| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Fair |
| Demographics | 44th | Fair |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1360 Ocala Rd, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1992 |
| Units | 24 |
| Transaction Date | 2022-12-16 |
| Transaction Price | $4,250,000 |
| Buyer | IRON AGE INVESTMENTS LLC |
| Seller | SR OCALA ROAD LLC |
1360 Ocala Rd Tallahassee Multifamily Investment
This location serves a deep renter pool with high neighborhood renter-occupied share and durable leasing drivers, according to WDSuite’s CRE market data. Neighborhood-level occupancy and demand trends suggest stable day-to-day operations for smaller-unit product.
The property sits in an Inner Suburb of Tallahassee with a neighborhood rating of B and an overall standing that is above the metro median (ranked 69 out of 143 metro neighborhoods). Restaurant access is comparatively strong (top quartile locally; 75th percentile nationally), and nearby park density is a notable strength (top quartile locally; 92nd percentile nationally). By contrast, cafes, grocery, and pharmacy options are limited within the immediate neighborhood, which may place more emphasis on car-based errands.
For multifamily investors, the neighborhood’s renter concentration is a key positive: 80.1% of housing units are renter-occupied, placing the area among the highest renter shares in the metro (ranked 4 out of 143; 99th percentile nationally). This typically supports a larger tenant base and steadier leasing velocity. Neighborhood occupancy is measured at 87.3% (35th percentile nationally; below the metro median by rank), so consistent marketing and renewal management remain important to sustain performance at the asset level.
Within a 3-mile radius, population and households have expanded in recent years, with additional growth projected over the next five years. A rising household count, combined with a predominantly renter-oriented housing stock (approximately three-quarters renter-occupied in the 3-mile area), points to ongoing demand for rental units and supports occupancy stability for well-run properties.
Vintage also matters. Built in 1992, the asset is newer than the neighborhood’s average construction year of 1973. That relative youth can help competitiveness versus older stock, while still leaving room for targeted modernization and systems updates to strengthen positioning and capture value-add upside.
On affordability, neighborhood-level rent-to-income metrics indicate some pressure (rent-to-income ratio ranks near the low end nationally). For investors, this calls for careful lease management and value-focused amenities to support retention, while still recognizing that elevated home values in many metros are not the primary constraint here—ownership costs are relatively accessible compared to high-cost markets, which can introduce some competition from entry-level ownership. Even so, the area’s substantial renter concentration continues to reinforce multifamily demand.
Safety indicators at the neighborhood level are mixed relative to broader benchmarks. Compared with Tallahassee neighborhoods, the area is competitive (crime rank 58 out of 143), while nationally it sits below the midpoint for safety (34th percentile). Recent trends offer a modest positive: estimated property offenses declined by roughly 10% over the past year, while violent offense rates were generally unchanged, according to CRE market data from WDSuite. As always, safety conditions can vary by block and over time; investors typically underwrite with current comps, recent trendlines, and on-the-ground observations.
This 24-unit asset at 1360 Ocala Rd offers exposure to a highly renter-oriented neighborhood with sustained tenant demand and practical proximity to everyday services and parks. Based on commercial real estate analysis from WDSuite, the local renter-occupied share is among the highest in the metro, supporting depth of demand for smaller-unit layouts. Neighborhood occupancy trends sit below the metro median by rank, so performance will hinge on consistent leasing, renewals, and resident experience, but the large renter pool helps underpin day-to-day stability.
Constructed in 1992, the property is newer than much of the surrounding housing stock, offering relative competitiveness versus older assets while retaining room for targeted upgrades and operational improvements. Within a 3-mile radius, recent and projected growth in population and households indicates a larger tenant base over time, reinforcing prospects for occupancy stability. Affordability indicators suggest some rent-to-income pressure, warranting prudent rent setting and amenity strategy to sustain retention.
- Deep renter base — neighborhood ranks among the metro’s highest for renter-occupied share, supporting steady leasing.
- Relative vintage advantage — 1992 construction can outcompete older stock with selective modernization.
- Demand tailwinds — 3-mile radius shows recent growth and projected increases in households, expanding the tenant pool.
- Operational focus — neighborhood occupancy ranks below the metro median; proactive leasing and renewals are important.
- Risks to monitor — limited nearby retail services in some categories, affordability pressure, and variable safety conditions by block.