| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 62nd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 120 Valencia Dr, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1977 |
| Units | 24 |
| Transaction Date | 2016-11-17 |
| Transaction Price | $990,000 |
| Buyer | 120 Valencia, LLC |
| Seller | --- |
120 Valencia Dr Tallahassee Multifamily Value-Add
Inner-suburban location with a deep renter base and amenity density supports demand, while neighborhood occupancy sits in the low‑80% range, according to WDSuite s CRE market data. Vintage positioning suggests value-add potential to enhance competitiveness and stabilize cash flow.
Located in an Inner Suburb of Tallahassee, the neighborhood carries an A rating and ranks 14 out of 143 metro neighborhoods, placing it in the top quartile locally. Amenity access is a differentiator: grocery and cafe density rank near the top of the metro, and restaurant options are similarly strong, a combination that tends to support leasing velocity and retention for workforce and student-oriented renter cohorts.
Neighborhood occupancy is around the low-80% range and has been relatively steady over the past five years, per commercial real estate analysis from WDSuite. Importantly for multifamily depth, the share of housing units that are renter-occupied is very high (ranked near the top of 143 metro neighborhoods and in the upper percentiles nationally), indicating a sizable tenant base and ongoing renter demand.
Within a 3-mile radius, the population skews young-adult heavy and households have expanded over the past five years, with forecasts calling for further population growth and a sizable increase in households. That expansion points to a larger tenant base and supports occupancy stability, though lease management should account for turnover dynamics associated with younger renter populations.
Rents in the neighborhood sit near metro mid-range with moderate growth over the last cycle, while local incomes are improving from a low base. Rent-to-income readings indicate some affordability pressure, so effective pricing strategy and unit mix optimization can help sustain lease-up and retention. The property s 1977 construction is older than the neighborhood average, creating a straightforward value-add avenue through interior modernization, building systems planning, and curb-appeal upgrades to compete against newer stock.
Relative to other Tallahassee neighborhoods, this area s safety ranks in the lower half (crime rank 82 out of 143), and its standing is below national benchmarks (national percentiles indicate weaker safety compared to many U.S. neighborhoods). Recent year-over-year readings show property and violent offense rates increasing, so investors should underwrite with prudent security measures and operational oversight.
In practical terms, position the asset with lighting, access control, and resident engagement, and benchmark incident trends against submarket peers to calibrate insurance, staffing, and technology investments.
This 24-unit asset with average unit sizes around 550 sq. ft. sits in a top-quartile Tallahassee neighborhood with strong amenity access and a high concentration of renter-occupied housing units. According to CRE market data from WDSuite, neighborhood occupancy has held around the low-80% range, while a large young-adult population within a 3-mile radius and projected household growth point to a durable tenant pipeline. The 1977 vintage suggests clear value-add levers modernize interiors, address aging systems, and improve common areas to capture demand and strengthen competitive positioning versus newer stock.
Underwriting should balance demand tailwinds with affordability and safety considerations: incomes are rising from a low base and rent-to-income metrics signal the need for calibrated pricing and renewal strategies. Executed well, the plan can translate amenity-driven demand and demographic momentum into steadier occupancy and improved NOI.
- Top-quartile neighborhood among 143 Tallahassee areas with dense amenities supporting leasing
- High renter-occupied share indicates a deep tenant base and demand resiliency
- 1977 vintage offers value-add scope: interiors, systems, and curb appeal
- Household growth within 3 miles and young renter profile support occupancy stability
- Risks: affordability pressure and below-average safety require disciplined pricing and operations