| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Best |
| Demographics | 51st | Good |
| Amenities | 14th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2749 W Tharpe St, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1990 |
| Units | 73 |
| Transaction Date | 2013-12-20 |
| Transaction Price | $3,375,000 |
| Buyer | CAMDEN PLACE LIMITED PARTNERSHIP |
| Seller | TOUCHTON W DAVID |
2749 W Tharpe St Tallahassee Multifamily Investment
Renter concentration in the surrounding neighborhood and a 1990 vintage relative to older local stock suggest steady tenant demand and competitive positioning, according to WDSuite’s CRE market data. While neighborhood occupancy runs below the metro median, income-oriented metrics indicate room for value-focused asset management.
The property sits in an Inner Suburb pocket of Tallahassee that ranks 53 out of 143 metro neighborhoods (competitive among Tallahassee neighborhoods). Neighborhood housing indicators land in the 64th national percentile, pointing to generally solid fundamentals versus the country overall, even as local occupancy is weaker than the metro midpoint.
Vintage dynamics are favorable: typical construction in the neighborhood averages 1980, while this asset’s 1990 build positions it newer than much of the immediate stock. For investors, that supports relative competitiveness against older product while still leaving room to modernize building systems and common areas as needed.
Tenure patterns underscore a deep renter base. The neighborhood’s share of renter-occupied housing units is high (97th percentile nationally), which typically supports leasing velocity and tenant replacement when turnover occurs. Neighborhood median contract rents sit below the national midpoint, suggesting that value-oriented positioning can resonate with local demand.
Within a 3-mile radius, WDSuite data show households increased over the past five years even as population edged down, indicating smaller average household sizes and a broader pool of household formations entering the rental market. Looking ahead, forecasts within 3 miles point to further growth in households and higher median contract rents by 2028, supporting a larger tenant base and potential for revenue management.
Local amenity density (restaurants, groceries, parks, and cafes) is limited within the immediate neighborhood by metro rank, but childcare access ranks above the metro median. For a multifamily investment, this mix suggests day-to-day services may require short drives, while family-oriented services are reasonably represented.
Safety trends are mixed in a regional context. The neighborhood’s overall crime rank is 39 out of 143 Tallahassee neighborhoods, making it competitive among metro peers, though national percentiles place it below the U.S. median for safety. Importantly, WDSuite data indicate year-over-year declines in both property and violent offense estimates, signaling incremental improvement rather than deterioration.
Investors should interpret these figures as neighborhood-level context rather than property-specific risk. Continued monitoring of trend direction and on-site security/lighting upgrades can help support resident retention and leasing stability.
This 73-unit, 1990-built asset offers a practical balance of demand depth and operational upside. The surrounding neighborhood exhibits a high share of renter-occupied units, and within a 3-mile radius, households have risen with forecasts calling for continued growth through 2028—supporting a larger tenant base and occupancy stability. Neighborhood median rents are below the national midpoint, aligning with a value-oriented strategy that can prioritize lease retention while selectively pursuing rent optimization. According to CRE market data from WDSuite, neighborhood NOI per unit ranks near the top locally, indicating income performance in the submarket has been favorable relative to peers.
Relative to the neighborhood’s older 1980 average vintage, the 1990 construction is competitively positioned versus legacy stock, yet still old enough to merit targeted capital planning for systems, interiors, and common areas. Amenity density is limited nearby, and neighborhood occupancy trails the metro median, so execution should focus on resident experience, service quality, and thoughtful pricing to sustain leasing momentum.
- Deep renter base supports tenant replacement and leasing stability.
- 1990 vintage outcompetes older neighborhood stock with targeted modernization upside.
- Neighborhood rents below national midpoint favor a value-oriented strategy and retention.
- Submarket income performance is strong per WDSuite data, reinforcing revenue potential.
- Risks: lower amenity density and below-metro occupancy require disciplined operations and pricing.