| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 23rd | Poor |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2501 S Meridian St, Tallahassee, FL, 32301, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1973 |
| Units | 32 |
| Transaction Date | 2024-04-23 |
| Transaction Price | $1,900,000 |
| Buyer | DK CAMPUS LLC |
| Seller | KIMMEL SETH |
2501 S Meridian St Tallahassee Multifamily Investment
Neighborhood occupancy is in the mid‑80% range and renter concentration is elevated, pointing to steady tenant demand, according to WDSuite’s CRE market data.
Located in Tallahassee’s inner suburb fabric, the area scores competitive for day-to-day convenience within the metro. Amenity access ranks 12 out of 143 neighborhoods, placing it above the metro median and around the middle nationally, with strong densities of cafes and restaurants that support leasing appeal for smaller-format units.
Renter-occupied housing accounts for a high share of units in this neighborhood (among the strongest renter concentrations in the metro), which signals depth in the tenant base and supports leasing velocity for multifamily. At the same time, neighborhood occupancy is below top-tier submarkets, so operators should plan for focused marketing and retention to sustain stability.
Home values in the neighborhood sit at elevated levels relative to local incomes, and the value-to-income ratio is among the highest in the metro. In practice, a high-cost ownership market tends to reinforce reliance on rental housing, which can support pricing power for well-managed properties while requiring active lease management to mitigate affordability pressure (rent-to-income ratios in the neighborhood are on the higher side).
Within a 3-mile radius, population and households have grown over the past five years, with forecasts pointing to further expansion through 2028. This trend suggests a larger renter pool and supports occupancy stability for professionally managed assets, based on CRE market data from WDSuite.
The asset’s 1973 vintage is slightly older than the neighborhood’s average construction year. Investors should underwrite routine capital needs and consider targeted renovations to enhance competitiveness versus newer product while leveraging the submarket’s convenience and renter demand.
Safety metrics for the neighborhood trail national norms, placing the area below the metro median for crime. Recent data show a decline in violent incidents over the last year, while property-related incidents have trended up. For investors, this argues for pragmatic on-site measures (lighting, access controls, and resident engagement) and underwriting that anticipates elevated operating attention.
As always, crime conditions vary by block and over time; investors should review current, local data and trends for this specific location and compare against other Tallahassee neighborhoods to contextualize risk.
Employer proximity data with reliable distances is not available in the current dataset for this address. Investors can assess commute access to nearby job centers to gauge demand and retention potential.
This 32‑unit, 1973-vintage property offers exposure to a renter-heavy neighborhood with competitive amenity access and a growing 3‑mile demand base. According to CRE market data from WDSuite, neighborhood occupancy sits below top-tier submarkets but is supported by a deep tenant pool and a high-cost ownership landscape that sustains reliance on rentals. The small average unit size can align with value-driven renters, while targeted upgrades may enhance rentability and retention.
Key considerations include underwriting for capital improvements typical of early‑1970s construction, thoughtful affordability management given higher rent-to-income dynamics, and operational focus on safety and leasing to maintain occupancy stability as the area evolves.
- Renter-heavy neighborhood supports depth of tenant demand and leasing velocity.
- Competitive metro amenity access and everyday convenience bolster resident appeal.
- 3-mile population and household growth indicate a larger renter pool over time.
- 1973 vintage offers value-add potential through targeted renovations and system upgrades.
- Risks: below top-tier neighborhood occupancy, elevated affordability pressure, and safety metrics that warrant active management.