BAINBRIDGE PLACE

CLICK HERE TO VIEW OFFERING MEMORANDUM

SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Bainbridge Place. Bainbridge Place is located in Tallahassee, FL and is within one mile of Interstate 10 and the major retail/restaurant corridor of Monroe Street. Bainbridge Place offers the opportunity for a new buyer increase the NOI by 79% by convert the existing four-bedroom units to one-and-two-bedroom units and convert all property operations to conventional market rate housing. By completing the business plan, a new buyer will double the existing unit count to a total of 82 units, and also decrease their all-in per unit basis by 40%.

Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.

41
UNITS

65,436
SQFT

2003
YEAR BUILT

PRICED AT
MARKET BID

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VITAL PROPERTY DATA

  • Property Addresses: 2309 Old Bainbridge Road, Tallahassee, FL 32303

  • NUMBER OF UNITS: 41 Units

  • RENTABLE SQUARE FOOT: 65,436 SF

  • AVERAGE UNIT SIZE: 1,596 SF

  • NUMBER OF BUILDINGS: (21) Residential, (1) Clubhouse

  • LOT SIZE: 5.14 Acres +/-

  • FINANCING: Free and Clear

GREAT OPERATIONAL VALUE ADD OPPORTUNITY

  • 41-Units located in Tallahassee Built in 2003

  • Ability to Increase NOI by 79% by Converting all 4x4 Units to 1x1s and 2x2s, Doubling the Unit Count to 82 Units

  • Value Add Opportunity Through Operational and Physical Upside Unlocked by Converting the Asset Away from Student Housing and to Conventional Housing

  • Opportunity to Remove Over $340,000 of Operating Expenses by Converting to Conventional Housing

  • Located Directly South of Monroe Street and Interstate 10, Providing Residents Easy Access to Downtown, Major Universities, and East and West Florida

  • Tallahassee is Home to Three Colleges/Universities, Which Account for More than 65,000+ Students and 16,000+ Employees

CONVENIENT TALLAHASSEE LOCATION

  • 3-Minutes to Interstate 10 (Major East/West U.S. Highway)

  • 3-Minutes to Monroe Street (Major Retail/Restaurant Thoroughfare)

  • 4-Minutes to Centre of Tallahassee

  • 4-Minutes to Walmart Supercenter

  • 7-Minutes to the Florida State University (14,000+ Employees)

  • 8-Minutes to Midtown Retail and Restaurants

  • 10-Minutes to Tallahassee Memorial Healthcare

  • 11-Minutes to Innovation Park

  • 12-Minutes to the Tallahassee International Airport

TALLAHASSEE: FLORIDA’S GROWING CAPITAL CITY

  • Fastest Growing Economy Per Capita in Florida (U.S. Dept. of Commerce)

  • 7th Largest City in Florida

  • 8.9% Population Growth in 10 Years (US Census Bureau)

  • 11th Most Educated City in the U.S. (Forbes)

  • 33.4% Projected 10-Year Job Growth (Sperlings)

  • Top 100 Real Estate Markets to Watch in 2020 (Buildium)

  • 194,500 Tallahassee Population (U.S. Census Bureau)

DEAL TEAM CONTACTS

Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com

Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com

Contact an Agent Listed Above to Schedule Property Tours