633-637 Railroad Square is a ripe investor opportunity to "land bank" a prime redevelopment opportunity to build over 72 units located within the Railroad Square Art District which is a short walk to both FSU, FAMU, and Downtown. On site there are 3 buildings with a total of 21 units (almost 13,000sqft of building space) on 1.45 acres, tenant uses include retail storefronts, martial arts school, and artist workshops. The property fronts the Coal Chute Pond and is next to Cascades Trail, FAMU Way, and the FAMU Way skatepark. The trail surrounding the pond has many amenities including a 1/4 mile walking/jogging path, benches, picnic tables, and interactive musical stations. These buildings are on the other side of the pond from Collegetown and Gaines St, including the Urban Enclaves development of over 1500 residents in a single development as well as almost 10,000 beds along Gaines Street. The property also overlooks the FSU Doak Campbell stadium. Operate it "as-is" and cash flow these 21 rental units until you are ready to pursue the significant redevelopment opportunity to build housing, hotel, retail, or mixed use development, as 5 stories high and 50/units per acre are allowed in the UT zoning.
The current buildings were damaged in the May 2024 tornados in Tallahassee. Most units have been repaired. All of the units were inspected by structural engineer and deemed safe and secure (see engineering / roof reports included herein). 633 & 637 had partial metal roof replacements in 2024, while 635 had an entire metal roof replacement in 2024. These buildings are very operable and usable in their current state, whether the buyer wanted to use them as an owner-operator or rental property until they decide to redevelop the property entirely.
Adam Kaye
Art District Real Estate
