| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 43rd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2400 W Tharpe St, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2002 |
| Units | 50 |
| Transaction Date | 2018-12-27 |
| Transaction Price | $8,088,000 |
| Buyer | Platos Villas, LLC |
| Seller | Villa San Marco, LLC |
2400 W Tharpe St Tallahassee Multifamily Investment
Renter demand is supported by a large three-mile renter base and a high-cost ownership landscape, according to WDSuite’s CRE market data. Expect steady leasing potential with management focus on retention and unit positioning.
Located in an Inner Suburb of Tallahassee (neighborhood rating B-), the area skews rental and workforce-oriented. Neighborhood occupancy is 83.1% and has softened over the past five years, indicating the need for active leasing and resident retention strategies to sustain performance. Median contract rents sit around the metro middle nationally (57th percentile), suggesting competitively priced units that can support leasing velocity.
Amenities are limited in the immediate neighborhood by WDSuite benchmarks (amenities rank 83 out of 143 metro neighborhoods), though restaurants are present at moderate density. Investors should underwrite convenience via short drives to retail nodes rather than walkable options. Average school ratings are comparatively low locally; positioning should emphasize value, security, and convenience rather than school-driven demand.
Tenure patterns indicate a meaningful renter base. Within the neighborhood, 53.1% of housing units are renter-occupied (above metro median), supporting depth for multifamily demand; within a 3-mile radius, renter concentration is higher, reinforcing a broad tenant pool and potential for leasing stability. This framing focuses on unit tenure rather than property-level occupancy.
Demographics aggregated within a 3-mile radius show recent population growth and a 3-mile household count that increased over the last five years, with forecasts pointing to further population and household expansion. A younger-skewed profile and smaller average household size translate into a larger renter pool, which can support occupancy and absorption for well-managed assets. Elevated value-to-income ratios locally (top decile nationally) indicate a high-cost ownership market, which, in investor terms, tends to sustain reliance on rental housing and can aid pricing power for competitive product. This context supports the commercial real estate analysis for sustained renter demand.
Safety levels in this neighborhood are mixed relative to Tallahassee. The area’s crime rank sits on the lower (less favorable) side at 43 out of 143 metro neighborhoods, and overall safety aligns below the national median (around the low-40s percentile nationwide). For underwriting, this points to an emphasis on on-site management, lighting, access control, and resident screening to support retention.
Recent trends are directionally constructive: estimated property offenses declined year over year and violent offense rates have eased slightly, based on WDSuite’s neighborhood indicators. While not a guarantee of future conditions, these directional improvements can complement asset-level security measures and marketing focused on well-maintained, professionally managed housing.
This 50-unit asset built in 2002 is slightly older than the neighborhood’s average vintage, creating clear value-add angles through targeted interior updates and common-area refreshes to strengthen competitive positioning. Neighborhood occupancy has been softer, so the thesis leans on execution: thoughtful renovations, visibility, and active leasing to capture the area’s sizable renter base and drive stabilization.
Within a 3-mile radius, population and households have grown with further expansion forecast, supporting a larger tenant base and potential absorption. A high-cost ownership landscape locally reinforces renter reliance, while rent levels that track near the national middle can aid retention. According to CRE market data from WDSuite, these fundamentals, paired with disciplined operations, frame a pragmatic path to durable cash flow with measured upside.
- Large three-mile renter pool and projected growth support demand and potential occupancy stability.
- 2002 vintage offers renovation and repositioning potential to enhance rents and leasing velocity.
- High-cost ownership market locally sustains reliance on rental housing and pricing power for competitive product.
- Softer neighborhood occupancy and below-median safety require proactive management, security investment, and conservative lease-up assumptions.