| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 55th | Good |
| Amenities | 40th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2309 Old Bainbridge Rd, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2003 |
| Units | 41 |
| Transaction Date | 2005-07-25 |
| Transaction Price | $6,850,000 |
| Buyer | BAINBRIDGE APTS LLC |
| Seller | BAINBRIDGE PLACE HLD LLC |
2309 Old Bainbridge Rd Tallahassee Multifamily Investment
Built in 2003, this 41-unit asset competes well against older neighborhood stock and targets a renter-heavy area, according to WDSuite s CRE market data. Expect steady tenant demand supported by above-average renter-occupied concentration at the neighborhood level.
The property sits in Tallahassee s Inner Suburb with an A- neighborhood rating and ranks 29 out of 143 metro neighborhoods placing it in the top quartile locally. Based on CRE market data from WDSuite, the area s renter-occupied share is elevated, signaling a deeper tenant base for multifamily leasing. Neighborhood occupancy trends are below the metro median, so property-level operations and asset quality can be important differentiators for maintaining stability.
Amenities are mixed: restaurant density is competitive among Tallahassee neighborhoods (top quartile), and grocery access performs well versus peers, while cafes, parks, and pharmacies are limited. For investors, this suggests daily-needs convenience with fewer discretionary or recreational options nearby, which can affect resident lifestyle appeal but not necessarily leasing velocity.
Vintage positioning matters: the average construction year in the neighborhood skews to the late 1980s, while this asset s 2003 vintage offers a relative edge over older stock. That supports leasing competitiveness, though typical mid-life system updates and common-area refreshes may still be part of capital planning.
Within a 3-mile radius, population and households have been growing and are projected to continue increasing, pointing to a larger tenant base and supporting occupancy durability. Median home values in the neighborhood sit in a mid-range for the metro, and ownership costs relative to incomes are elevated versus many U.S. neighborhoods; that context tends to sustain multifamily demand and can aid pricing power without overreliance on outsized concessions.
Neighborhood safety indicators sit below national percentiles, and the area ranks near the middle of the pack among 143 Tallahassee neighborhoods. According to WDSuite s data, property crime metrics are weaker than national norms, while recent violent offense trends show year-over-year improvement, suggesting some directional progress. Investors should underwrite with conservative assumptions, focus on on-site security practices, and monitor submarket trendlines rather than block-level variations.
This 2003-vintage, 41-unit property aligns with a renter-driven location where the neighborhood s renter-occupied share is high and the asset competes against older nearby stock. According to CRE market data from WDSuite, the neighborhood sits in the top quartile locally overall, restaurant and grocery access are competitive, and NOI per unit performance is strong versus the metro while tracking midpack nationally. Combined with population and household growth within a 3-mile radius, the property benefits from a larger tenant pool that supports occupancy stability.
Risks include neighborhood occupancy running below the metro median and safety metrics that trail national benchmarks, plus limited nearby parks and pharmacies. These are manageable with focused asset operations, prudent security measures, and targeted capex to reinforce leasing competitiveness and retention.
- Renter-heavy neighborhood supports a deeper tenant base and leasing durability.
- 2003 vintage offers a competitive edge versus older local stock with manageable modernization needs.
- Top-quartile neighborhood rank and competitive daily-needs amenities underpin demand.
- Population and household growth within 3 miles expands the renter pool and supports occupancy.
- Risks: below-median neighborhood occupancy, safety metrics below national benchmarks, and limited parks/pharmacies.