301 Dixie Dr #E, Tallahassee, FL 32304

301 Dixie Dr, Building E, Tallahassee, FL 32304 4-Unit Multifamily Investment Property | $479,000 Clean, income-producing fourplex located near Tallahassee State College and approximately 6 minutes from Florida State University. The property is a two-story apartment-style building with on-site parking, exterior stair access, central heat and air, mature landscaping, and a straightforward rental setup. The building was constructed in 1981 and consists of four occupied units with current monthly gross rent of $3,870, or $46,440 annually. Market rents are estimated around $1,100 per unit, creating potential upside to approximately $4,400 per month, or $52,800 annually. Current lease terms: E1: $1,010/month, leased 06/01/2026 through 05/31/2027 E2: $1,010/month, leased 05/18/2026 through 05/07/2027 E3: $900/month, leased 02/01/2026 through 01/31/2027 E4: $950/month, leased 10/01/2025 through 09/30/2026 The roof is newer, replaced in April 2021. Recent major plumbing work was also completed, including water service replacement, new water supply lines to the units, PRVs, permitting, testing, inspection, and tie-ins to each unit. The plumbing invoice shows the water service replacement scope and a total billed amount of $8,745 on 11/26/2024. The current owner purchased the property with FHA financing in April 2021, making this a strong opportunity for an owner-occupant or house-hacker looking for a 4-unit property with existing rental income. The location is close to Tallahassee State College, Florida State University, Publix, Aldi, Whole Foods, shopping, dining, and other major rental demand drivers. At the asking price of $479,000, the property is priced at approximately $119,750 per unit with in-place rental income and room for rent growth as leases turn over. This is a practical, easy-to-understand multifamily investment in a strong Tallahassee rental corridor. Seller is offering the property FSBO and is open to direct investor interest. Buyer to verify all information.