Multifamily
The Edge at 401
401 W Park Ave, Tallahassee, FL 32301
Listing Price: $7,200,000
Cap Rate
6.25%
GRM
11.08
Investment Overview
A 47-unit turnkey multifamily community located in Tallahassee – Florida’s state capital – with $1.7-million in capital improvements
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
Exclusively Listed By
Financing By
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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