2633 W Tennessee St - Hospitality FOR SALE


Tallahassee, FL 32304
$995,000 USD
850-224-2300
2633 W Tennessee St, Tallahassee, FL for Sale
$995,000 USD
Hospitality - FOR SALE
1/5
null | Request Cap Rate

2633 W Tennessee St
Tallahassee, FL 32304


HIGHLIGHTS

  • OPPORTUNITY ZONE INVESTMENT LOCATION
  • Nearly an acre of land (.99)
  • Located in a vibrant college town with three large colleges
  • 300 feet frontage on US Highway 90/West Tennessee Street
  • Redevelopment parcel - motel is obsolete
  • Traffic Count 36,500 vehicles per day

OVERVIEW

West Tennessee Street is a redevelopment hot-bed. Since 2021, this 2-mile stretch has has turned over fifteen properties for redevelopment. Sales have ranged from $600,000 for vacant acre to a $14 million dollar, 2017-built, multi-family student complex. This property, located in an Opportunity Zone, returns to the marketplace during a dynamic redevelopment period in this student-centered area. There are 17 ready permits waiting for activation for a drive-through fast-casual restaurant and 3,600 SF of retail space with 20 parking spaces and permitted stormwater pond. There is only one restaurant within a 2-mile radius. So redevelopment of this parcel with the permitted drive-thru restaurant is the highest and best use. The parcel is located within a quarter of mile from Tallahassee Community College with over fifteen thousand students, in an area with more than 4500 student beds with walking distance. There are 4 banks, 5 pharmacies, several new Car dealerships, including Tesla (now built) and Kia (under construction) and an Acura expansion along this corridor. It is ripe for redevelopment.

FOR SALE DETAILS

PRICE

$995,000 USD

PRICE/SF

$82 USD /SF

# OF ROOMS

18

PRICE/ROOM

$55,278 {currency}

CAP RATE

Request Cap Rate

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Cactus Motel

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

1

ROOM ENTRANCE

Exterior

BUILDING CLASS

C

YEAR BUILT

1952

PARKING SPACES

30

LAND DETAILS

LAND ACRES

0.99 AC

LAND SF

43,124 SF

ZONING

CP

APN/PARCEL ID

21-28-40-00A-001.0

ASK ABOUT THIS PROPERTY

Colleen CastilleNAI TALCOR Commercial Real Estate Services, Inc.More Info
850-224-2300

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Colleen CastilleNAI TALCOR Commercial Real Estate Services, Inc.More Info
850-224-2300

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.