| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Best |
| Demographics | 43rd | Fair |
| Amenities | 9th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2424 W Tharpe St, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1983 |
| Units | 62 |
| Transaction Date | 2025-09-16 |
| Transaction Price | $4,100,000 |
| Buyer | SHADOW RIDGE APARTMENTS FL OWNER LLC |
| Seller | SHADOW RIDGE APARTMENTS LTD |
2424 W Tharpe St, Tallahassee FL Multifamily Investment
Neighborhood occupancy trends and a high renter concentration point to durable tenant demand in this inner-suburban pocket, according to WDSuite’s CRE market data. The opportunity centers on operational execution and potential value-add in a submarket where metrics reflect neighborhood conditions, not the property itself.
Located in an Inner Suburb of Tallahassee, the neighborhood posts a B- rating among 143 metro neighborhoods, placing it around the middle of the pack for livability and investment appeal. Restaurant density is competitive for the metro, while other day-to-day amenities (grocery, parks, pharmacies, cafés, childcare) are thinner locally, which points to car-oriented living and a resident base that values convenience to larger retail corridors over walkability.
The area s housing stock skews newer on average (2004 neighborhood average construction year), while this asset s 1983 vintage is older. For investors, that implies potential value-add through targeted renovations and system upgrades to improve competitive positioning versus newer stock, while maintaining cost discipline in capital planning.
At the neighborhood level, occupancy is moderate and has eased in recent years, signaling the importance of hands-on leasing and retention programs to sustain performance. Yet renter demand fundamentals remain constructive: renter-occupied share at the neighborhood level is above the metro median, and within a 3-mile radius renters account for roughly two-thirds of housing units. That renter concentration supports a deeper tenant base for small-format units and workforce housing.
Within a 3-mile radius, the population has grown modestly over the past five years and households have expanded at a faster clip, indicating smaller average household sizes and a larger pool of potential renters. Forward-looking estimates point to continued population and household growth, which should support occupancy stability and absorption. Median home values are elevated relative to local incomes (high value-to-income ratio), a high-cost ownership backdrop that tends to sustain rental demand and pricing power for well-managed assets.
Rents in the neighborhood sit in the mid-range for the metro and have trended upward over the past five years based on commercial real estate analysis from WDSuite. With rent-to-income near the higher end locally, operators should emphasize renewal strategies and amenity-light efficiencies to manage affordability pressure and retention risk.
Safety indicators place this neighborhood below the metro median for reported crime (ranked 43 out of 143 metro neighborhoods, where lower ranks indicate more incidents). Compared with neighborhoods nationwide, it falls below the national median for safety. Recent trends show year-over-year improvement with declines in both property and violent offense rates, suggesting incremental progress, though prudent security measures and resident engagement remain relevant to operations.
This 62-unit, 1983-vintage asset offers a value-add and operational execution story in an inner-suburban Tallahassee location. Neighborhood occupancy is moderate and has softened, but renter concentration is high locally and within a 3-mile radius, supporting a broad tenant base. Elevated ownership costs relative to incomes reinforce reliance on rental housing, while steady population and household growth point to a larger renter pool over the next cycle.
According to CRE market data from WDSuite, neighborhood rents have risen over the past five years and sit near metro mid-range levels, positioning well-managed properties to compete on price and availability. With older vintage relative to the area s newer average stock, targeted renovations and building system upgrades can enhance competitiveness, provided operators manage lease affordability and retention in light of rent-to-income pressures and amenity gaps.
- High renter concentration locally and within 3 miles supports a deeper tenant base and leasing stability.
- 1983 vintage presents value-add potential through selective renovations versus newer neighborhood stock.
- Mid-range rents with recent growth create room to compete on price and capture demand.
- Population and household growth in a 3-mile radius point to a gradually expanding renter pool.
- Risks: below-metro-median safety, softer neighborhood occupancy, and affordability pressure require active management and prudent capex.