| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 56th | Good |
| Demographics | 63rd | Good |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2353 Mission Rd, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1988 |
| Units | 108 |
| Transaction Date | 2017-04-28 |
| Transaction Price | $6,000,000 |
| Buyer | GGPST, LLC & Emerald SC, LLC |
| Seller | Pebble Hill Apartments II, LLC |
2353 Mission Rd Tallahassee 108-Unit Multifamily
Neighborhood renter concentration supports a sizable tenant base, according to WDSuite’s CRE market data, while softer neighborhood occupancy suggests investors should plan for hands-on leasing execution.
Situated in an Inner Suburb of Tallahassee, the neighborhood is rated A- and ranks 31 out of 143 metro neighborhoods — a top quartile position locally that signals competitive fundamentals relative to the broader area. Grocer access is a clear strength (ranked 4 of 143), and restaurants are comparatively dense (16 of 143), while parks, pharmacies, childcare, and cafes are limited nearby. For investors, this mix points to everyday convenience with fewer lifestyle amenities, which can influence marketing and retention strategies.
The local housing stock skews near the metro’s average vintage (1990), and the subject property’s 1988 construction is slightly older. That age profile often benefits from targeted value-add — common-area refreshes, unit modernization, and systems upkeep — to keep competitiveness against newer deliveries without overcapitalizing.
Renter-occupied housing is a defining characteristic: the neighborhood shows a high renter concentration, and within a 3-mile radius, renters comprise a substantial share of occupied units. This depth of renter demand can aid leasing velocity, though the neighborhood’s occupancy level is softer than many peers, making proactive leasing and renewal management important for stability.
Within a 3-mile radius, population growth and a notable increase in households indicate a larger tenant base over time, with forecasts pointing to additional household gains and smaller average household sizes. In a high-cost ownership context for the neighborhood (value-to-income metrics rank among the higher tiers locally), multifamily can capture residents who prefer or rely on rental options; however, elevated rent-to-income ratios in the neighborhood highlight affordability pressure that owners should monitor to support retention and pricing discipline.
Safety indicators are mixed. At the metro level, the neighborhood sits near the middle of Tallahassee’s 143 neighborhoods by crime rank, while nationally it falls below average safety percentiles. Recent trends show relatively flat violent offense rates year over year and an uptick in property offenses, suggesting investors should budget for security-minded operations and resident communication without assuming block-level risk uniformity.
The property’s 108 units and 1988 construction position it well for a focused value-add program that can reinforce competitiveness against comparable stock. The immediate neighborhood offers daily-needs convenience (notably strong grocer access) and a top quartile standing among Tallahassee neighborhoods, while a high renter concentration supports a sizable tenant pool. According to CRE market data from WDSuite, neighborhood occupancy is softer than metro leaders, indicating that active leasing, renewals, and targeted upgrades may be key to sustaining occupancy and rent performance.
Within a 3-mile radius, population and household growth — alongside projections for further household expansion and smaller household sizes — point to ongoing renter pool expansion that can support absorption over time. Ownership appears relatively costly versus local incomes in the neighborhood context, which can reinforce reliance on multifamily housing; however, affordability pressure in rents underscores the need for careful pricing, amenity positioning, and expense control.
- High renter concentration supports tenant demand and leasing depth.
- Value-add potential: 1988 vintage suitable for targeted interior and systems upgrades.
- Daily-needs convenience with strong grocery access and competitive neighborhood ranking in the metro.
- Demand tailwinds from 3-mile household growth and smaller household sizes supporting multifamily absorption.
- Risks: softer neighborhood occupancy and affordability pressure call for disciplined pricing and proactive leasing/retention.