| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 65th | Good |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2606 Old Bainbridge Rd, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1978 |
| Units | 28 |
| Transaction Date | 2018-07-20 |
| Transaction Price | $1,693,600 |
| Buyer | GREEN ACRES OF HAVANA LLC |
| Seller | TALCURA INC |
2606 Old Bainbridge Rd Tallahassee Multifamily Investment
Renter demand is supported by a high neighborhood renter concentration and steady household growth within 3 miles, according to WDSuite’s CRE market data. This positions the asset for durable leasing, provided rents align with local affordability.
The property sits in Tallahassee’s Inner Suburb with an A neighborhood rating and ranks 17 out of 143 metro neighborhoods, placing it in the top quartile locally. For investors, that signals balanced location fundamentals and a tenant base deep enough to support smaller assets. Neighborhood occupancy has trended modestly higher over the last five years, though current levels sit below the metro median, suggesting room to capture demand through competitive pricing and management.
Amenity access is mixed but serviceable: restaurants and cafes score above average nationally (top quartile for cafes), and park access is also strong relative to U.S. neighborhoods. Grocery options are around the national middle, while pharmacy availability is limited nearby. These patterns fit a workforce-oriented submarket where daily needs are present but not saturated, which can help stabilize renter retention without competing luxury premiums.
Housing and demographic indicators are supportive. The neighborhood shows a higher share of renter-occupied units than most U.S. neighborhoods (nationally high percentile for renter concentration), reinforcing depth of the multifamily tenant pool. Within a 3-mile radius, recent years reflect modest population growth with a larger increase in households, pointing to smaller household sizes and a gradually expanding renter pool that can support occupancy stability. Educational attainment in the immediate area is strong (bachelor’s share ranks near the top among metro peers), an indicator of a capable workforce that can support consistent leasing.
Relative ownership costs put additional context around rental dynamics. Home values are lower than many U.S. neighborhoods, yet value-to-income ratios are elevated locally, which can sustain renter reliance on multifamily housing and support pricing power for well-managed assets. At the same time, rent-to-income levels indicate some affordability pressure, making renewal strategy and unit positioning important to maintain absorption and minimize turnover.
Safety trends are mixed and should be evaluated alongside property-level measures. The neighborhood is competitive among Tallahassee’s 143 neighborhoods by overall crime rank, yet national comparisons show it performs below many U.S. neighborhoods. Recent year-over-year data indicates declines in both violent and property offenses, which is a constructive trend for investor risk assessment, but operators should still plan for prudent security and lighting protocols.
Built in 1978, this 28-unit asset is older than the neighborhood’s average vintage, creating a potential value-add path through targeted renovations and systems upgrades to enhance rentability against newer stock. Demand signals are constructive: the immediate neighborhood ranks in the top quartile among 143 Tallahassee neighborhoods, renter-occupied share is high versus national norms, and 3-mile demographics show population and household growth, supporting a larger tenant base and steady leasing. Based on commercial real estate analysis from WDSuite, neighborhood occupancy has improved modestly over five years, and ownership dynamics favor continued reliance on rentals despite relatively accessible home prices.
Execution will hinge on aligning rents with local incomes and prioritizing unit finishes and operations that resonate with workforce renters. Affordability pressure argues for disciplined renewal strategies, but the combination of growing households, strong educational attainment nearby, and a value-add story in an A-rated Inner Suburb points to durable, operations-led returns rather than purely market-driven upside.
- Older 1978 vintage supports value-add through renovations and systems upgrades versus newer neighborhood stock.
- Top-quartile neighborhood rank among 143 Tallahassee neighborhoods underpins location fundamentals and tenant depth.
- High neighborhood renter-occupied share and 3-mile household growth support occupancy stability and leasing.
- Ownership dynamics favor renter reliance, offering pricing power for well-managed operations.
- Risk: Affordability pressure and below-metro-median occupancy require disciplined pricing and renewal strategy.