1320 Fuller Rd, Tallahassee, FL 32303
37 Unit Apartment Building | For Sale | 6.51% Cap Rate | Tallahassee, FL 32303
For Sale
Active
- Property Type
-
Multifamily
- Square Feet
- 35,214 SF
Listing Contacts
Benjamin Skinner
Matthew Prozzillo
Property Overview
SP Multifamily Group of Marcus & Millichap is pleased to present MeGinnis Apartments, a 37-unit multifamily residential complex built between 1952 and 1983 in Tallahassee, FL. MeGinnis Apartments consists of all two and three-bedroom units with an average rentable square feet of 953. All but two units have washer/dryer appliances. Many units have been renovated with granite-look countertops, stainless steel appliances, vinyl plank flooring, upgraded lighting packages, and more. MeGinnis Apartments is located in a quiet, low-traffic, residential area, and provides proximity to all of the local and national retailers and restaurants of US 27 and Interstate 10.
Property Details
- Class
- C
- Year Built/Renovated
- 1972/2023
- Stories
- 1
- Lot Size (sq. ft)
- 83,635 SF
- Units
- 37
Highlights
- 37-Unit Multifamily Asset With Operational & Physical Value Add Upside.
- 19-Units Have Been Renovated With Stainless Steel Appliances, Vinyl Plank Flooring, Upgraded Lighting Package, Granite Look Countertops, And More.
- 18-Units Have Received Partial Renovations During Current Ownerships Hold Period And Are Primed For Further Renovation As Leases Turn.
- 18 Of The 21 Roofs Have Been Replaced Between 2014 & 2022
- Low-Density, Minimal Traffic Residential Area, Offering Tenants Privacy and Relaxing Laid-Back Lifestyle.
- All Units Have Washer/Dryer Connections And 35 Units Have Washer/Dryer Appliances, Allowing a Buyer to Generate Appliance Rental Income on New Leases
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