| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Fair |
| Demographics | 44th | Fair |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1370 Ocala Rd, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1979 |
| Units | 40 |
| Transaction Date | 2022-12-16 |
| Transaction Price | $4,250,000 |
| Buyer | SR OCALA ROAD LLC |
| Seller | INVERNESS APARTMENTS TALLAHASSEE LLC |
1370 Ocala Rd Tallahassee Multifamily Investment Opportunity
High renter-occupied housing supports a deep tenant base, and neighborhood occupancy has trended upward in recent years according to WDSuite’s CRE market data. Positioning focuses on durable renter demand rather than premium pricing.
Located at 1370 Ocala Rd in an Inner Suburb of Tallahassee, the property sits in a neighborhood rated B with renter-occupied housing comprising a very high share of units (top percentile nationally). This indicates a broad tenant pool and potential leasing durability, while the area’s current occupancy sits below the metro median but has improved over the last five years (neighborhood rank 87 out of 143).
Amenity access is mixed. Overall amenities are competitive among Tallahassee neighborhoods (rank 42 of 143), with restaurants ranking in the top quartile locally (21 of 143), yet limited neighborhood counts for groceries, cafés, and pharmacies. Parks are a relative strength, with neighborhood park density in the top quartile among 143 Tallahassee neighborhoods and a high national percentile, supporting livability and outdoor access.
Neighborhood rents sit in the top quartile within the metro (rank 34 of 143) and around the middle of national peers, suggesting achievable pricing without relying on top-end positioning. Median home values are lower on a national basis, which can introduce some competition with ownership, but the area’s strong renter concentration points to continued reliance on multifamily options for many households. For investors conducting multifamily property research, the key read is that pricing power likely hinges on unit quality, management, and proximity conveniences rather than luxury premiums.
Demographic statistics within a 3-mile radius show population growth in recent years with households expanding meaningfully and average household size trending smaller. Forward-looking projections indicate continued population and household increases, which can support renter pool expansion and occupancy stability. The neighborhood’s average construction year is 1973; with a 1979 vintage, the asset is somewhat newer than local stock, implying potential competitiveness after targeted systems and interior updates typical for late-1970s buildings.
Safety indicators are mixed when viewed comparatively. The neighborhood’s crime rank places it around the middle of 143 Tallahassee neighborhoods, while national percentiles signal it is not among the safer areas nationwide. Recent data shows an annual decline in property offenses, whereas violent-offense indicators were steady year over year, according to WDSuite’s market data.
For investors, the implication is to underwrite sensible security measures, lighting, and property management protocols to support resident retention, while recognizing that metro-relative positioning is closer to average and recent property-crime trends have improved.
This 40-unit, late-1970s asset with compact average unit sizes is positioned in a Tallahassee neighborhood with a very high share of renter-occupied housing, supporting depth of demand and potential leasing durability. Occupancy in the neighborhood has improved over the past five years, though it remains below the metro median, suggesting room for operational outperformance through focused management and unit refreshes. According to CRE market data from WDSuite, neighborhood rents are relatively competitive within the metro, while national positioning is mid-range—favoring a value-driven strategy over luxury premiums.
The 1979 vintage is somewhat newer than the neighborhood average and may compete effectively with older stock once typical late-1970s systems and interiors are addressed. Within a 3-mile radius, population and household growth—paired with smaller household sizes—point to renter pool expansion, which can support occupancy stability and steady leasing over time.
- Very high neighborhood renter concentration supports a broad tenant base and leasing depth.
- Neighborhood occupancy trending upward, creating potential to capture stabilization through active management.
- Rents are competitive within the metro, favoring value-oriented positioning over top-end pricing.
- 1979 vintage offers value-add potential via targeted system upgrades and interior modernization.
- Risks: current occupancy sits below metro median and rent-to-income levels indicate affordability pressure—underwrite retention and concessions thoughtfully.