GLEN HOLLOW

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Glen Hollow, a 48-unit multifamily asset in Tallahassee, FL. Glen Hollow was built in 1974 and consists of 48 one-bedroom/one-bathroom units with 449 square feet. The asset is ideally located roughly seven-minutes to the southwest of Downtown Tallahassee (Florida State Capital), immediately west of Florida A&M University (1,300+ employees), and directly south of Florida State University (5,800+ employees). Also located directly north of the property, is the City of Tallahassee’s FAMU Way streetscape and infrastructure project. Upon completion, FAMU Way will connect Glen Hollow directly to Downtown Tallahassee, the State Capital, and the multi-hundred million dollar Cascades Development, a mixed-use master planned development that will see phase I deliver in late 2020.

Glen Hollow offers investors an opportunity to acquire a high yield, partially updated asset located at the heart of Tallahassee’s redevelopment plans. Upon acquisition, an investor will take over the property at a year-zero cap rate above 7.00%, with the ability to continue rental increases ownership has proven out, bringing the all-in pro forma year-one cap rate above 9.00%, with annual cash-on-cash returns eclipsing 15%. By the end of the fifth year, an investor is able to have recaptured 106.10% of their initial equity.

Property tours are by appointment only. Please contact Ben Skinner or Matt Prozzillo to schedule tours.

48
UNITS

0.84 +/-
ACRES

21,556
SQFT

1974
YEAR BUILT

PRICED AT MARKET BID

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VITAL PROPERTY DATA

  • PROPERTY ADDRESS: 1554 Lake Avenue, Tallahassee, FL

  • NUMBER OF UNITS: 48 Units

  • RENTABLE SQUARE FOOT: 21,556 SF

  • AVERAGE UNIT SIZE: 449 SF

  • NUMBER OF BUILDINGS: (1) Residential

  • NUMBER OF PARKING SPACES: 48 (1:1 Ratio)

  • PARKING SURFACE: Asphalt

  • LOT SIZE: 0.84 Acres +/-

  • DENSITY: 57.14 +/- Units Per Acre

  • FINANCING: Offered Free and Clear (See Debt Quote in the Virtual Deal Room)

HIGH YIELDING ASSET WITHIN THE CAPITAL CITY

  • Opportunity to Acquire a High Yielding Asset Offering 15% Cash-On-Cash Returns

  • Ownership has successfully increased rents by 40% since 2017, and 17% since July 2019

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

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

  • Top 10 Real Estate Market to Watch in 2019

  • 7th Largest City in Florida

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

LOCATION OVERVIEW

  • 1-Minute to the FSU/FAMU College of Engineering

  • 1-Minute to the FAMU Way Project, Accelerating Economic Growth on Tallahassee’s Southside

  • 2-Minutes to the National High Magnetic Field Laboratory

  • 3-Minutes to Railroad Square Art District

  • 3-Minutes to Doak Campbell Stadium (Florida State Football)

  • 4-Minutes to Florida A&M University (1,300+ Employees)

  • 5-Minutes to the Highly Desirable College Town District

  • 6-Minutes to Downtown Tallahassee

  • 6-Minutes to the Florida State Capital

  • 7-Minutes to the Mixed-Use Cascades Development

  • 9-Minutes to Governor’s Square Mall

  • 15-Minutes to Tallahassee Memorial Healthcare

  • 20-Minutes to Capital Regional Medical Center

DEAL TEAM CONTACTS

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

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

DEBT TEAM CONTACTS

Nicole Patel
Director
O. (972) 755-5274
Nicole.Patel@markonecapital.com

Afshan Kabani
Associate Director
O. (972) 755-5304
Afshan.Kabani@markonecapital.com