2712 W Tharpe St Tallahassee Multifamily Investment

The property sits in an Inner Suburb of Tallahassee with a B- neighborhood rating and a mid-pack standing (ranked 74 among 143 metro neighborhoods), indicating balanced fundamentals with selective strengths. Restaurant density is competitive versus national norms, while everyday amenities like groceries, cafes, parks, and pharmacies are thinner locally, so residents typically rely on short drives for errands. For investors, this translates to reliable suburban convenience rather than true walkability.

Neighborhood occupancy is below the metro median (83.1% and ranked 103 of 143), which calls for disciplined leasing, turn management, and resident retention programs. Offsetting this, the share of housing units that are renter-occupied is elevated (ranked 23 of 143 and in the top decile nationally), supporting depth in the tenant pool and the potential for steady demand when product is well maintained and correctly positioned.

Within a 3-mile radius, demographics skew young—over half of residents are 18–34—and households have grown in recent years with additional growth projected through 2028. This points to a larger tenant base over time and supports occupancy stability for competitively priced units. Median household income has risen meaningfully over the past five years, and rents are projected to continue increasing in the area, reinforcing the case for modest pricing power while underscoring the importance of managing affordability pressure and lease renewals.

Ownership costs are comparatively high relative to local incomes (value-to-income ratio sits in the mid-90s nationally), which typically sustains reliance on multifamily rentals and can aid lease retention. The building’s 1991 vintage is older than the neighborhood’s average stock (2004), suggesting straightforward value-add potential through targeted interior updates and systems modernization to compete with newer product.