can use to add additional amenities.
Lodge 2765
Investment Highlights
- Highly Visible 59-Unit Multifamily Asset (28,000 AADT at Intersection)
- Built in 1973 of Concrete Block Construction
- Average Rental Upside of $160/Month Due to Low In-Place Rents
- Since Acquisition, Current Ownership has Renovated 46 Units, Replaced The Pool Pump and Pavers Around Pool Area, Resurfaced The Pool and More.
- Ability to Remove The On-site Office and Recoup an Additional $12,000 of Additional Rental Income
- Low-Density Currently Existing Allows for Addition of Various Exterior Amenities on Open Green Space
- Located within 5-Minutes of Major Big Box Restaurants and Retailers
- Tallahassee is Home to Florida's Capitol and Three Colleges/Universities, Which Account for More than 65,000+ Students and 16,000+ Employees
Exclusively Listed By
Financing By
Listing Price: Request For Offer
Investment Highlights
- Highly Visible 59-Unit Multifamily Asset (28,000 AADT at Intersection)
- Built in 1973 of Concrete Block Construction
- Average Rental Upside of $160/Month Due to Low In-Place Rents
- Since Acquisition, Current Ownership has Renovated 46 Units, Replaced The Pool Pump and Pavers Around Pool Area, Resurfaced The Pool and More.
- Ability to Remove The On-site Office and Recoup an Additional $12,000 of Additional Rental Income
- Low-Density Currently Existing Allows for Addition of Various Exterior Amenities on Open Green Space
- Located within 5-Minutes of Major Big Box Restaurants and Retailers
- Tallahassee is Home to Florida's Capitol and Three Colleges/Universities, Which Account for More than 65,000+ Students and 16,000+ Employees
Investment Overview
Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Lodge 2765, a 59-unit multifamily asset in Tallahassee, FL. Lodge 2765 was built in 1973 of full concrete block and consists of 44 one-bedroom/one-bathroom units with 600 square feet and 15 two-bedroom/one-bathroom units with 880 square feet. Currently, 46 of the 59 units have been renovated and an investor has the ability to continue renovations on the remaining 13 standard units, all while increase rental rates to $1,000/unit on the 1x1s, and $1,150/unit on the 2x1s, as units turn. Amenities at Lodge 2765 consist of a dog park, laundry facility, small cardio/fitness center, and a swimming pool. Additionally, the Property is situated on 3.28 +/- acres and has under utilized green space that an investor can use to add additional amenities.
Exclusively Listed By
Financing By
