The Landing At Appleyard
For sale475 Appleyard Dr, Tallahassee, FL 32304
Property type
Multifamily, Student Housing
Unit / Space count
46
Year built
2003
Occupancy
95%
Number of buildings
4
Bedroom count
184
Property description
This offering represents the opportunity to acquire a student housing community in Tallahassee, Florida directly across the street from Tallahassee State College (TSC) and less than ten minutes from Florida State University (FSU). The Landing at Appleyard is a 46-unit, 184-bed community with four-bed units with bed-bath parity built in 2003. Each unit has a small office and every bedroom has a mini fridge and microwave. The Landing at Appleyard offers amenities to its residents including a swimming pool, clubhouse, fitness center, complimentary coffee station, poolside grills, and productivity suite with free printing. Broker of Record Darron Kattan - Florida BOR License No. BK3256503 Firm License No. CQ1072039 813-839-7300 FSIVS@FranklinSt.com Franklin Street Commercial Real Estate Services LLC
Property highlights
- Irreplaceable Location Directly Across from TSCThe Landing at Appleyard is located directly across the street from Tallahassee State College and only ten minutes from Florida State University.
- No On-Campus Housing at TSCTallahassee State College does not have any on-campus housing. 100% of students live in off-campus student housing or commute.
- 7.2% Enrollment Growth for 2025Enrollment is booming at TSC. In the past two years, enrollment has increased by nearly 20% to 13,164 students, with ten consecutive semesters of record enrollment.
- #1 Transfer School to Florida StateMany students enroll at TSC with the goal of earning an associate’s degree then transferring to Florida State. FSU’s acceptance rate of 24% underscores the university’s increasingly selective admissions environment. Enrollment at FSU increased by 4.1% to 46,184 for AY 2025-26. Students choose to live here to be close to their classes while also getting the college environment in Tallahassee.
- 95% Occupied with in-Place Rents Below MarketThe Landing at Appleyard has seen strong historical occupancy. It is 95% occupied for AY 2026-27. Rents sit well below market with room for growth.
- $222,000+ of Gross Rent Upside Through RenovationAn incoming investor could renovate all 46 units if desired. Approximately $1.24 million of renovation capital is projected to generate approximately $222,000 of additional annual gross rent. That’s roughly 17.9% gross return on renovation cost before vacancy and incremental expenses and 15% increase in gross rental income.