| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 65th | Good |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1600 Pullen Rd, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1974 |
| Units | 112 |
| Transaction Date | 2014-09-22 |
| Transaction Price | $5,250,000 |
| Buyer | 1600 PULLEN ROAD LLC |
| Seller | TANGLEWOOD APARTMENTS OF TALLAHASSEE LLC |
1600 Pullen Rd Tallahassee Value‑Add Multifamily
Positioned in an inner-suburban area that ranks in the top quartile among 143 Tallahassee neighborhoods, the asset benefits from steady renter demand and operational upside, according to WDSuite’s CRE market data.
The neighborhood surrounding 1600 Pullen Rd is rated A and ranks 17 out of 143 in the Tallahassee metro, placing it in the top quartile locally. Amenity access is broadly competitive, with dining and cafes performing above national midpoints, while parks also track above average. Pharmacy access appears limited in this immediate area, which investors may consider when positioning resident services.
Construction in the area skews newer than the property (average year 2004), suggesting 1974 vintage positioning for this asset. That age profile points to potential value‑add through targeted renovations and systems modernization to compete effectively with the newer stock, while preserving a basis advantage versus recent deliveries.
On tenure, the neighborhood’s share of renter‑occupied housing units is about half, indicating a meaningful renter base that supports multifamily leasing depth. Within a 3‑mile radius, households and population have both expanded in recent years and are projected to continue growing, widening the local tenant pool. This growth, paired with smaller average household sizes, supports ongoing demand for rental units and can aid occupancy stability.
Home values in the neighborhood sit below national medians, yet the value‑to‑income ratio trends higher than many areas, and rent‑to‑income signals point to some affordability pressure for renters. For investors, that mix suggests careful rent management may be warranted to sustain retention, balanced against healthy demand drivers. These insights are based on commercial real estate analysis from WDSuite.
Safety indicators for this neighborhood are mixed. Compared with neighborhoods nationwide, overall safety sits below average (national percentiles in the 20s–30s), yet the area is competitive among Tallahassee neighborhoods (ranked 53 out of 143). Recent trend data shows declines in both violent and property offense rates over the past year, which is a constructive signal to monitor.
Investors should interpret these metrics at the neighborhood scale rather than the property level and track whether the recent downward trend continues, as improvements can support resident retention and leasing performance over time.
This 112‑unit, 1974‑built asset offers scale with clear value‑add potential in a Tallahassee neighborhood that ranks in the top quartile locally. Neighborhood occupancy has trended up over the past five years, and a rising count of households within a 3‑mile radius points to a larger tenant base that can support leasing and retention. According to CRE market data from WDSuite, nearby housing stock skews newer, so a targeted renovation plan can sharpen competitive positioning while maintaining a favorable basis relative to new construction.
Renter demand fundamentals are reinforced by a sizable local renter population and continued population growth, though affordability pressure (as indicated by rent‑to‑income signals) suggests disciplined rent setting and resident engagement will be important for long‑term stability. Amenity access is broadly favorable, with some service gaps (e.g., pharmacy) that operators can offset through on‑site conveniences or partnerships.
- Top‑quartile neighborhood rank among 143 metro areas supports demand resiliency
- 1974 vintage presents actionable value‑add and systems modernization opportunities versus newer stock
- Expanding 3‑mile household base underpins a larger renter pool and occupancy stability
- Amenity access is generally strong; targeted on‑site services can mitigate pharmacy gap
- Risk: affordability pressure from rent‑to‑income metrics requires disciplined pricing and retention strategy