| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Fair |
| Demographics | 44th | Fair |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1124 Ocala Rd, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1973 |
| Units | 106 |
| Transaction Date | 2018-08-02 |
| Transaction Price | $7,300,000 |
| Buyer | ASPEN HERIOTATYE 4101 IOWA LC |
| Seller | STAPLES GGP LLC |
1124 Ocala Rd Tallahassee Multifamily Investment
High renter concentration in the neighborhood supports a durable tenant base and steady leasing, according to WDSuite’s CRE market data. Directional occupancy improvement and solid park and dining access point to stable demand drivers for this submarket.
Situated in Tallahassee’s inner suburb fabric, the property benefits from a neighborhood where renter-occupied housing is prevalent, indicating depth in the tenant pool and consistent leasing velocity. Based on CRE market data from WDSuite, the neighborhood’s occupancy has trended upward over the last five years, which supports income stability even if seasonal turnover occurs.
Local amenity access is mixed. Restaurant density is above many areas in the city (roughly top quartile nationally), and park access ranks strong for the metro (also top quartile nationally). Daily-needs retail such as groceries, pharmacies, and cafes are less concentrated within the immediate neighborhood, so residents typically rely on nearby corridors for those services; investors should underwrite modest convenience trade-offs in exchange for recreational and dining access.
Within a 3-mile radius, demographics skew toward younger adults, and households have grown over the last five years, expanding the potential renter pool and supporting occupancy stability. Forecasts point to continued population and household growth by 2028, which reinforces leasing depth for workforce-oriented units. Median household incomes are rising in the radius, while the area’s rent-to-income ratio suggests some affordability pressure; prudent lease management and renewal strategies can help preserve retention.
For-sale home values in the neighborhood are lower than many U.S. areas, which can introduce some competition from ownership options at entry price points. For multifamily owners, this context typically favors well-managed, well-located rentals that emphasize convenience and value, supporting pricing power primarily through unit quality, operations, and amenity positioning rather than premium rent strategies.
Safety indicators for the neighborhood track below national averages, and the area ranks weaker than many Tallahassee neighborhoods on crime. That said, property-related incidents have declined over the past year, while violent offense levels have been relatively stable, based on WDSuite’s market data. Investors should weigh these mixed signals alongside the strong renter base and amenity access when assessing retention and onsite security planning.
This 106-unit asset is positioned in a renter-heavy neighborhood with improving occupancy trends and a growing 3-mile household base, supporting demand durability and leasing stability. According to CRE market data from WDSuite, local parks and restaurant density outperform many peers, while daily-needs retail is less concentrated in-neighborhood—an underwriting consideration rather than a structural headwind.
Forward demographic projections show population and household growth in the 3-mile radius, expanding the tenant base and supporting long-run occupancy and renewal prospects. Given rent-to-income dynamics that point to some affordability pressure, operators who focus on value, service, and efficient unit turns are positioned to maintain absorption and retention relative to lower-cost ownership alternatives.
- Renter-heavy neighborhood supports deep tenant base and stable leasing
- Upward occupancy trend and expanding 3-mile households bolster demand
- Strong park and restaurant access relative to metro enhances livability
- Operations-focused strategy can offset affordability pressure and maintain retention
- Risks: below-average safety metrics and limited in-neighborhood daily-needs retail