| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Best |
| Demographics | 51st | Good |
| Amenities | 14th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2719 W Tharpe St, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2003 |
| Units | 38 |
| Transaction Date | 2001-04-13 |
| Transaction Price | $120,000 |
| Buyer | HINKLE DEV INC |
| Seller | THARPE ST PROP INC |
2719 W Tharpe St Tallahassee Multifamily Investment
Renter-occupied housing is prevalent in the surrounding neighborhood, supporting a deeper tenant base and steady leasing potential, according to WDSuite s CRE market data. With 2003 construction, the asset should compete well versus older local stock while allowing room for targeted upgrades.
The property sits in an Inner Suburb pocket of Tallahassee rated B+, placing it competitive among Tallahassee neighborhoods (ranked 53 out of 143). Local housing shows a high share of renter-occupied units, which typically supports multifamily demand depth and day-to-day leasing stability. Median home values track near national mid-range, while ownership costs relative to incomes are elevated for the neighborhood, a pattern that often sustains reliance on rental housing.
Vintage matters here: the area s average construction year trends around 1980, so a 2003 build offers newer systems and finishes relative to much of the neighborhood. That positioning can aid tenant retention and reduce immediate heavy capex compared with older peers, though selective modernization may still be warranted to support rent positioning.
Amenity density in this immediate neighborhood is limited (caf e9s, groceries, restaurants and parks are sparse), but childcare access is a relative strength by national standards. Investors should expect residents to drive for a broader amenity mix, while the location s suburban functionality continues to appeal to workforce renters. Neighborhood occupancy (measured at the neighborhood level, not this property) trends below national medians, so asset-level operations and marketing remain important to sustain performance.
Within a 3-mile radius, demographics indicate a large renter pool today and a rising number of households even as average household size edges lower. Looking ahead to 2028, WDSuite data points to growth in population, households, and incomes, which supports a larger tenant base and potential rent durability. Neighborhood net operating income per unit benchmarks rank in the top quartile nationally, signaling historically strong property-level earnings in the area under typical operations.
Neighborhood safety trends sit below national medians, and the area falls below the metro median on crime safety (ranked 39 out of 143 metro neighborhoods). That said, WDSuite s time-series data shows year-over-year declines in both property and violent offense estimates, indicating gradual improvement rather than deterioration. Investors should underwrite with prudent security and operational plans while recognizing the improving trajectory.
This 38-unit, 2003-vintage asset offers relative competitiveness versus older neighborhood stock while benefiting from a high concentration of renter-occupied housing nearby. According to commercial real estate analysis from WDSuite, the surrounding neighborhood s ownership costs relative to income reinforce steady rental demand, and the 3-mile radius shows expanding household counts and rising incomes through 2028 factors that typically support occupancy stability and pricing power for well-managed multifamily.
Offsetting considerations include lighter amenity density in the immediate area and neighborhood-level safety metrics that trail national medians. With focused operations, targeted upgrades, and disciplined leasing, investors can position the property to capture durable demand from the large renter base while managing known risks.
- 2003 construction provides competitive positioning versus older neighborhood stock, with potential for targeted value-add.
- High neighborhood renter-occupied share supports a deeper tenant base and leasing stability.
- 3-mile radius outlook shows growth in households and incomes by 2028, supporting demand and rent durability.
- Elevated ownership costs relative to income bolster reliance on rental housing in this submarket.
- Risks: below-median neighborhood safety and thin immediate amenity density require active management and prudent underwriting.