HOLTON APARTMENTS

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Holton Apartments in Tallahassee, FL. Holton Apartments Consists of 100 units, comprised of (36) 2x1s with 850 rentable square feet and (64) 3x1s with 950 rentable square feet. Current ownership and previous ownership have replaced all roofs four years ago and since then current ownership has also replaced all water/heaters and HVACs have been replaced as needed (all have been replaced within the last 5 years). In addition to the large ticket items, current ownership has renovated 41-unit interiors with new cabinets, appliances, vinyl plank flooring and more. A buyer’s upside is to continue renovations on the remaining 59 standard units and increase rents by $185 on new leases for renovated units.

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

100
UNITS

91,400
SQFT

1969
YEAR BUILT

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • Property Addresses: 2500 Holton Street, Tallahassee, FL

  • NUMBER OF UNITS: 100 Units

  • RENTABLE SQUARE FOOT: 91,400 SF

  • AVERAGE UNIT SIZE: 914 SF

  • NUMBER OF BUILDINGS: (10) Residential

  • LOT SIZE: 8.23 Acres +/-

  • FINANCING: Free and Clear

VALUE-ADD WORKFORCE HOUSING ASSET WITH UPSIDE

  • 100-Unit Workforce Housing Asset in Tallahassee, FL Located in a Qualified Opportunity Zone

  • Full Concrete Block/Red Brick Construction Built With 91,400 Rentable Square Feet (914 Avg. Sq. Ft.)

  • Large Capex Items Have Been Replaced Over the Past 5 Years Such As Roofs, Most HVACs, and Water Heaters

  • To Date, Current Owners Have Renovated (13) 2x1s and (28) 3x1s with New Flooring, Cabinets, Appliances and Light Fixtures

  • Opportunity For A New Buyer to Renovate the Remaining (23) 2x1s and (36) 3x1s For a Potential Annual Increase in Revenue of $155,000+

  • Ability to Potentially Increase Rental Rates on Current Renovated Units by $150/Unit/Month

  • Operational Value-Add Potential By Hiring Local Management to Increase Artificially Low Rental Rates After Completion of Renovations

  • At Low Density of Only 12.15 +/- Units Per Acre, A Buyer Has The Ability To Add Additional Amenities Space on The Underutilized Greenspace

HIGHLY ACCESSIBLE LOCATION

  • 2-Minutes to Florida A&M University (9,184 Students)

  • 4-Minutes to the Railroad Square Craft House (Craft Beer and Wine)

  • 4-Minutes to the FSU/FAMU College of Engineering

  • 4-Minutes to Florida State University (43,953 Students)

  • 5-Minutes to Doak Campbell Stadium (FSU Football)

  • 5-Minutes to Proof Brewing Company

  • 5-Minutes to the Innovation Park & The National High Magnetic Field Lab

  • 6-Minutes to Madison Social and the College Town Nightlife Destinations

  • 6-Minutes to Tallahassee International Airport

  • 6-Minutes to the $150M+ Cascades Mixed-Use Development

  • 7 Minutes to Downtown Tallahassee (Florida State Capital)

TALLAHASSEE: A GROWTH MARKET

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

  • 2nd Best Medium Sized College Town in the U.S.(EPODUNK)

  • Top 75 Real Estate Markets to Watch in 2022 (Buildium)

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

  • 8th Largest City in Florida

  • 18th Most Educated City in the U.S. (Wallethub)

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