| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 47th | Fair |
| Demographics | 44th | Fair |
| Amenities | 28th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2393 Continental Ave, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1988 |
| Units | 24 |
| Transaction Date | 2006-11-30 |
| Transaction Price | $950,000 |
| Buyer | EMCI CONTINENTAL AVE LLC |
| Seller | CONTINENTAL PARK LLC |
2393 Continental Ave Tallahassee 24-Unit Multifamily Investment
A deep renter base and steady household expansion in the surrounding area support durable tenant demand, according to WDSuite’s CRE market data. Occupancy in the neighborhood has trended upward in recent years, reinforcing a stable leasing backdrop for smaller-format units.
Located in an Inner Suburb of Tallahassee, the neighborhood rates a B and sits near the metro middle (rank 69 of 143) on overall fundamentals, per WDSuite. Parks access is a relative strength (92nd percentile nationally), and restaurants are comparatively dense for the area (around the top quartile nationally). Immediate access to cafes, groceries, and pharmacies is thinner within the neighborhood footprint, which can modestly influence convenience but does not preclude access elsewhere in the metro.
The share of housing units that are renter-occupied is very high at the neighborhood level (rank 4 of 143; top percentile nationally), indicating substantial depth in the tenant base and consistent multifamily demand. Neighborhood occupancy sits in the lower half of the metro today (rank 87 of 143) but has improved over the last five years, a positive sign for leasing stability.
Within a 3-mile radius, demographics point to a youthful renter pool: a large 18–34 population share, modest household sizes, and rising household counts over the past five years, with additional growth projected. This expansion, together with expected gains in household incomes and rents, supports a broader tenant base for studios and smaller one-bedroom formats typical of properties averaging about 435 square feet per unit.
The property’s 1988 construction is newer than the neighborhood’s average vintage (1973). That relative youth can aid competitiveness against older stock; however, investors should still plan for targeted system updates and common-area refreshes to keep positioning current.
Home values in the neighborhood are on the lower end nationally, which means ownership is more accessible compared with high-cost markets. For multifamily investors, that can introduce some competition from entry-level ownership options, making product differentiation and resident experience important. At the same time, rent-to-income levels in the neighborhood indicate some affordability pressure, warranting attentive lease management and renewal strategies.
Safety indicators for the neighborhood track near the metro middle (crime rank 58 out of 143 Tallahassee neighborhoods) and below the national median (around the low 30s percentile nationally), according to WDSuite. This suggests investors should underwrite with standard security and lighting measures and consider programming that supports resident comfort.
A constructive note: estimated property offenses declined about 10% year over year, landing near the national midpoint for improvement rates. Violent-offense metrics remain below national medians (around the 25th percentile), reinforcing the need for routine risk management rather than exceptional measures.
This 24-unit asset offers exposure to a high renter-concentration neighborhood with an improving occupancy trend and a youthful, expanding renter pool within a 3-mile radius. Restaurants and parks are relative strengths, while immediate convenience retail is thinner. The 1988 vintage is newer than the local average, supporting competitive positioning versus older stock; selective modernization can enhance leasing and retention. Based on CRE market data from WDSuite, current rent-to-income levels call for disciplined pricing and renewals, but projected household and income growth point to a larger tenant base and sustained absorption potential.
Overall, the combination of deep renter demand, demographic growth, and value-add potential in common areas and building systems underpins a pragmatic long-term thesis. Investors should balance these positives against mid-pack safety readings, affordability pressure, and limited immediate retail amenities by prioritizing resident experience and cost-aware capital planning.
- High renter-occupied share at the neighborhood level supports demand depth and leasing durability
- Improving neighborhood occupancy trend with expanding 3-mile renter pool supports stability
- 1988 vintage offers competitive edge versus older stock; targeted updates can capture value-add upside
- Restaurants and strong park access enhance livability and resident retention potential
- Risks: affordability pressure (rent-to-income), mid-pack safety, and thinner immediate convenience retail