| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 40th | Fair |
| Demographics | 33rd | Poor |
| Amenities | 26th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1468 S Waukeenah St, Monticello, FL, 32344, US |
| Region / Metro | Monticello |
| Year of Construction | 1989 |
| Units | 39 |
| Transaction Date | 2016-09-15 |
| Transaction Price | $1,082,800 |
| Buyer | HA6LMARK JEFIFERSON PLACE LLC |
| Seller | MONTICELLO LTD |
1468 S Waukeenah St Monticello Multifamily Investment
1989-vintage, 39-unit asset positioned in a renter-heavy neighborhood, with tenancy depth offsetting softer neighborhood occupancy, according to WDSuite’s CRE market data.
The property’s 1989 construction is newer than the neighborhood’s average vintage (1960s era), which can offer competitive positioning versus older stock while still allowing room for targeted modernization to drive rent and retention. Neighborhood occupancy is measured for the area around the property (not the asset itself) and trends below national norms, suggesting a focus on leasing execution and value enhancements could be important to stabilize cash flow.
Renter-occupied housing has a strong presence locally and ranks in the top quartile among 143 Tallahassee metro neighborhoods, indicating a deeper tenant base for multifamily operators. At the same time, neighborhood rent-to-income metrics sit on the more accessible side nationally, which can support lease retention but may temper near-term pricing power. Median home values in the area are comparatively low for ownership, which can introduce some competition from entry-level buying; however, this also underscores the role of rentals as a practical option for many households.
Amenities are mixed: grocery and pharmacy access is reasonable for a suburban setting, while parks, cafes, and childcare options are sparse. Overall amenity positioning is competitive among Tallahassee neighborhoods but below national peer levels, so on-site conveniences and management responsiveness can be differentiators for resident satisfaction.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with forecasts indicating additional household expansion alongside smaller average household sizes. This dynamic typically expands the renter pool and can support occupancy stability over time, based on CRE market data from WDSuite.
Comparable neighborhood crime metrics are not available from WDSuite for this area. Investors often contextualize safety by benchmarking against city and county trends and by consulting local law enforcement data or property management observations to understand recent patterns and their implications for leasing and retention.
Within regional commuting range, a notable manufacturing employer contributes to the broader labor base that can support workforce housing demand.
- Packaging Corporation of America — paper packaging (39.2 miles)
This 39-unit, 1989-built asset offers relative competitiveness versus older neighborhood stock, with scope for targeted renovations to improve retention and rent positioning. The surrounding neighborhood shows a high share of renter-occupied units (top quartile in the Tallahassee metro), pointing to depth in tenant demand, while neighborhood occupancy trends below national norms indicate active leasing and operational focus will be important.
Demographics within a 3-mile radius reflect recent population and household growth, and forecasts point to more, smaller households that typically expand the renter pool. According to CRE market data from WDSuite, local rent-to-income levels are relatively accessible, which can aid lease renewals but may limit aggressive near-term rent lifts; balancing value-add upgrades with measured pricing should support durable performance.
- 1989 vintage provides competitive positioning versus older neighborhood stock with value-add upside
- Renter-occupied share is strong (top quartile metro), supporting tenant demand depth
- 3-mile demographics indicate growth and smaller households, expanding the renter pool
- Accessible rent-to-income profile supports renewals; calibrate upgrades and pricing for retention
- Risks: neighborhood occupancy trails national norms and limited amenities may require stronger leasing and resident services