Welcome to a rare income-producing opportunity in one of Florida’s most dynamic and stable rental markets. Located in the established Winewood/Old St. Augustine corridor of Tallahassee, Florida, this four unit property (with option to convert to up to 10) at 1844 Larette Drive combines steady current income with a strong long-term appreciation story. With all units leased and performing, this asset offers immediate cash flow from day one—backed by consistent tenant demand from a steady mix of students, young professionals, and long-term residents. It’s not just a property, it’s a reliable income stream and a smart entry point into one of the state’s most resilient college-town investment markets.

Situated just 2–3 miles from downtown Tallahassee and surrounded by the energy of Florida’s major universities (Florida State University & Florida A&M), this property benefits from constant rental demand. The 32301 ZIP code continues to attract tenants seeking affordability, accessibility, and convenience. The neighborhood provides quick access to everyday essentials, Whole Foods Market, multiple Starbucks locations, and numerous dining and nightlife options in nearby Midtown and downtown, including Madison Social and Charlie Park. Outdoor and active lifestyle amenities like the Capital Cascades Greenway and shaded Old St. Augustine trails further enhance area appeal. For investors, this translates into a dependable tenant base and low vacancy exposure, with rents supported by both lifestyle convenience and proximity to major employment and education centers.

The Winewood and Old St. Augustine Road corridors are established, high-demand rental submarkets within the Tallahassee MSA. The area features mature neighborhoods, solid infrastructure, and proximity to major employers such as Florida State University, Florida A&M University, Tallahassee Memorial HealthCare, and various state government offices. As of August 2025, the Tallahassee market’s median listing price hovers around $325K with an average of $200 per square foot, and long-term appreciation has averaged 6.8% annually over the past decade. These fundamentals underscore a market built for stability, not speculation—an ideal backdrop for investors seeking predictable income, tenant longevity, and long-term capital appreciation.

This well-configured multi-unit asset delivers immediate income and efficient performance. Current leases are in place, with units producing market-rate rents. The property’s current rent roll supports attractive yield potential, while ongoing market rent growth offers upside over time. Investors can leverage favorable financing terms to amplify returns, using existing income to offset carrying costs while equity builds naturally through amortization and appreciation. With its proven rent history, strong tenant demand, and desirable location, this property stands as a turnkey, cash-flowing asset positioned for both steady income and long-term growth. It’s a compelling opportunity for investors seeking dependable performance, diversification, and lasting value in Florida’s capital city.