1517 Blounstown Highway Unit - Tallahassee, FL 32304

Unique income property and development potential. Four lots total of 6.87 acres. Property is currently zoned R5 and can include 48 single family dwellings (mobile homes or detached single family). Property can easily be re-zoned to R4 which can include 60 townhomes, duplexes, triplexes, quads, or ap...artment units. Currently the property has 10 structures which includes 4 houses (3 which are rented and 1 that is vacant), a duplex that has been converted to single family home (rented), 2 mobile homes (one rented and one vacant), Efficiency apartment (not rented), 1 warehouse (rented), and 1 shed. The current rental income is $49,000 a year. This does not include the vacant properties which will need work prior too renting. Tenants would love to stay long term but if that doesn't work for the buyer, a 90 day lease agreement must be honored for each tenant starting from the date of closing. Property has an in-ground pool that has not been maintained for over a year. One of the vacant homes is an 1800's old pecan plantation house with lots of neat history (this home could be restored). It sits on a beautiful part of the property that totals 3 gorgeous acres with over 500 mature sable palms. Please do not access this property without scheduling an appointment. Continue reading