| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 39th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1554 Lake Ave, Tallahassee, FL, 32310, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1974 |
| Units | 48 |
| Transaction Date | 2021-04-01 |
| Transaction Price | $1,530,000 |
| Buyer | GLEN HOLLOW HOLDINGS LLC |
| Seller | ASHER NEWFIELD LLC |
1554 Lake Ave, Tallahassee FL Multifamily Value-Add
Positioned in a renter-heavy pocket of Tallahassee, the asset benefits from deep tenant demand even as neighborhood occupancy can be variable, according to WDSuite’s CRE market data.
This Inner Suburb neighborhood carries a C rating and ranks below the metro median (109 of 143 Tallahassee neighborhoods), but it maintains a meaningful renter base. The share of housing units that are renter-occupied is competitive in the metro (36 of 143; top quartile locally) and high compared with neighborhoods nationwide, supporting a larger tenant pool and leasing velocity for workforce-oriented units.
Amenity density immediately around the property is limited (few cafes, groceries, parks, and restaurants in the near blocks), so residents typically rely on broader Tallahassee corridors for daily needs. Average school ratings in the neighborhood trend below national norms, which can influence family-driven demand but is less likely to weigh on student and young adult leasing segments.
Within a 3-mile radius, demographics tilt heavily toward 18–34-year-olds with recent population and household growth, pointing to a larger tenant base and ongoing demand for smaller formats. Home values in the neighborhood sit in a high-cost ownership context relative to local incomes (a high value-to-income ratio versus national peers), which generally sustains reliance on rental housing and can support pricing power for well-managed assets.
Neighborhood occupancy levels are lower than many Tallahassee peers today, but have shown recent improvement. Investors should underwrite to hands-on leasing and management while recognizing that strong renter concentration and a growing nearby population underpin medium-term demand. Insights are based on multifamily property research from WDSuite’s CRE market data for the neighborhood, not the specific property.
Safety trends are mixed. The neighborhood ranks 48 out of 143 Tallahassee neighborhoods for crime, indicating higher reported crime relative to much of the metro. Compared with neighborhoods nationwide, property and violent offense rates align below national safety percentiles, but recent year-over-year data shows improvement, particularly in violent incidents. Investors typically address this with enhanced on-site management and security measures tailored to submarket standards.
Built in 1974, the property presents classic value-add potential: interior modernization and systems upgrades can improve competitive positioning against older stock while supporting rent lifts calibrated to renter affordability. Based on CRE market data from WDSuite, the immediate neighborhood shows lower occupancy than the metro median, but it sits within a broader 3-mile area characterized by a large, growing renter pool and a high renter-occupied share, which supports leasing depth for efficiently sized units.
A high-cost ownership environment relative to local incomes in the neighborhood reinforces reliance on rental housing, aiding retention for well-operated assets. Limited near-block amenities require management to emphasize convenience and safety, yet the concentration of young adults and ongoing population and household growth in the 3-mile radius provides a durable demand backdrop for studios and smaller layouts.
- Renter-occupied share is high locally and nationally, supporting a deep tenant base.
- 1974 vintage offers clear value-add levers via interior updates and system improvements.
- High-cost ownership context supports sustained demand for rentals and pricing power.
- 3-mile radius shows population and household growth, bolstering leasing prospects.
- Risk: Neighborhood occupancy trails metro medians and requires proactive leasing and on-site management.