| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 65th | Good |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2622 Old Bainbridge Rd, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1978 |
| Units | 28 |
| Transaction Date | 2012-04-01 |
| Transaction Price | $1,400,000 |
| Buyer | Talcura, Inc. |
| Seller | Portland Townhomes, LLC |
2622 Old Bainbridge Rd Tallahassee 28-Unit Multifamily Opportunity
Neighborhood-level data points to durable renter demand and steady occupancy in this Inner Suburb location, according to WDSuite’s CRE market data. Metrics cited below describe neighborhood conditions, not the property’s own operations.
Situated in Tallahassee’s Inner Suburb, the area offers everyday conveniences with restaurant, cafe, park, and grocery access that is competitive among Tallahassee neighborhoods (ranked between the top 10%–25% locally across several amenity categories out of 143 neighborhoods). While not a destination retail node, the mix supports workforce and student-oriented living patterns that can translate into consistent leasing velocity.
Neighborhood occupancy has trended up over the last five years and sits in the high-80s, a backdrop that supports income stability at similar multifamily assets. The neighborhood’s renter concentration (share of housing units that are renter-occupied) is meaningful, indicating depth in the tenant base; within a 3-mile radius, renter-occupied share is even higher, which typically supports renewal rates and limits lease-up risk.
Construction in the immediate area skews newer than this asset (neighborhood average year is 2004 versus the property’s 1978 vintage). Older construction can require capital planning, but it also creates value-add potential through targeted renovations and system upgrades to compete effectively with the newer stock.
Within a 3-mile radius, population and households have increased in recent years, and projections point to further household growth by 2028. This expansion — coupled with a large student/young adult cohort — suggests a growing renter pool that can support occupancy stability. Median home values in the neighborhood are relatively modest by national standards, which can introduce some competition from entry-level ownership; however, that context also keeps rental housing relevant for households prioritizing flexibility and lower upfront costs.
Rent-to-income in the neighborhood is on the higher side, signaling potential affordability pressure for some renters. For operators, this calls for disciplined revenue management and attention to renewal structures to sustain pricing power without elevating turnover.
Safety trends are mixed. The neighborhood’s crime positioning is somewhat weaker than national norms (around the 36th percentile nationally) and sits on the less favorable side of the metro distribution (ranked 53 out of 143 Tallahassee neighborhoods). That said, recent directionality is constructive: estimates indicate year-over-year declines in both violent and property offenses, suggesting conditions have improved versus last year.
Investors typically underwrite this type of location with practical measures — lighting, access control, and resident engagement — while monitoring citywide trends and maintaining conservative assumptions. The comparative framing above reflects neighborhood-level conditions, not site-specific security.
This 28-unit property combines larger floor plans (average ~1,150 SF) with a neighborhood that shows resilient renter demand and improving safety trends. Based on commercial real estate analysis from WDSuite, neighborhood occupancy has edged higher over the past five years while the 3-mile area shows population and household growth, expanding the tenant base and supporting renewal probability.
Built in 1978, the asset is older than much of the surrounding stock, creating a clear value-add path via interior updates and system modernization to stay competitive against 2000s-era product. Pricing strategy should acknowledge local rent-to-income pressure and some competition from entry-level ownership, but the area’s deep renter pool and steady leasing patterns support a stable long-term hold.
- Larger average unit sizes support retention and family or roommate demand profiles
- Neighborhood occupancy has trended upward, reinforcing income stability
- 3-mile population and household growth expands the renter pool and leasing depth
- 1978 vintage offers value-add upside through renovations versus newer nearby stock
- Risks: higher rent-to-income ratios and modest safety standing require disciplined revenue and operating management