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2501 S Meridian St
Tallahassee, FL 32301 South City

$2,350,000 USD

Apartments For Sale  •  14,400 SF

Property Details

• Property Type Apartments
• Total Building Size 14,400 SF
• Lot Size 0.91 AC
• Building Class C
• Year Built 1973
• Cap Rate 7.00 %
• Zoning CU-45

30 Transit Score

60 Walk Score

Highlights

Attractive Assumable Debt: Existing loan at a 3.73% interest rate with approximately six years remaining.

Strong In-Place Yield: Underwritten to a 7.00% Year 1 adjusted cap rate at the asking price.

Efficient Unit Mix: 31 of the 32 units are one-bedroom floor plans, creating a simple and highly rentable operating profile.

Affordable Price Point: Offered at $2,350,000, or approximately $73,438 per unit and $163.19 per square foot.

Stabilized Cash Flow Potential: Year 3 stabilized NOI is projected at approximately $177,678, compared to historical NOI of approximately $126,189.

Minutes from Florida State University (FSU) & Florida A&M University (FAMU)

Cap Rate:

7.00 %

Major Tenants

Tenant	SF Occupied	Lease End Date
Atlantic Property Services - Campus Highland
Pentwell

Public Transportation

Airport	Drive	Walk	Distance
Tallahassee International	11 min	-	5.8 mi