534 E College Ave
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534 E College Ave
8 Unit Apartment Building $1,000,000 ($125,000/Unit) Tallahassee, FL 32301
Investment Highlights
- Walkable to Cascades and downtown
- all units individually metered
- 6 of 8 HVAC units recently replaced
- Front door parking
- 2024 Roof
- Easy to maintain and manage opportunity
Executive Summary
Prime Investment Opportunity – 534 East College Ave, Tallahassee, FL
Situated in the sought-after Cherokee Hills neighborhood, near Cascades Park and Downtown Tallahassee, this all-brick, two-story property features 8 well-maintained, 1-bedroom, 1-bathroom units. With front-door parking for each unit, convenience is key for tenants, ensuring high demand. The property offers solid rental income, with current rents averaging $865 per month and room for potential increases as leases renew.
Key updates include a new roof (2024) and 5 out of 8 AC units recently replaced. Each unit is individually metered, minimizing overhead costs. This rare find in a desirable location is perfect for investors seeking a stable and attractive rental property in the heart of Tallahassee.
Don’t miss out on this exceptional opportunity!
Situated in the sought-after Cherokee Hills neighborhood, near Cascades Park and Downtown Tallahassee, this all-brick, two-story property features 8 well-maintained, 1-bedroom, 1-bathroom units. With front-door parking for each unit, convenience is key for tenants, ensuring high demand. The property offers solid rental income, with current rents averaging $865 per month and room for potential increases as leases renew.
Key updates include a new roof (2024) and 5 out of 8 AC units recently replaced. Each unit is individually metered, minimizing overhead costs. This rare find in a desirable location is perfect for investors seeking a stable and attractive rental property in the heart of Tallahassee.
Don’t miss out on this exceptional opportunity!
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $1,000,000 | Building Class | C |
| Price Per Unit | $125,000 | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 8,288 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1957 |
| Apartment Style | Low Rise | Parking Ratio | 1.45/1,000 SF |
| Price | $1,000,000 |
| Price Per Unit | $125,000 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 8,288 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Parking Ratio | 1.45/1,000 SF |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $900.00 | 710 |
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Walk Score ®
Very Walkable (76)
Bike Score ®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 11-31-32-00G-002.0 | Improvements Assessment | $291,759 (2023) |
| Land Assessment | $72,000 (2023) | Total Assessment | $363,759 (2023) |
PROPERTY TAXES
Parcel Number
11-31-32-00G-002.0
Land Assessment
$72,000 (2023)
Improvements Assessment
$291,759 (2023)
Total Assessment
$363,759 (2023)
zoning
| Zoning Code | OR-1 (Office Residential 1) |
| OR-1 (Office Residential 1) |
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534 E College Ave
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