| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Good |
| Demographics | 40th | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2416 Jackson Bluff Rd, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1972 |
| Units | 72 |
| Transaction Date | 2019-08-16 |
| Transaction Price | $4,302,900 |
| Buyer | GREYSTONE UNITED LLC |
| Seller | BMG 72 LLC |
2416 Jackson Bluff Rd Tallahassee Multifamily Value-Add
Neighborhood data points to durable renter demand and steady occupancy, according to WDSuite’s CRE market data, with a high renter concentration supporting leasing depth. Positioned for operational optimization rather than lease-up risk.
Located in an Inner Suburb of Tallahassee, the neighborhood carries a B+ rating and performs above the metro median overall (rank 48 of 143 neighborhoods). Investor fundamentals skew toward income stability rather than momentum: neighborhood occupancy has been effectively flat over the past five years, and average NOI per unit ranks 6th of 143 locally — a top-quartile national signal that highlights income potential at the neighborhood level, not this specific property.
Livability is anchored by everyday retail access. Grocery store density ranks 5th of 143 neighborhoods (strong relative to Tallahassee) and restaurant density is competitive, while parks, pharmacies, and cafes are limited. This mix supports convenience for renters but suggests fewer lifestyle amenities that typically drive premium pricing.
Tenure patterns favor multifamily demand: 74.6% of housing units are renter-occupied, placing the neighborhood in the 98th percentile nationally for renter concentration. For owners, median home values sit well below many U.S. markets, which can introduce some competition from entry-level ownership; however, the large renter pool helps sustain leasing velocity and retention for apartments.
Within a 3-mile radius, demographics skew young (a high share of 18–34-year-olds) with population up over the past five years and households rising faster than population, indicating smaller household sizes and a larger tenant base. Projections show continued increases in households through 2028, which supports occupancy stability and ongoing demand for rental units.
Rent positioning appears mid-market: neighborhood median contract rents sit around the metro middle (rank 42 of 143; roughly middle-of-the-pack nationally). With a rent-to-income ratio near one-third at the neighborhood level, operators should plan for affordability pressure in renewal strategies and amenity/upgrade timing.
Vintage and asset strategy: The property’s 1972 construction is older than the neighborhood’s average vintage (1979). That typically points to near- and medium-term capital planning needs but also value-add potential through systems modernization, unit refreshes, and common-area upgrades to compete with newer stock.
Safety metrics sit below national norms but are near the metro middle. The neighborhood’s crime rank is 76th out of 143 Tallahassee neighborhoods, indicating performance around the metro median. Nationally, safety percentiles for violent and property offenses are low, so investors should underwrite to prudent security measures and operational oversight.
Recent trends are incrementally constructive: estimated violent offense rates declined year over year, and property offenses also edged lower. While one year does not establish a long-term trend, these movements suggest conditions are not deteriorating, which can help support leasing stability if maintained.
This 72-unit asset offers a straightforward value-add and operations thesis in a renter-heavy submarket. Based on CRE market data from WDSuite, the surrounding neighborhood shows steady occupancy, strong average NOI per unit relative to the metro, and a high renter concentration — ingredients that support durable leasing. The 1972 vintage suggests targeted capex and modernization can enhance competitiveness, especially given limited lifestyle amenities but strong everyday retail access.
Within a 3-mile radius, a large 18–34-year-old cohort and rising household counts point to renter pool expansion through the next cycle, supporting occupancy stability. At the same time, a rent-to-income ratio near one-third indicates affordability pressure, making disciplined rent-setting, value engineering, and retention management important. Safety indicators are weaker than national norms but roughly middle-of-the-pack within the metro; maintaining visible on-site management and right-sized security can mitigate risk.
- Renter-heavy neighborhood supports depth of tenant demand and leasing velocity
- Strong neighborhood-level NOI per unit relative to Tallahassee indicates income potential
- 1972 vintage offers clear value-add and systems modernization pathways
- Everyday retail access (grocery/restaurant density) supports resident convenience
- Risks: below-national safety metrics and affordability pressure require proactive management