| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 43rd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2120 Castor Ct, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1974 |
| Units | 100 |
| Transaction Date | 2022-05-19 |
| Transaction Price | $9,720,000 |
| Buyer | SUMMER TREE UNITED LLC |
| Seller | BMG 100 LLC |
2120 Castor Ct Tallahassee Multifamily Investment
Neighborhood renter demand is supported by an elevated share of renter-occupied housing and a high-cost ownership backdrop, according to WDSuite’s CRE market data. Occupancy has shown softness at the neighborhood level, so underwriting should emphasize tenant retention and leasing execution.
Located in an Inner Suburb of Tallahassee, the property sits in a neighborhood rated B- with a renter-occupied housing share that is high relative to peers (measured for the neighborhood, not this property). That depth of renter households supports a stable tenant base for a 100-unit asset, though recent neighborhood occupancy trends have been softer than many local areas, warranting attention to leasing and renewals.
Livability features are mixed. Restaurants are present at levels around national norms, but several everyday amenities (grocery, parks, pharmacies, and cafes) are limited within the neighborhood footprint, implying residents may rely on nearby corridors for services. School ratings in the neighborhood dataset are limited/low; investors should underwrite demand drivers such as proximity to employment and commute routes rather than school-driven premiums.
Home values in the neighborhood sit within a high-cost ownership context relative to local incomes (value-to-income ratio is in a high national percentile). For multifamily investors, this generally supports rental demand, lease retention, and pricing power—particularly for well-managed, appropriately positioned product—while keeping an eye on rent-to-income levels for affordability pressure and renewal risk.
Within a 3-mile radius, demographics show population growth over the past five years and a notable increase in households, with forecasts pointing to further household expansion by 2028. This trajectory implies a larger renter pool over time and supports occupancy stability if product quality and pricing remain competitive, based on CRE market data from WDSuite.
Neighborhood safety indicators are mixed. Compared with other Tallahassee neighborhoods (143 total), this area trends on the higher-crime side, but recent data shows year-over-year declines in both property and violent offense rates. Nationally, the neighborhood sits below mid-percentile safety levels, so prudent measures—enhanced lighting, access control, and tenant screening—can help support retention and asset performance.
Built in 1974, the asset is older than much of the surrounding inventory, suggesting clear value-add pathways via unit modernization and targeted capital improvements. The neighborhood’s elevated renter concentration and a high-cost ownership market support demand for professionally managed apartments, while recent occupancy softness argues for disciplined leasing and renewal strategy. According to CRE market data from WDSuite, nearby demographics within a 3-mile radius reflect growth in households and a sizeable 18–34 population share—both supportive of a durable tenant base.
Thesis focus: emphasize practical upgrades and operational execution to capture demand from renters who prefer attainable, well-managed units. Monitor affordability pressure and neighborhood safety trends, and price concessions/amenities to sustain occupancy and retention against comparable product.
- Older 1974 vintage points to value-add upside through interior and systems upgrades
- Elevated neighborhood renter-occupied share supports a deeper tenant base for 100 units
- High-cost ownership context reinforces sustained rental demand and potential pricing power
- 3-mile household growth and a large 18–34 cohort support leasing velocity and retention
- Risks: softer neighborhood occupancy and safety positioning; requires active leasing, security, and affordability management