726 W Georgia Street #1-4
Tallahassee, FL 32304

26 West Georgia Street is a 4-unit, 12-bed multifamily property located across from Florida State University's campus and popular student nightlife. Each unit contains the same floor plan and features 1,280 square feet, three bedrooms and three bathrooms with private exterior bedroom doors (replaced in 2018), in-unit washer and dryers, vinyl plank flooring in the living areas and bathroom (living and bedroom flooring replaced in 2018, bathroom flooring replaced in 2022 which is not included in all pictures), and private off-street parking. The site's accessibility to the university and its public transportation system will create continued rental demand at the property. The property is currently 100% leased for the 2022 / 2023 school year at average rents per unit, prior to any miscellaneous recurring income, of $1,412, or $1.10 per square foot. This is well below market rent of $1.20 per square foot, presenting an opportunity for the prospective buyer to materially increase revenue upon lease turnover. The asking price is $675,000, which equates to an attractive 8.9% cap rate based on proforma income and 8.4% cap rate based on current leased rental rates and 2021 calendar year expenses.