3692 Coolidge Ct 29,328 SF 100% Leased Office Building Tallahassee, FL 32311 $3,500,000 ($119.34/SF) 4.05% Cap Rate
INVESTMENT HIGHLIGHTS
- Desirable Southwood Location
- Quality Commercial Construction
- Class "A" Building
EXECUTIVE SUMMARY
With a strong tenant in place on the 2nd floor and vacant space available for lease or use by owner/occupant, this 1st class building presents an excellent opportunity for an owner/user or investor.
50% of the building, 14,664sf (the entire 2nd floor) is occupied by the League of Southeastern Credit Unions (LSCU). LSCU has occupied the building since 2013 and their lease runs through December 2026. In addition to paying rent, LSCU’s lease requires them to reimburse the Landlord for 50% of the building’s utility bill and provide for a facilities manager to oversee the building.
There is currently 8,373SF available for lease or use by an owner/user on the 1st floor.
FINANCIAL SUMMARY (PRO FORMA - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$404,435
|
$13.79
|
| Other Income |
$84,615
|
$2.89
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$489,050
|
$16.68
|
| Taxes |
$64,446
|
$2.20
|
| Operating Expenses |
$234,768
|
$8.00
|
| Total Expenses |
$299,214
|
$10.20
|
| Net Operating Income |
$189,836
|
$6.47
|
PROPERTY FACTS
MAJOR TENANTS
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE END
-
- Management of Companies and Enterprises
- -
- -
- Dec 2027
The credit union movement began with a simple idea – that people could achieve a better standard of living for themselves and others by pooling their savings and making loans to neighbors and co-workers. The philosophy of the credit union movement is “Not for Profit, Not for Charity, But for Service.” Credit unions promote thrift and teach the wise use of credit. They encourage their members to develop a systematic savings program, and they provide a source of low-cost credit. Because credit unions are not-for-profit and have low overhead costs, they are usually able to offer lower interest rates on loans and higher dividends on members’ shares (savings). A credit union is also non-profit in the sense that its purpose is to serve the members, not to make money. It needs money to provide services and benefits. But money is the means, not the end. Credit unions are safe and sound places to bank. Every credit union is regulated and examined consistently by the National Credit Union Admini
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE END | ||
|
|
Management of Companies and Enterprises | - | - | Dec 2027 |
PROPERTY TAXES
| Parcel Number | 31-16-26-00C-010.0 | Total Assessment | $2,841,281 |
| Land Assessment | $386,943 | Annual Taxes | $64,446 ($2.20/SF) |
| Improvements Assessment | $2,454,338 | Tax Year | 2024 |
