2016 Ann Arbor AveTallahassee, FL 32304

Property Details for 2016 Ann Arbor Ave

Year built

2017

Property size (Sq ft)

39,680 SF

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 32-unit multifamily complex ideally situated in Tallahassee, Florida, at 2016 Ann Arbor Ave, 32304. The property, built in 2017 by Hartsfield Construction, comprises four two-story buildings totaling 39,680 square feet of net rentable space, offering a compelling 7.19% pro-forma cap rate based on a projected Net Operating Income (NOI) of $425,600. Currently boasting a 90% occupancy rate (projected to be 100% by August 1, 2024), this Class B property features 96 beds across 32 condos, each with three bedrooms, three bathrooms, and three parking spaces. Each 1240 sq ft condo includes all appliances and a washer/dryer. The gated community provides residents with a swimming pool, recreation room, gym, and volleyball court. The property is zoned PUD and benefits from on-site property management. Tenants are responsible for their utilities, while trash and yard maintenance are covered by the HOA. This value-add investment presents a significant upside potential, with the option to purchase the entire complex or individual blocks of eight units. Financial statements are available upon request. This is a rare opportunity to acquire a well-maintained, high-performing student housing complex in a thriving Florida market.

Location Insight

City

Tallahassee

County

Leon

State

Florida

Latitude

30.4629

Longitude

-84.3492

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