| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Best |
| Demographics | 51st | Good |
| Amenities | 14th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2933 Mission Rd, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1991 |
| Units | 41 |
| Transaction Date | 1996-04-18 |
| Transaction Price | $998,000 |
| Buyer | TOUCHTON W DAVID |
| Seller | TOUCHTON T W |
2933 Mission Rd, Tallahassee FL Multifamily Investment
Neighborhood renter concentration is high and ownership costs are elevated relative to incomes, supporting steady renter demand according to WDSuite’s CRE market data. Occupancy at the neighborhood level has been mixed, so underwriting should emphasize tenant retention and leasing execution.
Located in Tallahassee’s Inner Suburb fabric, the property sits in a submarket where renter-occupied housing accounts for 71.3% of units at the neighborhood level, indicating a deep tenant base for multifamily. Median contract rents in the neighborhood are on the lower side for the metro, while the rent-to-income ratio reads as moderate, which can aid renewal stability and reduce turnover sensitivity.
Neighborhood competitiveness skews toward income performance: NOI per unit averages rank in the top decile nationally, based on CRE market data from WDSuite, signaling efficient operations among nearby assets. By contrast, neighborhood occupancy is 86.3% (neighborhood statistic, not property-specific), suggesting that leasing and management discipline are important to maintain stability relative to metro peers.
The immediate area has limited on-block amenities (few restaurants, cafes, or groceries within the neighborhood boundaries), so residents typically rely on nearby corridors for daily needs. Housing stock in the neighborhood tends to be older (average vintage 1980 versus this asset’s 1991 construction), giving a 1991 property a relative competitiveness edge versus older inventory, while still warranting selective modernization of interiors and systems to meet current renter expectations.
Within a 3-mile radius, demographics skew young (a large 18–34 cohort) and households have grown even as overall population was flat to slightly down, implying smaller household sizes and a steady flow of renters. Forward-looking projections indicate increases in both population and households over the next five years, which supports a larger tenant base and sustained demand for rental units. Elevated value-to-income ratios locally point to a high-cost ownership market, which tends to reinforce reliance on multifamily rentals and can support pricing power for well-managed assets.
Safety metrics are mixed and warrant thoughtful operations planning. The neighborhood’s crime rank is 39 out of 143 Tallahassee neighborhoods, indicating higher incident levels than many parts of the metro. Nationally, the area sits below the median for safety based on percentile readings, though recent trends show improvement with property and violent offenses easing year over year.
For investors, this suggests the importance of visible property management, lighting, and access controls to support resident retention. Monitoring ongoing metro-wide trends and coordinating with local resources can help align site-level practices with improving regional patterns.
This 1991, 41-unit asset aligns with a neighborhood that is heavily renter-occupied and shows strong operating potential, with nearby assets posting top-decile NOI per unit performance nationally. While neighborhood occupancy is modest, a younger renter profile within a 3-mile radius and projected increases in households point to a growing tenant base that can support leasing stability. Elevated ownership costs relative to incomes in the area reinforce reliance on rental housing.
Selective value-add remains a lever: a 1991 vintage can be positioned competitively against older stock through targeted upgrades and system refreshes. According to commercial real estate analysis from WDSuite, neighborhood-level rents remain accessible relative to incomes, which can aid renewals while still allowing disciplined rent management as demand deepens.
- Deep renter base and younger demographics within 3 miles support ongoing demand and occupancy stability.
- Top-decile neighborhood NOI per unit indicates efficient operating potential for well-managed assets.
- 1991 vintage offers value-add and modernization upside versus older neighborhood stock.
- Elevated ownership costs locally reinforce renter reliance, aiding pricing power for positioned units.
- Risks: neighborhood safety ranks below metro averages and occupancy is modest, requiring strong leasing, security, and retention practices.