| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 62nd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2202 W Pensacola St, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1974 |
| Units | 61 |
| Transaction Date | 2012-05-30 |
| Transaction Price | $609,000 |
| Buyer | CC 2202 WEST PENSACOLA STREET LLC |
| Seller | BENCHMARK WEST APARTMENTS CAPITAL LLC |
2202 W Pensacola St Tallahassee Multifamily Investment
Neighborhood-level renter concentration is high and amenity access is strong, supporting a consistent tenant pipeline according to WDSuite s CRE market data. Note that occupancy and tenure figures cited refer to the surrounding neighborhood, not this specific property.
Location and livability: The property sits in an Inner Suburb of Tallahassee that rates in the top quartile among 143 metro neighborhoods (Neighborhood rating: A). Amenity density is a clear advantage restaurants, cafes, groceries, and pharmacies rank competitively within the metro and score in high national percentiles, offering convenient daily needs and lifestyle options that help leasing velocity.
Renter demand signals: The share of renter-occupied housing units in the neighborhood is among the highest in the metro (ranked 2 out of 143; top percentile nationally), indicating a deep tenant base for multifamily. By contrast, the neighborhood s occupancy rate ranks below the metro median (104 out of 143), suggesting property-level execution and positioning matter to capture absorption and stabilize rents.
Demographics within 3 miles: The 3-mile radius is anchored by a large young-adult population, with households expanding over the past five years and projections calling for continued population growth. This points to a larger tenant base over time and supports demand for smaller-format units, student-oriented layouts, and workforce housing, depending on positioning. Median household incomes have been rising, which can aid collections and renewal performance while still requiring careful rent-to-income management.
Vintage and value-add: Built in 1974, the asset is older than the neighborhood s average construction year (1985). Investors should underwrite near- to mid-term capital needs (systems, interiors, common areas) and evaluate renovation scope that can improve competitive positioning against newer stock and capture outsized returns on refreshed units.
Affordability and competition with ownership: Neighborhood contract rents sit near the middle of the national distribution, while rent-to-income ratios skew higher locally. For investors, this mix suggests steady renter reliance on multifamily housing but calls for prudent lease management to balance pricing power with retention.
Safety indicators for the neighborhood are mixed relative to Tallahassee and the nation. On a metro basis, crime ranks in the lower half (82 out of 143 neighborhoods), indicating conditions that are below the metro median. Nationally, the neighborhood sits in lower safety percentiles, so underwriting should incorporate security, lighting, and operational measures appropriate for an urban, renter-heavy location.
Recent trend signals show year-over-year increases in both property and violent offense estimates at the neighborhood level. While these are neighborhood-wide metrics (not property-specific), they reinforce the need for proactive on-site management and partnership with local resources to support resident experience and retention.
2202 W Pensacola St combines a renter-heavy neighborhood, strong amenity access, and a large nearby young-adult population within 3 miles ingredients that typically support leasing velocity and renewal depth. According to CRE market data from WDSuite, the neighborhood is top quartile in the metro overall, with especially strong amenity density, while occupancy performance sits below the metro median making asset-specific execution and value-add strategy important.
The 1974 vintage creates clear scope for targeted capital plans (mechanicals, interiors, curb appeal) to elevate positioning against newer competition. With rents near national mid-range and higher local rent-to-income ratios, disciplined pricing and renewal strategies can sustain occupancy stability while capturing incremental growth as the renter pool expands.
- Renter-heavy neighborhood and strong amenities support a deep tenant base and leasing velocity.
- 1974 vintage offers value-add and capital planning opportunities to improve competitive standing.
- 3-mile demographics point to ongoing renter pool expansion, aiding occupancy stability and renewals.
- Balanced rent positioning near national mid-range; manage rent-to-income levels to support retention.
- Risk: Neighborhood safety ranks below metro median; proactive on-site measures and visibility recommended.