1240 Lake Avenue #1 AND 2
Tallahassee, FL 32310
6
Bed
0
Bath
High-Cash-Flow Investor Opportunity – Two Homes on One Lot Near Universities. Rare value-add investment in a prime university-area rental market. Two separate homes on one lot create multiple income streams with serious upside for the savvy investor. Properties like this don’t come around often—especially this close to major universities. House #1: ~722 sq ft, 3 bedroom / 1 bathrooms - needs renovations. House #2: ~817 sq ft, 3 bedrooms / 1 bathroom is currently rented. Both homes are separately livable and perfectly positioned for student housing, mid-term rentals, or long-term tenants. With targeted renovations, investors can push rents, force appreciation, and significantly boost cash flow. Located in a high-demand rental corridor close to universities, shopping, dining, and public t
Property Details
Map
Map
What's Nearby
Nearby Areas
Features
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Interior Features
Appliances: Refrigerator -
Heating & Cooling
Has Heating: Yes Heating: Central, Electric Has Cooling: Yes Cooling: CentralAir, Electric
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Building Information
Year Built: 1940Building Area Total: 1539Construction Materials: OtherStories: 1Private Pool: No
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Listing Price Information
Listing Price: $125000Original Price: $175000Cash
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Tax Information
Parcel Number: 12073-41-02-30- L-007-0 Tax Lot: 7 Tax Block: L Annual Tax: $1704
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Virtual Tour
Parking Information
Assigned, ParkingSpaces, OnStreet, VariesByUnit
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School Information
Elementary School: PINEVIEW Junior High School: NIMS Senior High School: RICKARDS -
Location Information
Direction: Lake Bradford Rd to Lake Ave - Corner Lot with 2 homes
How much is this property worth?
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Nearby Home Value
| Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
|---|---|---|---|---|---|
| 522 & 524 Kissimmee Str.., Tallahassee, FL, 32310 | $198,900 | 4 | -- | -- | |
| 530 Palm Beach Street #.., Tallahassee, FL, 32310 | $350,000 | 6 | -- | -- | |
| 542 Osceola Street #NA, Tallahassee, FL, 32310 | $999,000 | -- | -- | -- | |
| 2135 Main Street, Tallahassee, FL, 32310 | $49,000 | 2 | 1 | 610 | 610 SqFt |
| 606 Hampton Avenue, Tallahassee, FL, 32310 | $295,000 | 3 | 2 | 1,491 | 1,491 SqFt |
| 2002 Pasco Street, Tallahassee, FL, 32310 | $225,000 | 3 | 2 | 1,109 | 1,109 SqFt |
| 2006 Pasco Street, Tallahassee, FL, 32310 | $225,000 | 3 | 2 | 1,109 | 1,109 SqFt |
| 2133 Flipper Street, Tallahassee, FL, 32310 | $215,000 | 3 | 2 | 1,206 | 1,206 SqFt |
| 2507 Saxon Street, Tallahassee, FL, 32310 | $205,000 | 3 | 2 | 1,092 | 1,092 SqFt |
| 2511 Saxon Street, Tallahassee, FL, 32310 | $215,000 | 3 | 2 | 1,092 | 1,092 SqFt |
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ByOwner last updated this listing 06/16/2026 @ 00:20
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