| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Good |
| Demographics | 40th | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1845 Belle Vue Way, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1973 |
| Units | 119 |
| Transaction Date | 2003-03-12 |
| Transaction Price | $3,300,000 |
| Buyer | VILLA LUCIA LLC |
| Seller | SPECTRUM RESOURCES INC |
1845 Belle Vue Way Tallahassee Multifamily Value-Add
Renter demand is deep in this inner-suburban pocket, with stability supported by a high neighborhood renter concentration and steady neighborhood occupancy, according to WDSuite’s CRE market data. The asset’s smaller average unit size and 1973 vintage point to practical value-add levers focused on modernization and operating efficiency.
The property sits in an Inner Suburb of Tallahassee rated B+ and is competitive among Tallahassee neighborhoods (48 out of 143). Local living patterns favor multifamily: renter-occupied housing is elevated within the neighborhood, which supports a broad tenant base and ongoing leasing velocity. Neighborhood occupancy is reported at the neighborhood level and has held relatively steady in recent years, supporting baseline cash flow management.
Within a 3-mile radius, demographics skew younger and households have expanded over the last five years, with further growth projected. This expansion implies a larger tenant base and supports occupancy stability for small-format units. Median contract rents in the neighborhood track near metro norms, while rent-to-income dynamics signal some affordability pressure, suggesting attention to renewal strategies and amenity-driven value propositions.
Daily-needs access is a relative strength: grocery store density ranks near the top locally and above national norms, which tends to reinforce retention. By contrast, the immediate area shows fewer cafes, parks, and pharmacies, so on-site amenities and convenience-focused operations can help differentiate.
Ownership costs in this neighborhood are comparatively lower versus many U.S. areas, which can introduce some competition from entry-level ownership. Even so, the neighborhood’s renter concentration remains high, indicating continued reliance on multifamily housing for a substantial share of households. Based on CRE market data from WDSuite, average NOI per unit at the neighborhood level trends strong relative to peers, supporting the case for disciplined enhancements rather than wholesale repositioning.
Safety indicators for the neighborhood trend below national benchmarks, and the area sits around the middle of the pack within the Tallahassee metro (76 out of 143). Recent estimates show year-over-year declines in both violent and property offenses, which is a constructive directional signal, though investors should underwrite with conservative assumptions and emphasize lighting, access control, and resident engagement.
This 119-unit, 1973-vintage asset offers a straightforward value-add plan: modernize older systems and finishes, refine unit layouts where feasible, and leverage the property’s small average unit size to target cost-conscious renters. The neighborhood’s elevated renter-occupied share and steady neighborhood-level occupancy point to durable demand, while younger 3-mile demographics and projected household growth expand the prospective tenant pool. According to multifamily property research from WDSuite, local NOI per unit trends favorably versus many metro peers, supporting targeted upgrades that can enhance rentability without overcapitalizing.
Counterpoints include neighborhood affordability pressure and safety metrics that trail national percentiles; both call for disciplined underwriting, focused on retention, operational excellence, and a pragmatic amenities program. Homeownership remains relatively accessible locally, so competitive positioning should emphasize convenience, consistent service, and thoughtful in-unit updates to sustain leasing velocity.
- Elevated neighborhood renter concentration supports depth of tenant demand and leasing stability.
- 1973 vintage and small average unit size create clear modernization and operating-efficiency levers.
- Neighborhood-level occupancy has been steady, aligning with favorable NOI-per-unit trends reported by WDSuite.
- Daily-needs access (strong grocery proximity) aids retention; fewer nearby lifestyle amenities can be offset with on-site features.
- Risks: affordability pressure, below-average safety metrics, and potential competition from entry-level ownership options.