| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 62nd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 123 White Dr, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1972 |
| Units | 83 |
| Transaction Date | 2002-08-30 |
| Transaction Price | $2,216,600 |
| Buyer | VILLA SAN CARLO II L L C |
| Seller | I S IV MORNING STAR ASSOC LTD |
123 White Dr Tallahassee Multifamily Value-Add Opportunity
Positioned in an Inner Suburb with strong renter concentration, the neighborhood shows durable tenant demand even as occupancy trends vary, according to WDSuite’s CRE market data. Investors should view this as an operational play focused on competitive positioning and modernization to support retention.
The surrounding neighborhood ranks 14 out of 143 Tallahassee neighborhoods (A rating), placing it in the top quartile locally for overall CRE fundamentals. Amenity access is a clear strength: grocery, restaurant, and pharmacy densities are among the highest in the metro (each ranked within the top seven of 143), and they track in the 90th+ national percentiles—useful for leasing appeal and day-to-day convenience. By contrast, park and childcare access rank last among 143 neighborhoods, factors to consider for family-oriented positioning.
Renter-occupied housing is the dominant tenure in this neighborhood (renter concentration ranks 2 out of 143), indicating a deep multifamily tenant base and consistent leasing activity at the neighborhood level. Neighborhood occupancy is below national averages (ranked 104 of 143; national percentile 24), so operational execution—pricing, renewals, and amenity upgrades—will be important to maintain stability and support absorption.
The property’s 1972 vintage is older than the neighborhood’s average construction year (1985), pointing to targeted capital planning needs. This can translate into value‑add potential through unit renovations, building systems updates, and curb‑appeal improvements to better compete against newer stock while managing capex pacing.
Within a 3‑mile radius, demographics skew young (large 18–34 share) with population and household counts increasing over time; projections indicate additional household growth by 2028. This trend supports a larger tenant base and sustained demand for smaller-format rentals, though lease management should account for affordability pressure given neighborhood-level rent-to-income readings. Median asking rents in the neighborhood sit near the metro middle today and have risen over the last five years, based on CRE market data from WDSuite.
Safety conditions in the neighborhood compare below national norms. The area’s overall crime standing is lower than many neighborhoods nationwide (around the lower quintiles by national percentile), and within the Tallahassee metro it ranks 82 out of 143 neighborhoods—an above-average crime level relative to peers. Year-over-year, both violent and property offense indicators have risen, so underwriting should reflect enhanced security, lighting, and monitoring, plus prudent loss assumptions.
For investors, the practical takeaway is to align operating plans with the submarket’s risk profile: emphasize visibility, access control, and resident engagement to support retention. Comparing options within Tallahassee, this neighborhood’s safety metrics sit below metro averages but can be mitigated with proven property management practices and capital measures.
The broader submarket draws from a diversified employment base within commuting range, supporting workforce housing demand and resident retention. Specific nearby employer distances are not available in this dataset.
This 83‑unit asset’s value proposition centers on operational upside and targeted renovations. Neighborhood fundamentals show strong renter orientation (renter-occupied housing ranks 2 of 143 metro neighborhoods) and dense daily‑needs amenities, while occupancy at the neighborhood level runs below national benchmarks—making competitive finishes, professional management, and leasing execution important drivers of performance. According to CRE market data from WDSuite, local rents have advanced over the past five years, reinforcing the case for strategic upgrades where scope is matched to in‑place affordability.
The 1972 vintage suggests identifiable value‑add pathways—interiors, common areas, and systems—relative to the neighborhood’s newer average stock. Within a 3‑mile radius, population and household growth projections point to an expanding renter pool into 2028, which can support absorption and occupancy stability when paired with prudent pricing and resident retention tactics.
- Deep renter base: neighborhood renter-occupied share ranks 2 of 143, supporting demand depth for multifamily.
- Value-add potential: 1972 construction creates renovation and repositioning opportunities versus newer competitive stock.
- Amenities advantage: high neighborhood densities of groceries, restaurants, and pharmacies aid leasing appeal.
- Demand tailwinds: 3‑mile population and household growth projections expand the tenant pool through 2028.
- Risks: below‑average neighborhood safety and lower occupancy metrics warrant enhanced security, conservative underwriting, and active lease management.