| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Fair |
| Demographics | 60th | Good |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1420 N Meridian Rd, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1972 |
| Units | 62 |
| Transaction Date | 2016-07-21 |
| Transaction Price | $3,975,000 |
| Buyer | WINDSCAPE II ASSOCIATES LLC |
| Seller | SEVILLE APARTMENTS LLC |
1420 N Meridian Rd Tallahassee Multifamily Opportunity
Steady renter demand and strong neighborhood amenities support leasing durability, according to WDSuite’s CRE market data. Neighborhood occupancy trends and renter concentration point to a deep tenant base rather than property-specific performance.
Located in Tallahassee’s inner suburb setting, the property benefits from a neighborhood that ranks 8 out of 143 metro neighborhoods with an overall A rating—competitive among Tallahassee locations for investors screening stabilized workforce and student-oriented demand. Amenity access is a clear advantage: restaurant density sits in the top quartile nationally, with groceries, parks, and pharmacies also testing at high national percentiles, reinforcing daily convenience that supports leasing and retention.
Renter concentration is a core demand driver. Within a 3-mile radius, an estimated 68% of housing units are renter-occupied, indicating a large tenant pool and consistent turnover opportunities for a 62-unit asset. Neighborhood-level rents are positioned for access rather than luxury, which can help sustain absorption; median contract rents have risen over the last five years, but the neighborhood’s rent-to-income profile suggests manageable affordability pressure and pragmatic lease management rather than aggressive pricing risk.
Education and demographics add support. The neighborhood’s share of residents with bachelor’s degrees is above many peer areas (high national percentile), and 3-mile demographics show population and household growth over the last five years with forecasts pointing to further renter pool expansion through 2028. For investors, these trends translate into a larger tenant base and potential occupancy stability through cycles, provided unit finishes and amenities stay competitive.
School quality benchmarks trail stronger suburbs (average ratings around 2 of 5), which may reduce appeal for some family renters; however, abundant cafes, restaurants, and services align with younger and professional renters. Compared with metro peers, amenity access ranks near the top of 143 neighborhoods, which can offset lower school scores for target renter cohorts and bolster leasing momentum.
Safety indicators for the neighborhood are mixed. Compared with neighborhoods nationwide, reported crime levels sit below the national median for safety; however, recent year-over-year trends show improvement, with both violent and property offense rates declining. Within the Tallahassee metro, the neighborhood’s crime rank is 52 out of 143, indicating higher reported crime than many metro peers but not the highest concentrations in the region.
For underwriting, a practical takeaway is to budget for visible security measures and resident engagement while recognizing that recent downward trends may support leasing if sustained. Use block-by-block due diligence and property-specific incident data to refine assumptions beyond neighborhood-level metrics.
Built in 1972, the 62-unit property offers value-add potential through targeted renovations and systems updates, while still competing well in a neighborhood with strong amenity access. The surrounding area shows a high share of renter-occupied housing within a 3-mile radius, and neighborhood contract rents remain oriented toward access rather than luxury—factors that support a deep tenant base and pragmatic renewal strategies. Neighborhood occupancy has improved over the past five years, and, based on CRE market data from WDSuite, amenity density (restaurants, groceries, parks, pharmacies) ranks among the metro’s strongest, a tailwind for leasing and retention.
Forward-looking demographics within 3 miles point to population and household growth through 2028, expanding the renter pool and supporting absorption for smaller floorplans. Median home values in the neighborhood remain relatively accessible compared with high-cost metros, which can limit outsized pricing power but also maintains a steady pipeline of renters seeking convenience and flexibility. Key risks include below-median school ratings and neighborhood safety that trails stronger suburbs; both can be mitigated with targeted capex, security programming, and positioning toward renter cohorts that value proximity and services.
- Large renter base within 3 miles supports demand depth and renewal stability
- 1972 vintage allows value-add interior and systems upgrades to drive NOI
- High amenity density near the property bolsters leasing and retention
- Demographic growth outlook indicates a larger tenant pool and absorption support
- Risks: safety metrics below stronger suburbs and modest school ratings require thoughtful asset management