| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 69th | Best |
| Amenities | 85th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2131 N Meridian Rd, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1972 |
| Units | 96 |
| Transaction Date | 2015-05-20 |
| Transaction Price | $6,250,000 |
| Buyer | WESLEE INVESTMENTS LLC |
| Seller | STEEPLE CLUB APARTMENTS LLC |
2131 N Meridian Rd Tallahassee Multifamily Investment
Neighborhood metrics point to durable renter demand supported by a high share of renter-occupied housing and elevated ownership costs, according to CRE market data from WDSuite. The area’s amenity depth and steady rent growth trends further support leasing consistency at the submarket level.
Situated in Tallahassee’s inner-suburban fabric, the property benefits from a neighborhood rated A+ among 143 metro neighborhoods, with strong daily conveniences nearby. Amenity access sits in the top quartile nationally for cafes, parks, and pharmacies, supporting resident satisfaction and day-to-day livability that helps reduce turnover.
Renter concentration is high at the neighborhood level, with roughly six in ten housing units renter-occupied. For investors, this indicates a deep tenant base and sustained multifamily demand. By contrast, neighborhood occupancy trends rank below the metro median among 143 neighborhoods, suggesting operators should emphasize renewals and targeted leasing to maintain stability.
Home values are elevated for the metro and sit in the upper national percentiles, while the value-to-income ratio is also high among Tallahassee neighborhoods. This high-cost ownership market reinforces reliance on rental housing and can aid pricing power and lease retention for well-managed assets, while keeping an eye on rent-to-income levels to manage renewal risk.
Within a 3-mile radius, the population has grown in recent years and is projected to expand further by 2028 alongside an increase in households, pointing to renter pool expansion. The local age mix includes a large 18–34 cohort, which typically supports apartment demand and absorption, based on CRE market data from WDSuite.
Safety signals are mixed when viewed across geographies. Relative to the Tallahassee metro, the neighborhood’s crime rank is below the metro median among 143 neighborhoods, indicating elevated crime compared with many nearby areas. Nationally, violent offense indicators are in the top decile for safety and trending better year over year, while property crime sits closer to the middle of national comparisons. Taken together, risk management should focus on property-security practices while acknowledging improving violent crime trends.
This 96-unit asset sits in an amenity-rich inner-suburban location with a high share of renter-occupied housing, supporting a durable tenant base. Neighborhood occupancy currently trails the metro median, but elevated ownership costs and a large 18–34 population within a 3-mile radius underpin demand, while mid-market rents have posted solid multi-year growth. According to CRE market data from WDSuite, the neighborhood’s amenity and education profile compares favorably at the national level, reinforcing leasing appeal.
Forward-looking demographics add a constructive backdrop: population and household counts within 3 miles are projected to rise through 2028, indicating renter pool expansion that can support occupancy stability and measured rent growth for competitive product. Investors should plan for disciplined lease management and potential capital to keep finishes competitive against newer supply, while leveraging the location’s convenience to drive renewals.
- High renter-occupied share signals deep tenant base and steady multifamily demand
- Amenity-rich inner-suburban setting supports retention and absorption
- 3-mile population and household growth expected to expand the renter pool
- Elevated ownership costs can reinforce pricing power for competitive units
- Risk: neighborhood occupancy below metro median requires active leasing and renewal focus