| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Good |
| Demographics | 40th | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 235 S Ocala Rd, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1997 |
| Units | 72 |
| Transaction Date | 2023-05-16 |
| Transaction Price | $15,849,000 |
| Buyer | SPG TALLAHASSEE EQUITIES LLC |
| Seller | FPA VV-WOODCHASE LLC |
235 S Ocala Rd, Tallahassee Multifamily Investment
Neighborhood renter concentration is high and supports a consistent tenant base, according to WDSuite’s CRE market data, though occupancy levels trend below national medians. Expect steady demand drivers from nearby amenities while managing affordability and retention dynamics.
This Inner Suburb location in Tallahassee, Florida carries a B+ neighborhood rating and sits above the metro median for overall neighborhood performance (48th of 143 metro neighborhoods). Grocery access is a relative strength, competitive among Tallahassee neighborhoods and in the upper tiers nationally, while restaurants are also comparatively dense. In contrast, parks, pharmacies, and cafes are limited within the immediate neighborhood footprint.
Multifamily dynamics reflect a renter-oriented area. The share of housing units that are renter-occupied is very high (top national percentiles), indicating a deep tenant pool that can support leasing stability. However, the neighborhood occupancy rate is below the national median, so investors should underwrite to moderate lease-up velocity and a focus on renewal management.
Pricing and affordability sit near national mid ranges for asking rents but with a higher rent-to-income ratio locally. In investor terms, this creates some affordability pressure that may require disciplined lease management and value positioning to sustain retention. Median home values in the neighborhood are lower relative to national benchmarks, which can introduce some competition from ownership options and may modestly constrain pricing power on the margin.
Within a 3-mile radius, demographics skew young-adult heavy, with a large 18–34 share and population growth over the last five years. Household counts have also increased and are projected to expand further, pointing to a larger tenant base and additional demand for rental units through the forecast period. Average household size has edged down over recent years before a modest rebound in forward projections, consistent with smaller households seeking rental housing.
Vintage context matters for competitive positioning. The neighborhood’s average construction year is 1979, while the subject property was built in 1997. Being newer than the neighborhood average supports relative competitiveness versus older stock, though interior modernization and system updates may still be needed to meet current renter expectations and drive rent premiums.
Safety indicators for the neighborhood trend below national medians, based on WDSuite’s CRE market data. National percentiles suggest both property and violent offense rates are on the higher side relative to neighborhoods nationwide, which warrants proactive security measures and resident experience programming. Recent year-over-year trends show modest improvement, with declines in estimated violent and property offense rates, a constructive signal to monitor rather than a resolved risk.
In practical terms, investors should benchmark insurance, security lighting, access controls, and community engagement against peer assets in Tallahassee. Track multi-year trends and compare against regional peers rather than relying on a single-year snapshot.
The 72-unit property at 235 S Ocala Rd was built in 1997, positioning it newer than the surrounding neighborhood’s average vintage. That relative youth supports competitive standing versus older stock while leaving room for targeted renovations to refresh interiors and common areas. Renter concentration in the neighborhood is high, reinforcing demand depth; however, neighborhood occupancy trends sit below national medians, so value creation hinges on disciplined leasing, renewals, and amenity alignment. According to CRE market data from WDSuite, grocery and restaurant access is a local strength, while school quality and limited parks/cafes temper the livability profile.
Within a 3-mile radius, population and households have grown over the last five years and are projected to expand further, implying a larger tenant base and support for occupancy stability. Affordability dynamics require attention: rents track near national mid ranges, but rent-to-income levels are elevated locally and home values are relatively low versus national benchmarks, which can introduce retention risk and mild competition from ownership. Active asset management and value-add improvements should focus on enhancing perceived value and stickiness without overshooting local affordability thresholds.
- 1997 vintage offers relative competitiveness vs. older neighborhood stock with targeted renovation upside.
- High renter-occupied share supports a deep tenant pool and leasing durability.
- Household and population growth within 3 miles point to a larger renter base over the forecast period.
- Grocery and restaurant proximity enhance day-to-day livability and support retention.
- Risks: below-median neighborhood occupancy, affordability pressure (rent-to-income), lower school ratings, and safety metrics below national medians.