319 Dixie Drive

319 Dixie Drive, Tallahassee, FL 32304

  • For Sale $1,550,000
  • 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 Jun 19, 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 8.1% 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

  • Marathon

    0.50 miles

  • Chevron

    0.67 miles

  • Arco

    0.76 miles

  • Shell

    0.90 miles

  • Marathon

    1.15 miles

  • Exxon

    1.47 miles

  • Shell

    1.73 miles

  • Texaco

    1.77 miles

  • Stadium Green Lot

    1.18 miles

  • Parking Garage #3

    1.31 miles

  • Woodward Avenue Garage

    1.68 miles

  • Pensacola Street Parking 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

  • Call Street Garage

    2.26 miles

  • Palm Court Parking Lot

    2.27 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

  • University Inn & Suites Tallahassee

    1.99 miles

  • Residence Inn by Marriott Tallahassee Universities at the Capitol

    2.30 miles

  • Hampton

    2.32 miles

  • Hyatt House

    2.37 miles

  • WoodSpring Suites

    2.47 miles

  • Kings BBQ

    0.12 miles

  • Pizza Quick

    0.33 miles

  • Bojangles'

    0.45 miles

  • Panera Bread

    0.49 miles

  • BurgerIM

    0.50 miles

  • Tropical Smoothie Cafe

    0.50 miles

  • Kiku

    0.50 miles

  • McDonald's

    0.54 miles

  • Tijuana Flats

    0.55 miles

  • Pho 7

    0.56 miles

  • Carnaghi Arts

    0.55 miles

  • English Building

    0.73 miles

  • Administrative Bldg

    0.74 miles

  • Communications & Humanities

    0.77 miles

  • TCC Fine & Performing Arts Center

    0.78 miles

  • Tallahassee Community College Library

    0.79 miles

  • The Learning Commons

    0.80 miles

  • Academic Computer Center

    0.80 miles

  • Lively Technical College

    0.80 miles

  • Science and Math Building

    0.80 miles

  • Jolly Jo's

    2.36 miles

  • Jacob's Ladder Childcare Center

    2.76 miles

  • School For Young Children

    2.87 miles

  • Kidz Academy

    2.89 miles

  • Gingerbread Christian Academy

    3.00 miles

  • Ann's Preschool and Kindergarten

    3.22 miles

  • A Little Heaven's ACad

    3.27 miles

  • Ivy Hill Academy

    3.65 miles

  • Magnolia Preschool

    4.00 miles

  • Little Lambs Preschool

    4.69 miles

Frequently Asked Questions

How much does 319 Dixie Drive cost?

The space currently listed for sale at 319 Dixie Drive asks for $1,550,000.

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