Downtown Co-Working Facility (18 Units) 2 Properties Offered at $1,307,704 CAD in Tallahassee, FL

This portfolio consists of two properties (225 & 231 E Pershing Street). They are being offered separately at $495k each or together for $950,000. These properties are 5 blocks from Downtown, 3 blocks from Cascades Park, 1 block away from the new SOMO Walls development, and 4 blocks away from the Capital City Country Club. This property has undergone significant renovations turning the warehouses into the Art District Collective (www.artdistrictcollective.com), a co-working facility for creative businesses (photographers, barbers, tattoo shops, artists, music production, etc).
225 E Pershing St - The main warehouse has a fairly new roof (2023) and HVAC system (2023) and the units range in size from 200-700 sqft per unit. There is also a great courtyard for events. The building has 2 ADA bathrooms. These units can be rented for $15 - $20 per square foot.
231 E Pershing St - This property consists of 2 buildings. The large one used to be a mechanic shop with multiple pull-in bays (for cars) and a front office that is heated and cooled. There are 2 bathrooms in this building as well as an upstairs loft that needs some renovation to be functional. These units can be rented for $10 - $15 per square foot.
Both properties have clean environmental Phase 1 studies (along with ground penetrating radar reports) as well as a full survey.
Together this property consists of 0.78 acres of property and is zoned CU-45, allowing for 45 units per acre, making it a perfect land banking deal and prime for future redevelopment of modern, urban multifamily housing (townhouses or apartments). In the meantime you can use the space you need for your business, rent out the additional units you don't need for additional investment rental income (help you pay your mortgage), and then in a few years build 30+ housing units on it.