TIMBER RIDGE TOWNHOMES

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Timber Ridge Townhomes. This property is located in the heart of Tallahassee, FL, and is within one mile from Interstate 10 and the major retail/restaurant corridor of Monroe Street.  Timber Ridge Townhomes was built in 2007 of high-end finishes such as stainless-steel appliances, luxury style cabinets, granite countertops, ceramic tile flooring in living area, upgraded light fixtures and washer/dryer appliances in each unit. Timber Ridge Townhomes offers residents 1,399 SF three-bedroom/three-bathroom townhome units and a centralized location close to all Tallahassee hotspots such as three major universities (65,000+ students), Monroe Street retail/restaurant corridor, Centre of Tallahassee and more. Investors the opportunity to acquire this asset significantly below replacement cost and increase organically low in-place rents by 12% to be competitive with market comparables.

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

15
UNITS

20,985
SQFT

2007
YEAR BUILT

PRICED AT
MARKET BID

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VITAL PROPERTY DATA

  • Property Addresses: 1417 Pullen Road Tallahassee, FL 32303

  • NUMBER OF UNITS: 15 Units

  • RENTABLE SQUARE FOOT: 20,985 SF

  • AVERAGE UNIT SIZE: 1,399 SF

  • NUMBER OF BUILDINGS: (2) Residential

  • LOT SIZE: 1.09 Acres +/-

  • FINANCING: Free and Clear

OPERATIONAL VALUE ADD OPPORTUNITY

  • 15-Units Located in Tallahassee Built in 2007

  • Ability To Increase Artificially Low In-Place Rents by 12%

  • Unit Interiors Include Luxury Style Cabinets, Stainless Steel Appliances, Granite Countertops, Ceramic Tile Flooring in Living Areas, Full Size Washer/Dryer Appliances and Ceiling Fans Throughout

  • Floorplans Consist of all 1,399 Sq Ft. Three-Bedroom/Three-Bathroom Townhome Style Units

  • Opportunity to Acquire This Asset Far Below Replacement Cost

  • 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 Florida’s Capitol and 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

  • 20-Minutes to the New 800,000 Sq. Ft. Possible Amazon Prime Facility

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