Sanitas Medical Center | Ground lease | Darden-Backed… — Sale in Tallahassee, FL
- Price: Contact for price
- Listing type: For sale
- Asset type: Office
- Location: Tallahassee, FL 32301
- Year built: 2016
Photos
Investment Figures
- Cap rate
- 7.10%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is pleased to present the offering for Sanitas Medical Center in Tallahassee, FL. Investment Highlights: • 7.10% cap rate on in-place NOI of $354,900 at the $5,000,000 list price: $350,900 in base rent plus $4,000 in billboard income. • Darden-backed guaranty. Lease guaranteed by Chuy's Holdings, Inc., acquired by Darden Restaurants (NYSE: DRI) in October 2024. Darden reported $13.2 billion in fiscal 2026 sales. • Two layers of occupancy. Chuy's remains fully liable under the lease while Sanitas occupies and operates the building under a sublease. • No landlord responsibilities; tenant pays taxes, insurance and all repairs | Three 5-year options with 10% rent increases in each: $385,990, $424,589 and $467,047 | Building reverts to landlord at lease expiration pays taxes, insurance and all repairs. • Sanitas invested its own capital in 2022 to fully renovate and convert the 7,294 SF building for medical use, showing commitment to the location. • Corner lot on a high-traffic corridor | ±1.96-acre corner parcel; 32,000+ vehicles per day on adjacent Apalachee Parkway. • Surrounded by national anchors. Governors Marketplace (0.8 mi; Marshalls, Ulta, Old Navy, Michaels) and Governor's Square mall (0.9 mi; Dillard's, JCPenney) each draw 2.9M annual visits. Target is 1.5 mi away, and Walmart and Costco anchor Fallschase Village Center (6.3M visits). • 182,278 residents within 5 miles, up 12.5% since 2010 and projected to reach 188,335 by 2030 | $90,449 average household income within 1 mile
Market Context
This office in Tallahassee, FL is listed for sale. It is offered at an approximate 7.1% capitalization rate, a key benchmark for income-producing office assets. The building dates to 2016. Compare it against other office listings for sale in Tallahassee, FL — view the full market.
Estimated Price per SF
$83.57/SF – $607.78/SF
Mid: $253.24/SF
About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.
Contact
- Quinn Ryan · (813) 387-4706 · quinn.ryan@marcusmillichap.com
- DP Patel · (813) 387-4812 · darpan.patel@marcusmillichap.com
- Dan Yozwiak · (614) 360-9036 · dan.yozwiak@marcusmillichap.com
- Garrett Fierstein · (407) 557-3862 · garrett.fierstein@marcusmillichap.com
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