118 W 8th Avenue, Unit 1
Property Description
One or more photos have been virtually enhanced. Immediate cash flow with 100% occupancy across all triplex units and a high-demand, 5-star Airbnb in the detached home. This extraordinary, completely renovated, and turn-key investment opportunity in the Levy Park area of Midtown Tallahassee features two income-producing triplexes and a detached single-family home on approximately 0.78 acres, a short walk to Lake Ella and less than three miles from Florida State University and the Florida State Capitol. Seven units on one parcel in one of Tallahassee's most desirable neighborhoods is a rare find. The numbers: approximately $114,600 in gross scheduled income, with the long-term triplex leases at approximately $7,050 monthly and the detached home averaging approximately $30,000/year from Airbnb and furnished mid-term stays. That works out to roughly $148,571 per door and a 9.1 gross rent multiplier. Several triplex residents have called the property home since 2022-2023. Rent roll, operating statement, and pro forma are available to qualified buyers. The detached single-family home, which makes for an ideal short-term or Airbnb rental, features two bedrooms, two full bathrooms, and a thoughtfully designed interior boasting original wood floors, great lighting throughout, and a faux fireplace situated between the living room and bedroom. The eat-in kitchen includes bar stool seating and a coffee nook, while one bathroom offers a wood-grain double vanity, intricate mosaic floor tiling, and a glass-enclosed walk-in shower with a gold rain shower head. Outside, the home features a carefully planned back deck area perfect for grilling and enjoying the outdoors. Guests rave about the location for FSU graduations and parents' weekends, and the home has also been leased furnished during Legislative Session. Prefer to live on-site? Move into the home and let six long-term tenants cover most of the mortgage. The triplexes are equally impressive, featuring dramatic vaulted ceilings with both natural wood and white-painted exposed beams, an open main floor concept, durable light-toned wood-plank flooring throughout, in-unit laundry, individual back decks, and unassigned parking spaces. Property maintenance has been expertly handled, including newer AC units, recent plumbing upgrades, and professional tree mitigation to keep branches away from the roofs. Flood Zone X. All furniture and other items in the detached single-family home are negotiable with the sale. Please do not disturb tenants; showings by appointment only.
Broker Details
Armor Realty, Inc. (850) 893-2525
MLS ID: 13447 State License Number: 3473050
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,040,000 |
| No. of Units: | 7 |
| Year Built: | 1979 |
| Lot Size: | 4,966.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $148,571 |
| Property Website | Click Here |
| Number of Bedrooms: | 8 |
| Number of Bathrooms: | 8 |
ID: 3yd-TBRFL-407080
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