1212 N Monroe St - Fast Food FOR SALE


Tallahassee, FL 32303- Levy Park
$3,200,000 USD
850-508-4105
1212 N Monroe St, Tallahassee, FL for Sale
$3,200,000 USD
Fast Food - FOR SALE
1/14
null | 7.13% Cap Rate

1212 N Monroe St
Tallahassee, FL 32303
Levy Park


HIGHLIGHTS

  • Adjacent to FedEx Office
  • Major renovations in 2022
  • Exterior paint and area lighting 2026

OVERVIEW

Midtown Landing is an 11,533 net leasable-square-foot multi-tenant retail strip center situated on a 0.920-acre site at 1212 and 1216 North Monroe Street in Tallahassee’s established north-central commercial corridor. Theproperty provides infill frontage on North Monroe Street with direct access from Adams Street,approximately 156 feet of street frontage, Central Urban-45 and Central Urban-26 zoning, and a location onemile north of the CBD with connectivity to Thomasville Road and Interstate 10. The asset is fully occupied and leased at rates the report identifies as consistent with market, generating projected gross income of $296,123 from $228,172 in base rent and $67,951 in reimbursements. The reportapplies a 3% vacancy and collection loss assumption, and the capitalization analysis uses NOI of $228,172at a 7.13% cap rate to derive a $3,200,000 value. Comparable retail rents of $16.00 to $24.00 per square footand the subject’s average base rent of $20.36 per square foot indicate current pricing is aligned with the market. The improvements total 13,333 square feet, including a unrented 1,800-square-foot basement at 1212 NorthMonroe for a total NLS of 11,533, and are configured as a blend of retail shop spaces. That layout can diversify income across multiple tenants and reduce dependence on any single occupancy decision.

FOR SALE DETAILS

PRICE

$3,200,000 USD

PRICE/SF

$618 USD /SF

CAP RATE

7.13%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Fast Food

ADD'L SUBTYPES

Restaurant, Storefront Retail/Office

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1946

SPRINKLERS

-

PARKING SPACES

55

LAND DETAILS

LAND ACRES

0.92 AC

LAND SF

40,075 SF

ZONING

CU-45

APN/PARCEL ID

21-25-45-000-157-0,21-25-51-000-013.0

ASK ABOUT THIS PROPERTY

Steve MattoxMattox Realty, Inc.More Info
850-508-4105

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Steve MattoxMattox Realty, Inc.More Info
850-508-4105

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.