72-Unit Value Add Multifamily | Co-Brokers Welcome
2416 Jackson Bluff Road, Tallahassee, FL 32304
$6,599,900
Price
6.74%
Cap Rate
37,440
Building SF
8.11
GRM
72
Number of Units
107,157
Land SF
PROPERTY DESCRIPTION
Greystone Place is a 72-Unit Multifamily opportunity in the Capital City of Tallahassee, Florida. As the state capital, Tallahassee benefits from a significant presence of government employment, providing a consistent and stable tenant base. This is further bolstered by major educational institutions like Florida State University (FSU), Florida A&M University (FAMU), and Tallahassee Community College, which bring in a large student population and a steady demand for rental housing. The top economic drivers in Tallahassee, Florida include but are not limited to Government, Education, Healthcare, Social Services, Professional, Scientific, Technical Services, and many more.
Current ownership has gone to great lengths to stabilized operations with unit renovations and professional property management. There is a value add component to Greystone Place as further renovations to modern designs will lift the income accounted for in the Pro Forma analysis. Rebranding efforts, continued renovations, and increased marketing initiatives will further stabilize Greystone Place and improve market positioning to better compete in the marketplace.
With 72-Units, acquisition will include economies of scale that allows for operational efficiencies not available in smaller multifamily. Ability to hire part time management and maintenance staff is warranted here and may reduce expenses over time. Greystone Place is an excellent add on acquisition to existing portfolios, or an opportunity for out of area investors to acquire multifamily in a growing market with guaranteed economic drivers of both Government and Education!
PROPERTY HIGHLIGHTS
Value Add Multifamily Opportunity In Capital City of Florida
Close Proximity to Multiple Major Universities
Central Air Conditioning
Easy Public Transportation Access
Irreplaceable Price Per Square Foot | $176.28
Garden Walk-Up Design
Opportunity to Rebrand and Market to Student Housing Segment
Opportunity to Operate RUBS Utility Management for Cost Reduction
Unit Mix | 72 One-Bedroom One-Bath Units
LOCATION DESCRIPTION
The Greystone Place multifamily opportunity is located in the capital city of Tallahassee, Florida. Originally created in 1824, this historically significant city became the state capital due to its close proximity to both St Augustine and Pensacola which at the time were the major areas of
commerce for the state.
Greystone Place enjoys excellent proximity to three major universities in Tallahassee. FSU, FAMU, and Tallahassee State College are all less than three miles away. Florida State and Doak Campbell Stadium is the closest of the three thereby placing Greystone Place in close proximity to the housing needs of a growing university.
As the capital city of Florida, the Capitol Complex features all government functions for the local, state, and federal governments. The state of Florida currently ranks as the fourth largest economy of the United States with a GDP of $1.74 Trillion Dollars and growing, thereby adding to the
requirement for robust government services over time.
The city of Tallahassee has grown its population by 7.7% between 2010 and 2022. The Tallahassee MSA has grown to a population of 400,030 in 2024, a 4.1% increase from 2020. With economic drivers of Government, Education, Healthcare, Professional Services, Manufacturing, Research
and Technology, Greystone Place is well positioned to participate in the long term growth of the local area and the State of Florida respectively.
LOCATION HIGHLIGHTS
+/- 2.65 Miles | Capitol Building & Government Center
