| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 39th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1602 Stuckey Ave, Tallahassee, FL, 32310, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1974 |
| Units | 56 |
| Transaction Date | 2010-03-11 |
| Transaction Price | $570,000 |
| Buyer | BIG BEND HOMELESS COALITION INC |
| Seller | CITY OF TALLAHASSEE |
1602 Stuckey Ave Tallahassee Multifamily Value-Add Opportunity
Investor thesis centers on a deep renter base within 3 miles and upward-trending neighborhood occupancy, according to WDSuite’s CRE market data, positioning this 56-unit asset for durable demand with operational upside.
Situated in an Inner Suburb of Tallahassee, the property benefits from a renter-driven local housing fabric. Neighborhood tenure data indicate a relatively high share of renter-occupied housing units, which supports a broader tenant funnel and can aid leasing velocity and renewal stability for multifamily operators.
Within a 3-mile radius, demographic statistics show recent population growth and a meaningful increase in household counts, with projections calling for continued expansion. This larger household base points to a growing pool of renters, which can support occupancy stability and absorption for value-add or repositioning strategies.
Local retail and daily-needs amenities inside the immediate neighborhood are limited (cafes, grocery, restaurants, parks, and pharmacies rank toward the bottom of the metro distribution), so renters may rely on broader Tallahassee corridors for services. Average school ratings in the neighborhood track below national norms, which may skew the resident mix toward students and workforce renters rather than families seeking top-rated schools.
On costs, elevated home values relative to local incomes signal a high-cost ownership market in the neighborhood context. This tends to reinforce reliance on rental housing, sustaining demand depth while suggesting pricing decisions should be balanced against income constraints to manage retention risk.
Neighborhood safety levels are below the national average (national safety percentile in the lower half) and compare unfavorably to many Tallahassee neighborhoods based on metro ranks. However, recent year-over-year trends show declines in estimated violent and property offense rates, indicating incremental improvement, according to WDSuite s CRE market data. Investors should underwrite security line items and resident-experience measures accordingly while recognizing the positive trajectory.
1602 Stuckey Ave offers a straightforward value-add thesis: a 56-unit, 1974-vintage multifamily asset positioned in a renter-heavy area with a growing 3-mile household base. According to CRE market data from WDSuite, neighborhood occupancy has trended upward over the past five years, and the broader 3-mile area shows population growth and continued household expansion, all of which supports a larger tenant base and leasing durability. Elevated ownership costs relative to incomes in the neighborhood context further sustain reliance on multifamily housing, though income levels point to prudent rent-setting and expense management to protect retention.
The 1970s vintage suggests potential for targeted capex: systems modernization, common-area refresh, and interior upgrades that can improve competitive positioning versus older stock in the submarket. Amenity scarcity in the immediate neighborhood increases the importance of on-site features and management quality, while recent improvements in safety trends warrant monitoring but reflect a constructive direction.
- Renter-heavy housing fabric and 3-mile household growth support a deeper tenant base and occupancy stability.
- Upward-trending neighborhood occupancy and reliance on rentals underpin leasing and renewal prospects.
- 1974 vintage enables value-add through systems upgrades and interior renovations for competitive positioning.
- Elevated ownership costs versus local incomes reinforce rental demand in the neighborhood context.
- Risks: below-average neighborhood safety and income constraints require careful rent management, security investments, and resident-experience focus.