VILLA SAN MICHELE

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SP Multifamily Group of Marcus & Millichap is pleased to present qualified investors with the opportunity to acquire Villa San Michele. This property is located in Tallahassee, FL, just 7-minutes from Florida State University and 10-minutes from Downtown Tallahassee and consists of 82 townhome units. Currently, the property is operated as a student housing property and is managed by a national student housing property management firm. Moving forward, an investor has the opportunity to transition the property away from student housing and to conventional multifamily housing by switching management to a conventional multifamily property management firm. By doing so, an investor can significantly reduce operational expenses, leading to a projected increase in net operating income of 100.15%.

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

82
UNITS

118,508
SQFT

2008
YEAR BUILT

PRICED AT
MARKET BID

VITAL PROPERTY DATA

  • Property Address: 1600 Baldwin Park Drive, Tallahassee, FL

  • NUMBER OF UNITS: 82 Units

  • RENTABLE SQUARE FOOT: 118,508 SF

  • AVERAGE UNIT SIZE: 1,445 SF

  • NUMBER OF BUILDINGS: (15) Residential, (1) Clubhouse

  • LOT SIZE: 10.49 Acres +/-

  • FINANCING: Debt Assumption

GREAT OPERATIONAL VALUE ADD OPPORTUNITY

  • High Quality 2008 Built Asset Located Within Tallahassee, the State Capital of Florida

  • Ability to Increase NOI by 100.15% Within the First 24-Months of Ownership

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

  • Opportunity to Remove Over $375,000 of Operating Expenses by Converting to Conventional Housing

  • Located on South Monroe Street, Which Provides Residents an Easy 1.1 Mile Drive into Downtown Tallahassee and the State Capital Building

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

CONVENIENT WEST TALLAHASSEE LOCATION

  • 2-Minutes to Tallahassee Community College

  • 3-Minutes to Many Government Offices Located on W. Pensacola Street

  • 3-Minutes to the FSU Rec SportsPlex

  • 4-Minutes to the Tallahassee International Airport

  • 4-Minutes to Walmart Supercenter

  • 6-Minutes to Innovation Park

  • 6-Minutes to the FSU/FAMU Engineering Campus

  • 7-Minutes to Florida State University

  • 9-Minutes to Florida A&M University

  • 10-Minutes to Downtown Tallahassee & The State Capitol

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