Skip to main content

Multifamily

The Edge at 401

401 W Park Ave, Tallahassee, FL 32301

Listing Price: $5,000,000

Cap Rate
6.09%
Number of Units
47
Price/Unit
$106,383
Price/Gross SF
$176.72
Gross SF
28,294

Investment Overview

A 47-unit multifamily community located in Tallahassee, Florida Ample parking with opportunity to derive parking income Sparkling swimming pool with upgraded pool deck & newer pavers Inviting pergola and grilling areas Newer on-site laundry facility Community is Less Than Five Miles to Interstate 10 Providing Ease of Commute to Nearby Major Cities of Pensacola and Jacksonville 13 units vacant & turn/renovation ready; seller provided revenue guarantee in place through August 2022

Investment Highlights

  • Incredible location within short walking distance of both Florida State University, with 42,000 Students and Downtown & Florida State Capitol, with workforce including 40,000 government employees
  • 100% in-demand one-bedroom floorplans attracting diverse tenant base, including professionals and graduate students (FSU Law School is one block from property)
  • Concrete block construction
  • $350,000+ in 2020/2021 capital improvements following $500,000+ comprehensive 2018 exterior and interior renovation
  • Significant upside remaining with 44% increase in Effective Gross Income achievable by Year 2 through continued unit-interior renovations and further property upgrades
  • 23% "Deluxe" units, newly renovated with 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
  • 48% "Premium" units, recently renovated with wood-look vinyl plank flooring, black appliances, raised panel cabinetry and tile backsplashes
  • All renovated units feature space-efficient dual-cycle washer/dryer appliances

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Listing Price: $5,000,000

Cap Rate
6.09%
Number of Units
47
Price/Unit
$106,383
Price/Gross SF
$176.72
Gross SF
28,294

Investment Highlights

  • Incredible location within short walking distance of both Florida State University, with 42,000 Students and Downtown & Florida State Capitol, with workforce including 40,000 government employees
  • 100% in-demand one-bedroom floorplans attracting diverse tenant base, including professionals and graduate students (FSU Law School is one block from property)
  • Concrete block construction
  • $350,000+ in 2020/2021 capital improvements following $500,000+ comprehensive 2018 exterior and interior renovation
  • Significant upside remaining with 44% increase in Effective Gross Income achievable by Year 2 through continued unit-interior renovations and further property upgrades
  • 23% "Deluxe" units, newly renovated with 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
  • 48% "Premium" units, recently renovated with wood-look vinyl plank flooring, black appliances, raised panel cabinetry and tile backsplashes
  • All renovated units feature space-efficient dual-cycle washer/dryer appliances

Investment Overview

A 47-unit multifamily community located in Tallahassee, Florida Ample parking with opportunity to derive parking income Sparkling swimming pool with upgraded pool deck & newer pavers Inviting pergola and grilling areas Newer on-site laundry facility Community is Less Than Five Miles to Interstate 10 Providing Ease of Commute to Nearby Major Cities of Pensacola and Jacksonville 13 units vacant & turn/renovation ready; seller provided revenue guarantee in place through August 2022

Exclusively Listed By

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

MM Texture Background
MM Textured Background Lower