| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Best |
| Demographics | 51st | Good |
| Amenities | 14th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2765 W Tharpe St, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1973 |
| Units | 59 |
| Transaction Date | 2024-02-23 |
| Transaction Price | $4,500,000 |
| Buyer | QCI HOLDING 5 LLC |
| Seller | BDEP CAPITOL VILLAGE LLC |
2765 W Tharpe St Tallahassee Multifamily Investment
Neighborhood-level data points to a deep renter base and stable workforce demand, according to WDSuite’s CRE market data, supporting durable occupancy for a 59-unit, small-format asset. Investor focus centers on renter-occupied share in the neighborhood, not the property, alongside value-add potential from a 1973 vintage.
Competitive among Tallahassee neighborhoods (ranked 53 out of 143), the area surrounding 2765 W Tharpe St shows fundamentals that matter for multifamily investors: a high share of renter-occupied housing units at the neighborhood level indicates a sizable tenant base and supports leasing depth. Median asking rents in the neighborhood track below national levels, which can aid lease-up and retention while still allowing selective pricing power as quality improves.
Income-to-value dynamics signal a high-cost ownership market relative to local incomes (high national percentile for value-to-income), which tends to sustain reliance on rental housing and reinforce tenant retention. Rent-to-income metrics benchmark on the more manageable side nationally, an investor consideration for mitigating affordability pressure and turnover risk.
Operationally, the neighborhood’s NOI-per-unit benchmarks sit in the top quartile nationally, based on CRE market data from WDSuite, underscoring efficient expense-to-revenue profiles among comparable assets. Neighborhood occupancy trends are moderate, suggesting that assets with refreshed finishes, better maintenance, or service amenities can outcompete older stock for renewals.
Within a 3-mile radius, demographics skew young with a large 18–34 cohort, smaller average household sizes, and recent growth in household counts with further increases projected. This points to a broader renter pool expansion and supports multifamily demand over the next cycle. Local retail and recreation are thinner in immediate proximity (limited cafes, groceries, and parks by neighborhood metrics), so properties that deliver on-site convenience or connectivity can differentiate.
Safety compares less favorably to national benchmarks (national percentiles for both property and violent offenses sit below the median), and the neighborhood ranks closer to the higher-crime end within the Tallahassee metro (39th out of 143, where lower ranks indicate more crime). That said, recent year-over-year estimates indicate declines in both property and violent offense rates, which investors may monitor as part of ongoing trend evaluation rather than relying on block-level assumptions.
For underwriting, frame safety as a comparative, citywide factor: position the asset with appropriate lighting, access control, and resident engagement, and track metro and neighborhood trends over time to inform leasing strategies and insurance assumptions.
This 59-unit Tallahassee asset offers demand supported by a renter-heavy neighborhood and young household profile within a 3-mile radius. The 1973 construction suggests near- to medium-term capital planning and value-add opportunities in unit finishes, systems, and curb appeal. Neighborhood rents benchmark below national levels, and a high value-to-income backdrop for for-sale housing supports renter reliance, aiding retention and occupancy stability. According to CRE market data from WDSuite, nearby neighborhoods post strong NOI-per-unit performance relative to national peers, indicating room to compete through targeted upgrades and efficient operations.
While immediate amenity density is thinner and safety benchmarks trail national medians, household growth and smaller household sizes point to renter pool expansion that can sustain leasing. Execution should center on cost-effective renovations, resident experience, and expense control to capture pricing without eroding affordability.
- Renter-heavy neighborhood supports a sizable tenant base and occupancy stability.
- 1973 vintage provides clear value-add and systems-upgrade pathways.
- Neighborhood rents below national levels aid lease-up and retention while allowing selective pricing.
- Strong NOI-per-unit benchmarks locally point to operational upside with disciplined management.
- Risks: thinner nearby amenities and below-median safety require proactive property management and underwriting discipline.