| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Good |
| Demographics | 40th | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1606 Belle Vue Way, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2001 |
| Units | 20 |
| Transaction Date | 2018-02-27 |
| Transaction Price | $4,300,000 |
| Buyer | PHALANX PROPERTIES LLC |
| Seller | ASHBURN FAMILY TRUST U/A/D JANUARY 12 20 |
1606 Belle Vue Way Tallahassee Multifamily Investment
Positioned in an inner-suburban pocket with a deep renter base, this 20-unit asset benefits from steady neighborhood renter demand and a 2001 vintage that compares favorably to older local stock, according to WDSuite s CRE market data.
The property sits in an Inner Suburb of Tallahassee rated B+ and competitive among 143 metro neighborhoods, indicating fundamentals that are above the metro median. Nearby daily-needs access is a relative strength: grocery options rank near the top of the metro and the area outperforms nationally for restaurant density, while parks, cafes, and pharmacies are limited in the immediate blocks. School quality trends below national averages, which investors should factor into resident profile and marketing strategy.
The surrounding neighborhood skews renter-occupied, with a high renter concentration that supports depth of tenant demand for multifamily. Neighborhood occupancy has been largely stable in recent years, though it trails stronger Tallahassee subareas, suggesting leasing performance may depend on active management and unit-level value propositions. Median contract rents track around the middle of local ranges, reinforcing positioning for workforce-oriented demand.
Construction in the area averages late-1970s, while the subject s 2001 vintage is newer than much of the competitive stock. For investors, this can translate to improved operating competitiveness versus older properties, while still planning for modernization and systems refresh over a typical hold.
Demographic statistics aggregated within a 3-mile radius show recent population and household growth, with forecasts pointing to additional increases in households over the next five years. A large share of adults falls in the 18 34 age range, and the renter share in the 3-mile area is elevated, both of which typically expand the tenant pool and can support occupancy stability. At the same time, rent-to-income ratios signal pockets of affordability pressure, which calls for disciplined lease management and amenity-value alignment.
Safety indicators in the immediate neighborhood trend below national norms, with neighborhood crime metrics placing it below average both locally and nationally. That said, recent year-over-year readings point to modest improvement in violent and property offense rates, a trend investors can monitor alongside citywide initiatives. Comparisons should be framed at the neighborhood level rather than specific blocks, and underwriting should reflect appropriate security measures and resident experience considerations.
This 20-unit multifamily at 1606 Belle Vue Way offers exposure to a renter-heavy inner-suburban location with daily-needs access and a tenant base supported by nearby services and restaurants. The 2001 construction is newer than much of the surrounding housing stock, creating a relative competitive edge versus 1970s-era comparables while leaving room for targeted upgrades. According to CRE market data from WDSuite, neighborhood rents and occupancy are steady but not top-of-market, favoring operators who can differentiate through unit quality and management.
Within a 3-mile radius, population and household growth, coupled with an elevated renter share, point to a larger tenant base over the next cycle. Ownership costs remain comparatively high relative to local incomes, which tends to sustain reliance on rental housing and can support pricing power when paired with effective affordability management. Key watch items include neighborhood safety and ensuring rents align with income trends to protect retention.
- Newer 2001 vintage versus older area stock supports competitive positioning with planned modernization.
- Renter-heavy neighborhood and 3-mile radius growth expand the tenant pool and support occupancy stability.
- Daily-needs access (notably groceries and restaurants) aids leasing velocity for workforce renters.
- Pricing power potential balanced by rent-to-income considerations; disciplined lease management is important.
- Risks: below-average safety metrics and mid-tier school ratings warrant prudent underwriting and resident-experience investments.