| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 65th | Good |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1561 Blountstown St, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1981 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1561 Blountstown St Tallahassee Multifamily Investment
Positioned in an inner-suburb of Tallahassee with top-quartile neighborhood standing in the metro, this 52-unit asset benefits from a deep renter base and steady local demand, according to WDSuite’s CRE market data.
The property sits in an Inner Suburb neighborhood of Tallahassee ranked 17 out of 143 metro neighborhoods (top quartile), signaling competitive fundamentals for multifamily investors. Neighborhood occupancy is 88.4%, and the area’s renter concentration is meaningful, supporting depth of tenant demand and day-to-day leasing velocity. Within a 3-mile radius, 73% of housing units are renter-occupied, which helps sustain a larger tenant base and can support occupancy stability in typical cycles, based on CRE market data from WDSuite.
Livability is bolstered by everyday conveniences: restaurants and cafes are around or slightly above national norms for density, while parks register above average. Pharmacy access is thinner than national norms, which may modestly affect convenience for residents. Amenity metrics collectively place the neighborhood around the national mid-50s percentile, aligning with workforce-oriented renter needs.
Home values in the neighborhood trend on the lower side for Florida metros, and the value-to-income ratio ranks in the higher tiers locally, indicating a high-cost ownership market relative to local incomes. That dynamic tends to reinforce reliance on rental housing and can aid lease retention. At the same time, the neighborhood’s rent-to-income ratio is elevated, suggesting affordability pressure that calls for careful lease management and measured rent setting to maintain collections and retention.
Demographics within a 3-mile radius skew younger (a large 18–34 cohort) with rising household counts alongside smaller average household sizes. While population has been roughly flat to slightly down in recent years, forecasts point to population growth and a sharp increase in households by 2028. For investors, that implies a larger tenant base and potential renter pool expansion over the medium term, supporting occupancy and leasing resilience.
Safety metrics for the neighborhood are below national averages, with the area ranking 53 out of 143 Tallahassee neighborhoods (around the metro middle). Nationally, the neighborhood sits in lower safety percentiles compared with peers, but recent trends show improvement: estimated violent offenses and property offenses both declined over the last year. For underwriting, this suggests monitoring trajectory rather than assuming status quo, and aligning on-site security, lighting, and community engagement to support resident satisfaction.
Built in 1981, the asset is older than the neighborhood’s average construction vintage, creating potential value-add and capital planning opportunities to improve competitive positioning versus newer stock. The surrounding neighborhood ranks in the top quartile among 143 Tallahassee neighborhoods, with meaningful renter concentration and occupancy in the high 80s that together support steady leasing. According to commercial real estate analysis from WDSuite, ownership remains relatively expensive versus local incomes, which can reinforce multifamily demand and help sustain tenant retention.
Looking ahead, the 3-mile area is projected to grow in population and expand household counts by 2028 while household sizes trend smaller, pointing to renter pool expansion and demand for smaller formats. Balanced against this, elevated rent-to-income signals affordability pressure, and neighborhood safety sits below national norms despite improving trends—factors to underwrite with prudent expense reserves and leasing strategy.
- Top-quartile neighborhood ranking (17 of 143) supports durable renter demand
- Older 1981 vintage offers value-add and CapEx-driven upside versus newer comps
- High renter concentration within 3 miles underpins a larger tenant base
- Forecast population and household growth by 2028 support occupancy stability
- Risks: elevated rent-to-income and below-national safety metrics require careful pricing and operations