| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Best |
| Demographics | 67th | Best |
| Amenities | 62nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2922 Miccosukee Rd, Tallahassee, FL, 32308, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1982 |
| Units | 39 |
| Transaction Date | 2025-09-16 |
| Transaction Price | $7,000,000 |
| Buyer | INDIAN RIDGE APARTMENTS FL OWNER LLC |
| Seller | INDIAN RIDGE APARTMENTS LTD |
2922 Miccosukee Rd Tallahassee Multifamily Investment
Inner-suburban location with steady renter demand and above-median neighborhood occupancy, according to WDSuite’s CRE market data. Figures cited below reflect neighborhood conditions, not the property’s own operations.
Situated in Tallahassee’s inner suburbs, the neighborhood rates an A and ranks 9th out of 143 metro neighborhoods, indicating competitive fundamentals among local peers. Neighborhood occupancy is strong and improving, with performance in the top quartile among 143 metro neighborhoods and a national percentile that signals better stability than many areas nationwide. Median contract rents in the neighborhood sit above the metro median (rank 15 of 143), supporting revenue potential while still benefiting from a rent-to-income profile that suggests manageable affordability pressure for lease retention.
The amenity mix is balanced for daily needs: grocery and pharmacy access perform above metro medians (both ranked within the stronger half of 143 neighborhoods) and restaurants and cafes place competitively, helping underpin livability and leasing appeal. Park access is limited locally (parks rank near the bottom of 143), so outdoor space programming at the asset could differentiate. Average school ratings sit above the metro median (rank 9 of 143), which can aid family renter retention, while we note these are neighborhood-level indicators rather than property-specific school assignments.
Construction vintage in the neighborhood skews newer than the subject asset: the average neighborhood construction year is 2003. With the property built in 1982, investors should plan for targeted capital expenditures and potential value-add renovations to stay competitive against younger stock, particularly for unit interiors and common-area systems.
Within a 3-mile radius, demographics point to an expanding tenant base: recent population growth and a faster increase in households indicate smaller average household sizes and a broader renter pool. Forecasts also point to further increases in households by 2028, which can support occupancy stability and leasing velocity. The neighborhood’s roughly half renter-occupied housing share (48.5%, high national percentile) implies depth in renter-occupied units and steady demand for multifamily product.
Home values in the neighborhood land above the metro median (rank 34 of 143) with a value-to-income profile also in the stronger half of the metro, suggesting a high-cost ownership market relative to local incomes. For multifamily investors, that dynamic typically sustains reliance on rentals and can support pricing power, while the neighborhood’s rent-to-income profile (national percentile above a quarter of neighborhoods) indicates room for disciplined revenue management without overextending affordability.
Neighborhood safety benchmarks trend below national medians, with overall crime indicators in the lower national percentiles compared with neighborhoods nationwide. Property offense estimates have eased year over year, which is a constructive sign, while violent offense percentiles remain in the lower-third nationally. These are neighborhood-level patterns that can vary by micro-location and property design.
Investors typically mitigate through lighting, access controls, and resident engagement; underwriting should reflect neighborhood positioning within the Tallahassee metro and emphasize operational best practices over block-level conclusions.
This 39-unit asset at 2922 Miccosukee Rd sits in a competitively ranked Tallahassee neighborhood with above-median occupancy and a renter concentration supportive of steady leasing. According to CRE market data from WDSuite, neighborhood rents position above the metro median while rent-to-income levels suggest manageable affordability pressure, supporting collections and retention when paired with disciplined lease management.
Built in 1982, the property trails the neighborhood’s newer average vintage, creating clear value-add potential through interior upgrades and systems modernization to better compete with 2000s-era stock. Expanding households within a 3-mile radius and a high renter-occupied share indicate a growing tenant base, while limited park access and below-median safety metrics warrant thoughtful amenity programming and operating controls.
- Competitive neighborhood ranking (9 of 143) with above-median occupancy supports baseline stability
- Rents above metro median with manageable rent-to-income profile aid pricing power and retention
- 1982 vintage offers value-add upside versus newer neighborhood stock
- 3-mile household growth expands the renter pool, supporting leasing velocity
- Risks: below-median safety and limited park access; mitigate via operations and on-site amenity strategy