| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Best |
| Demographics | 79th | Best |
| Amenities | 47th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2602 N Point Cir, Tallahassee, FL, 32308, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1984 |
| Units | 32 |
| Transaction Date | 1997-01-31 |
| Transaction Price | $900,000 |
| Buyer | WARD JEFFREY T |
| Seller | A C M H S PROP INC |
2602 N Point Cir Tallahassee Multifamily Investment
Stabilized renter demand and high neighborhood occupancy point to durable cash flow potential, according to WDSuite’s CRE market data. Positioned in an Inner Suburb corridor of Tallahassee, the asset benefits from strong local incomes that support rent performance without overreliance on premium positioning.
The property sits in an Inner Suburb neighborhood rated A+ and ranked 4th among 143 Tallahassee neighborhoods, placing it in the top quartile nationally for overall fundamentals. Neighborhood occupancy is strong at 98.2% (19th of 143), signaling tight supply-demand balance that tends to support rent collections and lease retention.
Amenity access is competitive among Tallahassee submarkets: restaurants and cafes rank 28th and 19th of 143 respectively (both indicative of top-quartile density locally), and parks rank 9th of 143, offering day-to-day convenience for residents. Pharmacy density is limited (143rd of 143), so some tenants may travel a bit farther for prescriptions—an operational consideration for marketing and resident services rather than a core demand risk.
With 48.1% of housing units renter-occupied, the renter concentration suggests a deep tenant base for multifamily operators. Median contract rents in the neighborhood sit near the middle of the national distribution while the rent-to-income ratio is moderate (0.15), a mix that can help sustain occupancy and reduce turnover sensitivity in pricing decisions.
Within a 3-mile radius, demographics point to a growing renter pool: population increased an estimated 5.8% over the past five years and households grew 7.9%. Looking ahead, forecasts indicate further population growth of about 12.1% and a substantial increase in households, supporting demand for additional rental units and occupancy stability. The income profile skews higher than many comparable areas, which can underpin consistent absorption for well-managed assets, based on CRE market data from WDSuite.
The asset’s vintage is 1984, older than the neighborhood’s average construction year (1995). For investors, this often translates to near- to medium-term capital planning for building systems and common areas, but it can also open value-add pathways through targeted renovations to compete effectively against newer stock.
Home values in the neighborhood are elevated relative to national norms, a high-cost ownership context that tends to reinforce reliance on multifamily housing and can support pricing power and lease-up velocity for competitively positioned properties.
Neighborhood safety trends are mixed but improving. The area ranks 20th out of 143 Tallahassee neighborhoods for overall crime—a position that indicates higher reported incidents relative to much of the metro. Nationally, the neighborhood sits near the middle of the distribution, with property and violent offense levels that are not among the nation’s safest cohorts.
Recent momentum is constructive: estimated year-over-year changes show a notable decline in both property offenses (-24.7%) and violent offenses (-41.7%), placing the neighborhood in competitive improving tiers among Tallahassee areas (6th and 11th of 143, respectively). While investors should underwrite prudent security and lighting measures typical for 1980s-vintage assets, the downward trend supports a more favorable operating outlook than static figures alone might suggest.
Major employment nodes near the property help support renter demand through commute convenience, but specific nearby corporate offices with verified distances are not available in this dataset.
This 32-unit asset offers exposure to a top-ranked Inner Suburb neighborhood where occupancy is strong and the renter base is deep. The 1984 vintage is older than the neighborhood average and may require targeted capex; however, that profile also creates a clear value-add path to compete with newer stock. Elevated local home values and a moderate rent-to-income ratio support stable leasing dynamics, while within 3 miles, ongoing population growth and rising household counts signal a larger tenant base and support for occupancy stability.
According to CRE market data from WDSuite, neighborhood fundamentals rank in the top tier locally, amenity access is competitive, and safety indicators have improved year over year. Underwriting should account for building system updates typical of 1980s construction and for normal operating vigilance, but the combination of location strength, income depth, and growth in nearby households underpins a durable long-term thesis.
- Tight neighborhood occupancy and deep renter concentration support leasing stability
- 1984 vintage offers value-add potential alongside prudent capital planning
- Elevated home values reinforce reliance on multifamily and pricing power
- 3-mile population and household growth expand the tenant base over time
- Risks: older building systems and a metro-relative crime rank warrant active management