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Multifamily

The Edge at 401

401 W Park Ave, Tallahassee, FL 32301

Listing Price: Request For Offer

Investment Overview

A 47-unit turnkey multifamily community located in Tallahassee – Florida’s state capital – with $1.7-million in capital improvements

Investment Highlights

  • A 47-unit turnkey multifamily community located in Tallahassee – Florida's state capital – with $1.7-million in capital improvements
  • Incredible location within short walking distance of both Florida State University, with 42,000 students and Downtown & Florida Capitol Complex, with workforce including 40,000 government employees
  • Consistently 100% Occupied
  • $850,000+ in recent capital improvements, including new roof, following $350,000+ in 2020/2021, and a $500,000+ comprehensive 2018 exterior and interior renovation
  • Renovated "Deluxe" units include wood-look vinyl plank flooring, granite countertops with undermount sinks and large dining island, stainless steel appliances with built-in microwaves, raised panel cabinetry and subway tile backsplashes. They yield $100 higher rent than unrenovated "Premium" units which include wood-look vinyl plank flooring, black appliances, raised panel cabinetry and tile backsplashes
  • All units feature space-efficient dual-cycle washer/dryer appliances
  • Further upside remains through reducing loss-to-lease, currently at 15%. This reduction, along with strategic community improvements, can yield a 26% increase in Effective Gross Income by end of Year Two
  • Sparkling swimming pool with upgraded pool deck & newer pavers and inviting pergola and grilling areas

Exclusively Listed By

Financing By

Multifamily

The Edge at 401

Investment Highlights

  • A 47-unit turnkey multifamily community located in Tallahassee – Florida's state capital – with $1.7-million in capital improvements
  • Incredible location within short walking distance of both Florida State University, with 42,000 students and Downtown & Florida Capitol Complex, with workforce including 40,000 government employees
  • Consistently 100% Occupied
  • $850,000+ in recent capital improvements, including new roof, following $350,000+ in 2020/2021, and a $500,000+ comprehensive 2018 exterior and interior renovation
  • Renovated "Deluxe" units include wood-look vinyl plank flooring, granite countertops with undermount sinks and large dining island, stainless steel appliances with built-in microwaves, raised panel cabinetry and subway tile backsplashes. They yield $100 higher rent than unrenovated "Premium" units which include wood-look vinyl plank flooring, black appliances, raised panel cabinetry and tile backsplashes
  • All units feature space-efficient dual-cycle washer/dryer appliances
  • Further upside remains through reducing loss-to-lease, currently at 15%. This reduction, along with strategic community improvements, can yield a 26% increase in Effective Gross Income by end of Year Two
  • Sparkling swimming pool with upgraded pool deck & newer pavers and inviting pergola and grilling areas

Investment Overview

A 47-unit turnkey multifamily community located in Tallahassee – Florida’s state capital – with $1.7-million in capital improvements

Exclusively Listed By

Financing By

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