| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 46th | Fair |
| Demographics | 42nd | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2833 S Adams St, Tallahassee, FL, 32301, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2004 |
| Units | 40 |
| Transaction Date | 2021-12-16 |
| Transaction Price | $12,250,000 |
| Buyer | COLLEGE CLUB PROPERTY HOLDINGS LLC |
| Seller | COLLEGE CLUB MANOR LLC |
2833 S Adams St Tallahassee Multifamily Investment
Built in 2004, the asset is competitively positioned versus older neighborhood stock, with renter demand supported by a large 3-mile tenant base, according to WDSuite’s CRE market data.
The property sits in an Inner Suburb of Tallahassee with a B+ neighborhood rating and a neighborhood rank of 41 out of 143, making it competitive among Tallahassee neighborhoods. Neighborhood occupancy trends are below the metro median, signaling the need for active leasing and retention tactics, while median asking rents in the area track above the metro median, supporting revenue potential when operations are disciplined.
Vintage matters here: the average construction year across nearby stock is 1975, while this asset’s 2004 delivery offers relative competitiveness versus older properties. Newer systems can help defer some near-term capital expenditures, though investors should still plan for ongoing modernization to maintain positioning against renovated peers.
Livability signals are mixed. Parks access scores strong (top quartile nationally) and restaurant and grocery density are above the metro median, but cafes and pharmacies are limited nearby. Average school ratings in the neighborhood sit in the lower national percentiles; for family-oriented renter segments, this may require a value proposition centered on unit size, amenities, or commute convenience rather than school draw.
Tenure patterns are nuanced. Within the immediate neighborhood, the share of housing units that are renter-occupied is closer to one-third, but demographic statistics aggregated within a 3-mile radius show a renter-occupied share around two-thirds. This wider catchment indicates a deep tenant base for multifamily property research, and projected increases in population and households over the next five years point to a larger pool of renters that can support occupancy stability.
From an income and ownership-cost standpoint, neighborhood home values and value-to-income ratios sit near national midpoints. That context can introduce some competition from for-sale options, but the broader 3-mile market’s renter concentration and ongoing rent growth suggest sustained demand for well-operated rentals.
Safety indicators trend below national averages for comparable neighborhoods, with property crime elevated relative to national norms and overall crime scoring in the lower national percentiles. Recent data also shows a year-over-year decline in violent incidents, indicating incremental improvement, though the area still trails safer peer neighborhoods nationwide.
For underwriting, investors typically account for this profile with practical measures such as lighting, access control, and visible onsite management to support resident retention and leasing momentum.
This 40-unit, 2004-built asset offers relative competitiveness versus an older local stock, which can reduce near-term capital needs and help attract renters seeking newer product. The immediate neighborhood ranks competitive among 143 Tallahassee neighborhoods and posts above-median rents, while the 3-mile area shows population growth, an expanding household base, and a high renter concentration—trends that support a larger tenant base and potential occupancy stability. According to CRE market data from WDSuite, neighborhood occupancy runs below the metro median, so performance hinges on leasing execution and tenant retention.
Ownership costs nearby are moderate by national standards, which can create some competition from for-sale housing. However, the broader market’s renter reliance and projected household growth suggest durable demand for well-managed, well-maintained units. Larger average unit sizes also provide a differentiation lever for resident retention and pricing power, especially if paired with targeted renovations and sound property management.
- 2004 vintage competes well against older neighborhood stock, supporting lower near-term capex and leasing appeal.
- 3-mile radius shows population and household growth with a high renter-occupied share, expanding the tenant base.
- Neighborhood rents above the metro median provide revenue potential when paired with disciplined operations.
- Key risks: below-median neighborhood occupancy and a weaker school ratings profile, requiring focused leasing, retention, and asset management.