319 Dixie Drive

319 Dixie Drive, Tallahassee, FL 32304

  • For Sale $1,450,000
  • Property Type Multi-Family
  • Property Size 13,974 SF
  • Units 16
  • Lot Size 0.2 Acre
  • Additional Rent Contact for pricing
  • Parking Spaces Avail. 24
  • Property Tenancy Multi-Tenant
  • Year Built 1982
  • Date Updated Aug 16, 2024
Located within the University Submarket of Tallahassee, and a short distance to Tallahassee Community College, Florida State University (FSU), and Florida A & M University (FAMU)This 16 unit multi-family property is centrally located within the University Submarket of Tallahassee, and a short distance to Tallahassee Community College, Florida State University (FSU), and Florida A & M University (FAMU). These units are in high demand as there is a shortage of one-bedroom units in the area. This investment asset offers consistent cash flow with historically low vacancy and plenty of room for rent growth. This offering consists of four (4) garden-style buildings with four (4) units each, all within their own separate cul-de-sac. Built in 1982, all sixteen (16) units are 1 BR / 1 Ba units at 650± SF each. All roofs have been replaced within the past twelve (12) years. The existing rent roll is approximately $60+ / month per unit below market rents. Landlord has been steadily replacing appliances and fixtures in lieu of repairs.

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Attachments

Highlights

  • Ask About Potential Seller Financing
  • Historically Low Vacancy - Shortage of 1BR Units in the Submarket
  • All Utilities are Separately Metered
  • Tenants Handle Their Own Electric, Water, Phone, and Trash Collection
  • Close Proximity to Florida State University (FSU), Florida A & M University (FAMU), and Tallahassee Community College
  • Value-Add Proforma CAP Rate of 8.7% is Projected for Year 2
  • Assumes an Average Monthly Income Improvement of $60/Mo/Unit, with Minimal Added CAPEX
  • Tenants Pay Directly for All Utilities

Contacts

broker

Jeff Forsythe, CCIM

Lee & Associates | Naples - Ft. Myers

Location

Getting Around

  • Walk Score ®

    52/100 Somewhat Walkable

  • Transit Score ®

    41/100 Some Transit

  • Bike Score ®

    71/100 Very Bikeable
Powered by Walk Score ®
  • City Tallahassee, FL
  • Neighborhood Bloxham Terrace
  • Zip Code 32304
  • Market Tallahassee

Points of Interest

  • Marathon

    0.23 miles

  • Shell

    0.32 miles

  • Tesla Supercharger

    0.54 miles

  • Chevron

    0.67 miles

  • Arco

    0.76 miles

  • Petro

    0.82 miles

  • Sunoco

    0.87 miles

  • ChargePoint

    1.72 miles

  • Clipper Creek

    2.25 miles

  • Blink

    2.61 miles

  • Stadium Green Lot

    1.18 miles

  • Parking Garage #3

    1.31 miles

  • Tully Gym East

    1.55 miles

  • South Circus

    1.57 miles

  • Woodward Avenue Garage

    1.68 miles

  • West Pensacola Street Garage

    1.72 miles

  • Lot 341

    1.78 miles

  • Traditions Way Garage

    1.80 miles

  • FSU Commuter Parking

    1.90 miles

  • Saint Augustine Street Garage

    2.26 miles

  • Cactus Motel

    0.66 miles

  • Budget Inn

    1.31 miles

  • Days Inn by WyndhamTallahassee University Center

    1.36 miles

  • Holiday Inn Express Tallahassee-University Central

    1.38 miles

  • Hotel Indigo Tallahassee - Collegetown

    1.95 miles

  • Residence Inn Tallahassee Universities at the Capitol

    2.30 miles

  • Hampton

    2.32 miles

  • Hyatt House

    2.37 miles

  • WoodSpring Suites

    2.47 miles

  • Four Points by Sheraton Tallahassee - Downtown

    2.51 miles

  • Bagel Bagel

    0.37 miles

  • Bojangles'

    0.44 miles

  • Long Garden

    0.49 miles

  • Sake House

    0.50 miles

  • Tropical Smoothie Cafe

    0.50 miles

  • Panera Bread

    0.50 miles

  • Royal Thaiand Sushi

    0.53 miles

  • McDonald's

    0.54 miles

  • Charley Cheesesteaks

    0.55 miles

  • Pho 7

    0.56 miles

  • Carnaghi Arts

    0.55 miles

  • Lively Technical College

    0.80 miles

  • Tallahassee State College

    0.87 miles

  • SAIL High School

    0.94 miles

  • Lewis M Lively Area Technical-Vocational School

    1.07 miles

  • Gretchen Everhart School

    1.10 miles

  • Amos P. Godby High School

    1.18 miles

  • Second Chance at Ghazvini Learning Center

    1.36 miles

  • Sabal Palm Elementary School

    1.45 miles

  • Maranatha Christian Academy

    1.51 miles

  • Miracles in Me

    1.33 miles

  • Annie's Day Care

    2.20 miles

  • Jolly Jo's

    2.36 miles

  • Jacob's Ladder Childcare Center

    2.75 miles

  • School For Young Children

    2.88 miles

  • Kidz Academy

    2.89 miles

  • Quality Education Facility

    2.98 miles

  • Gingerbread Christian Academy

    3.00 miles

  • Trinity Catholic School

    3.14 miles

  • Ann's Preschool and Kindergarten

    3.22 miles

Frequently Asked Questions

How much does 319 Dixie Drive cost?

The space currently listed for sale at 319 Dixie Drive asks for $1,450,000.

What is the total square footage of 319 Dixie Drive?

319 Dixie Drive totals 13,974 square feet.

When was this property built?

319 Dixie Drive was built in 1982.

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Contact Listing Broker

broker

Jeff Forsythe, CCIM

Lee & Associates | Naples - Ft. Myers