Seller's Agent in 2023
Doug Addeo
Community Realty Associates
(561) 218-6558
1 in this area
1,262 Total Sales
726 W Georgia St Unit 1-4 Tallahassee, FL 32304
Frenchtown NeighborhoodEstimated Value: $672,000 - $866,000
12
Beds
12
Baths
5,120
Sq Ft
$149/Sq Ft
Est. Value
Highlights
- Central Air
- Washer and Dryer
- 3-minute walk to Carter Howell Strong Park
- Leon High School Rated A
- Vinyl Flooring
About This Home
As of February 202326 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.
Last Agent to Sell the Property
Community Realty Associates License #0559732 Listed on: 09/01/2022
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $9,103
Year Built
- Built in 2006
Lot Details
- 7,405
Parking
- Unassigned Parking
Home Design
- Vinyl Siding
Interior Spaces
- 5,120 Sq Ft Home
- 2-Story Property
- Vinyl Flooring
- Washer and Dryer
Kitchen
- Range
- Dishwasher
Schools
- Riley Elementary School
- Griffin Middle School
- Leon High School
Utilities
- Central Air
- Heat Pump System
Community Details
- Saxon Add Subdivision
- Gross Income $5,728
Listing and Financial Details
- Legal Lot and Block 19 / 1
- Assessor Parcel Number 12073-21-35-75-001-019-0
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Listed on
Sep 1, 2022
Closed on
Dec 31, 2022
Sold by
Kennedy Charles
Bought by
Carpenter John J
Seller's Agent
Doug Addeo
Community Realty Associates
Buyer's Agent
NON MEMBER
Tallahassee Board of REALTORS®
List Price
$699,000
Sold Price
$676,800
Premium/Discount to List
-$22,200
-3.18%
Views
279
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$109,436
Avg. Annual Appreciation
3.88%
Original Mortgage
$552,600
Outstanding Balance
$496,548
Interest Rate
5.69%
Mortgage Type
Credit Line Revolving
Estimated Equity
$248,465
Purchase Details
Listed on
Sep 1, 2022
Closed on
Dec 12, 2022
Sold by
Georgia Street Apartments Llc
Bought by
Kennedy Charles and Kasper Nicholas
Seller's Agent
Doug Addeo
Community Realty Associates
Buyer's Agent
NON MEMBER
Tallahassee Board of REALTORS®
List Price
$699,000
Sold Price
$676,800
Premium/Discount to List
-$22,200
-3.18%
Views
279
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$552,600
Outstanding Balance
$496,548
Interest Rate
5.69%
Mortgage Type
Credit Line Revolving
Estimated Equity
$248,465
Purchase Details
Closed on
May 21, 2021
Sold by
Kennedy Charles Crist and Kasper Nicholas Mitchell
Bought by
Georgia Street Apartments Llc
Purchase Details
Closed on
Oct 4, 2018
Sold by
Branch Banking And Trust Company
Bought by
Kennedy Charles Crist and Kasper Nicholas Mitchell
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$258,600
Interest Rate
4.5%
Mortgage Type
New Conventional
Purchase Details
Closed on
May 2, 2018
Sold by
726 West Georgia Street Llc
Bought by
Branch Banking And Trust Company
Purchase Details
Closed on
Apr 5, 2007
Sold by
Berman Richard E
Bought by
726 West Georgia Street Llc
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$432,000
Interest Rate
7.25%
Mortgage Type
Commercial
Purchase Details
Closed on
Jun 16, 2006
Sold by
726 West Georgia Street Llc
Bought by
Berman Richard E
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$432,000
Interest Rate
8%
Mortgage Type
Commercial
Purchase Details
Closed on
Sep 23, 2005
Sold by
Steward Marie
Bought by
Guerry James H and Berman Richard E
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$108,000
Interest Rate
6.5%
Mortgage Type
Commercial
Purchase Details
Closed on
Sep 11, 2001
Sold by
Fields General Ward and Fields Emma Harris
Bought by
Stewart Marie
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$30,636
Interest Rate
6.98%
Mortgage Type
Commercial
Create a Home Valuation Report for This Property
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Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Buyer | Sale Price | Title Company |
|---|---|---|---|
| Carpenter John J | $676,800 | Owen Title | |
| Kennedy Charles | $100 | -- | |
| Georgia Street Apartments Llc | -- | None Available | |
| Kennedy Charles Crist | $344,714 | Bridge Trust Title Group | |
| Branch Banking And Trust Company | $267,100 | None Available | |
| 726 West Georgia Street Llc | $432,000 | Attorney | |
| Berman Richard E | $109,000 | Attorney | |
| Guerry James H | $135,000 | -- | |
| Stewart Marie | $35,000 | -- |
Source: Public Records
Mortgage History
| Date | Status | Borrower | Loan Amount |
|---|---|---|---|
| Open | Carpenter John J | $552,600 | |
| Previous Owner | Kennedy Charles | $329,000 | |
| Previous Owner | Kennedy Charles Crist | $258,600 | |
| Previous Owner | 726 West Georgia Street Llc | $432,000 | |
| Previous Owner | 726 West Georgia Street Llc | $71,400 | |
| Previous Owner | Berman Richard E | $432,000 | |
| Previous Owner | Guerry James H | $108,000 | |
| Previous Owner | Steward Marie H | $18,000 | |
| Previous Owner | Stewart Marie | $30,636 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 02/03/2023 02/03/23 | Sold | $676,800 | +0.3% | $132 / Sq Ft |
| 12/06/2022 12/06/22 | Pending | -- | -- | -- |
| 10/17/2022 10/17/22 | Price Changed | $675,000 | -3.4% | $132 / Sq Ft |
| 09/02/2022 09/02/22 | For Sale | $699,000 | -- | $137 / Sq Ft |
Source: Capital Area Technology & REALTOR® Services (Tallahassee Board of REALTORS®)
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $9,103 | $473,160 | $65,000 | $408,160 |
| 2023 | $8,730 | $451,160 | $65,000 | $386,160 |
| 2022 | $7,554 | $402,160 | $40,000 | $362,160 |
| 2021 | $6,406 | $333,760 | $40,000 | $293,760 |
| 2020 | $6,209 | $328,360 | $40,000 | $288,360 |
| 2019 | $6,121 | $320,260 | $40,000 | $280,260 |
| 2018 | $6,178 | $320,260 | $40,000 | $280,260 |
| 2017 | $5,857 | $300,000 | $0 | $0 |
| 2016 | $5,940 | $300,000 | $0 | $0 |
| 2015 | $5,422 | $300,000 | $0 | $0 |
| 2014 | $5,422 | $300,000 | $0 | $0 |
Source: Public Records
Agents Affiliated with this Home
-
-
N
Buyer's Agent in 2023
NON MEMBER
FL_TBRMLS
Map
Source: Capital Area Technology & REALTOR® Services (Tallahassee Board of REALTORS®)
MLS Number: 350622
APN: 21-35-75-001-019.0
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