| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 42nd | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1502 Keily Run, Tallahassee, FL, 32301, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1984 |
| Units | 34 |
| Transaction Date | 1995-10-16 |
| Transaction Price | $61,200 |
| Buyer | DOLGEN OF HARMONY OAKS LLC |
| Seller | NEFF RAYMOND M |
1502 Keily Run, Tallahassee Multifamily Investment
Neighborhood fundamentals point to steady renter demand, with a very high renter-occupied housing share and occupancy that has strengthened over the past five years, according to WDSuite’s CRE market data. The 34-unit, 1984-vintage asset offers potential operational upside in an inner-suburb location.
Located in an Inner Suburb of Tallahassee, the neighborhood scores C+ overall and shows a renter-occupied housing concentration that is among the highest in the metro. For investors, that depth of renter households supports leasing velocity and a wider tenant base. Neighborhood occupancy is competitive among Tallahassee neighborhoods and has trended higher over the last five years, supporting income stability.
Rents in the immediate area are around the metro middle, and commercial real estate analysis suggests local assets have produced above-average per-unit NOI compared with national norms. With median home values in the area lower relative to many U.S. neighborhoods, ownership options may compete for some households, but a large renter pool and steady occupancy can help sustain demand for multifamily units.
Demographic statistics aggregated within a 3-mile radius indicate population growth over the past five years, with households increasing and average household size edging down. Looking ahead, projections call for further increases in households by 2028, implying a larger tenant base and support for occupancy and renewal retention. Incomes in the 3-mile area have also risen meaningfully, improving the capacity to absorb measured rent growth while still requiring attention to rent-to-income thresholds in lease management.
Immediate walkable amenities are limited within the neighborhood (few cafes, groceries, or parks are recorded), so residents likely rely on nearby corridors for daily needs. This can favor properties that offer on-site conveniences or easy access to arterial roads for commuting.
Safety indicators for this neighborhood trend weaker than national averages, with the area positioned around the middle to slightly below the metro median among the 143 Tallahassee neighborhoods. Nationally, the neighborhood sits in a lower safety percentile, so investors commonly underwrite for practical measures such as lighting, access control, and resident engagement to support retention.
Recent year-over-year estimates point to increases in both property and violent offenses at the neighborhood level. While these figures can fluctuate, it is prudent to align operating plans with local conditions and coordinate with security vendors and resident policies to help manage risk.
Built in 1984, 1502 Keily Run presents a typical 1980s vintage profile that can benefit from targeted capital planning—select interior upgrades, system refreshes, and curb appeal improvements—to enhance competitive positioning against slightly newer stock nearby. The neighborhood’s renter concentration is very high, and, according to CRE market data from WDSuite, neighborhood occupancy is competitive among Tallahassee submarkets and has improved over the last five years, supporting income durability.
Within a 3-mile radius, population and household counts have grown and are projected to rise further by 2028, expanding the renter pool. Rising household incomes support measured rent growth, though a rent-to-income profile near the area’s norms suggests careful lease management to balance pricing power with retention. Limited immediate amenities and safety considerations warrant operational attention, but the depth of renters and steady occupancy provide a supportive backdrop for a value-add or hold strategy.
- Very high renter-occupied housing share supports tenant demand and leasing velocity
- Neighborhood occupancy competitive within the metro and trending higher, reinforcing income stability
- 1984 vintage offers value-add potential via interior upgrades and systems modernization
- 3-mile radius shows growing households and rising incomes, expanding the renter base
- Risks: limited immediate amenities, below-national safety positioning, and the need to manage rent-to-income for retention