| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 50th | Good |
| Demographics | 39th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1614 McCaskill Ave, Tallahassee, FL, 32310, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1972 |
| Units | 96 |
| Transaction Date | 2012-02-03 |
| Transaction Price | $1,400,000 |
| Buyer | ASHTON OAKS HOLDINGS LLC |
| Seller | KONA APARTMENTS LLC |
1614 McCaskill Ave Tallahassee Multifamily Opportunity
Neighborhood indicators point to a deep renter base and an ownership market that tends to sustain rental demand in this inner-suburb pocket of Tallahassee, according to WDSuite’s CRE market data. These statistics are measured for the surrounding neighborhood, not the property, and suggest demand resilience for well-positioned units.
The property sits in an Inner Suburb of Tallahassee where neighborhood performance is below the metro median (ranked 109 out of 143 metro neighborhoods, C-rated), yet with dynamics that can support durable multifamily demand. Within a 3-mile radius, demographics skew younger, and renter concentration is high, providing a large tenant base for studios and smaller floor plans. Population and household counts within 3 miles have grown in recent years and are projected to expand further, signaling a larger renter pool that can support occupancy stability over time.
Vintage is a consideration: built in 1972, the asset is slightly older than the neighborhood’s average construction year (1975). That age profile often implies value-add potential through targeted renovations and system upgrades, alongside capital planning to keep the property competitive against newer stock.
At the neighborhood level, occupancy is lower than many Tallahassee peers (ranked 120 of 143) but has trended higher over the last five years. For investors, this suggests a submarket that may reward well-executed operations and product differentiation. The 3-mile area shows a renter-occupied share materially above ownership, which reinforces depth of demand; however, lease management should account for varied income bands and retention strategies across unit types.
Ownership costs in the neighborhood are relatively elevated compared with incomes (high value-to-income ratio; top decile nationally), which tends to sustain reliance on rental housing. Neighborhood rents sit on the lower side of the metro distribution, which can aid leasing velocity but warrants attention to rent-to-income levels when calibrating pricing power. Amenities immediately around the neighborhood are limited, so marketing may lean on value, commute patterns, and access to broader Tallahassee services rather than walkable retail. School ratings in the neighborhood test on the low side, which can shift the tenant mix toward students and workforce renters rather than families seeking top-rated schools.
Safety trends should be viewed in context. Compared with neighborhoods nationwide, this area sits below the national median for safety (around the 39th percentile). Inside the Tallahassee metro, it falls below the metro median as well (crime rank 48 out of 143 neighborhoods). Recent year-over-year data shows improvement, with estimated violent and property offense rates declining, indicating a modest positive trend that investors can track alongside operational best practices.
For underwriting and asset management, prudent measures such as lighting, access controls, and partnership with local community resources can support resident satisfaction and retention. Always evaluate property-level history separately from neighborhood statistics, which reflect broader area patterns rather than this specific asset.
This 96-unit, 1972-vintage asset aligns with a demand base anchored by a high share of renter-occupied housing within a 3-mile radius and continued population and household expansion, supporting a larger tenant pool over the hold period. According to CRE market data from WDSuite, neighborhood occupancy has been trending up despite sitting below the metro median, suggesting operational upside for well-managed, renovated product. Elevated ownership costs relative to incomes favor rental reliance, while neighborhood-level rents remain comparatively modest, which can assist leasing and retention if pricing is calibrated to local rent-to-income dynamics.
The vintage creates a clear path for value-add through interior refresh, building systems, and common-area upgrades, balanced against capital planning needs. Amenity scarcity and below-median school metrics tilt the renter profile toward students and workforce households; pairing practical improvements with security and property management execution can help stabilize occupancy and drive NOI growth over time.
- Large renter pool within 3 miles supports leasing depth and occupancy stability.
- 1972 vintage offers value-add potential through targeted renovations and system upgrades.
- Elevated ownership costs versus incomes reinforce reliance on multifamily housing in the area.
- Neighborhood occupancy trending upward, creating potential to outperform with effective operations.
- Risks: amenity scarcity, below-median safety and school ratings, and affordability pressure require disciplined pricing and management.