| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 79th | Best |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2055 Thomasville Rd, Tallahassee, FL, 32308, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1988 |
| Units | 102 |
| Transaction Date | 2022-03-31 |
| Transaction Price | $15,200,000 |
| Buyer | ASHFORD APARTMENTS LLC |
| Seller | ENGEL ASHFORD CLUB LLC |
2055 Thomasville Rd Tallahassee Multifamily Opportunity
Neighborhood occupancy is strong and supports stable leasing outcomes, according to WDSuite’s CRE market data, with local renter demand reinforced by an Inner Suburb location near daily amenities.
This Inner Suburb neighborhood ranks 4th of 143 in the Tallahassee metro, indicating competitive fundamentals versus most nearby areas. Amenity access is comparatively strong within the metro (amenities rank 11 of 143) and modestly above national norms, giving properties day-to-day convenience advantages that can support retention and leasing velocity.
Local services are well represented: restaurants and cafes track above national medians, and park access sits in a higher national percentile, while pharmacy access is comparatively limited versus national averages. These mixed signals suggest solid overall livability with a few convenience gaps for residents to navigate.
For investors, the neighborhood’s occupancy is high (top tier nationally by percentile), pointing to durable renter demand and reduced downtime risk. Median contract rents in the area sit above the national midpoint, and the rent-to-income ratio around the neighborhood indicates manageable affordability pressure, which can aid lease retention and pricing power without overextending residents.
Tenure data shows roughly half of neighborhood housing units are renter-occupied, signaling a deep tenant base. Within a 3-mile radius, demographic statistics show population and household growth alongside a majority renter share, which supports a larger tenant funnel and ongoing demand for multifamily units.
Safety indicators point to comparative strength within the metro (crime rank 20 of 143, competitive among Tallahassee neighborhoods) and slightly better-than-median positioning nationally. Property offenses remain a consideration relative to national benchmarks, but recent year-over-year estimates indicate meaningful improvement, which is a constructive trend for investor underwriting and tenant sentiment.
As always, conditions can vary block to block; investors should pair these area-level signals with property-specific security measures and historical incident reviews when evaluating risk and potential operating expenses.
Built in 1988, the 102-unit asset offers a classic vintage profile with potential for targeted value-add and capital planning to modernize interiors and systems. Neighborhood fundamentals are favorable: high occupancy and a renter concentration near half support a stable tenant base, while elevated home values in the area reinforce reliance on rental options. Within a 3-mile radius, population and household growth expand the renter pool, which can bolster leasing stability and renewal prospects as new households form and seek professionally managed housing.
Small-format average unit sizes position the property to serve singles and roommates in a market where 18–34-year-olds comprise a large share within 3 miles; this can support steady absorption when paired with competitive pricing and thoughtful amenities. According to commercial real estate analysis from WDSuite, neighborhood rents sit above the national midpoint but remain aligned with incomes, suggesting room for operational execution and selective upgrades rather than reliance on outsized rent lifts.
- High neighborhood occupancy supports leasing stability and limits downtime risk.
- 1988 vintage offers clear value-add and system modernization pathways.
- Growing 3-mile population and households expand the renter pool and demand depth.
- Elevated local home values reinforce renter reliance on multifamily, aiding retention.
- Risks: property crime trends to monitor, capex for aging systems, and small-format units may elevate turnover among more transient cohorts.