| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Best |
| Demographics | 62nd | Good |
| Amenities | 63rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 306 Dixie Dr, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2002 |
| Units | 64 |
| Transaction Date | 2005-02-16 |
| Transaction Price | $6,002,200 |
| Buyer | HPI TORCHLIGHT LLC |
| Seller | 228 DIXIE LLC |
306 Dixie Dr Tallahassee Multifamily Investment Opportunity
Positioned in an amenity-dense inner suburb with a deep renter base, this 64-unit, 2002-vintage asset offers durable demand drivers and operational scale, according to WDSuite's CRE market data. Neighborhood occupancy has trended steady, suggesting stable leasing conditions with room for operational improvement.
This Inner Suburb neighborhood in Tallahassee ranks 14 out of 143 metro neighborhoods with an overall A rating, reflecting competitive positioning among local submarkets for multifamily investors. The location is surrounded by everyday conveniences: restaurant density sits in the 96th national percentile, cafes in the 95th, and groceries in the 92nd, supporting resident retention and consistent foot traffic for nearby services.
Multifamily fundamentals are renter-driven. The share of housing units that are renter-occupied is high (ranked 2 of 143 metro neighborhoods), indicating a deep tenant base that supports leasing velocity and renewal opportunities. Neighborhood occupancy is 83.1% with a slight five-year uptick, pointing to stable but competitive leasing conditions where active management can lift performance relative to metro and national benchmarks.
Rents in the neighborhood are positioned near the national middle (median contract rent roughly at the 49th percentile) with moderate growth over the past five years, helping the asset compete on value while maintaining pricing power through amenity access and proximity to major institutions. Median household income in the neighborhood data is lower relative to national norms, so rent-to-income levels (0.35) suggest some affordability pressure; investors should plan for thoughtful lease management and renewal strategies to sustain occupancy.
Within a 3-mile radius, demographics skew young (a substantial 18–34 cohort) with recent population growth and an 11% increase in households over the last five years, expanding the renter pool. Forward-looking projections indicate additional population and household gains over the next five years, which supports ongoing multifamily demand, lease-up resilience, and depth of prospects for smaller unit formats.
Safety indicators for the neighborhood sit below national medians, based on WDSuite's localized crime metrics. Nationally, violent offense measures are in the lower percentiles and property offense measures are also in low percentiles, signaling conditions that warrant prudent operating practices such as access control, lighting, and partnership with local community resources.
At the metro level, the area ranks 82 out of 143 Tallahassee neighborhoods for crime, indicating weaker comparative safety than many peer areas. One-year trend readings show year-over-year increases in both violent and property offense estimates; investors should underwrite enhanced on-site security measures and budget for tenant-experience initiatives that can support retention.
The immediate area draws from large education, government, and healthcare employers that underpin workforce and student-oriented renter demand. The following anchors shape commuting patterns and help stabilize leasing:
- Florida State University — higher education
- Florida A&M University — higher education
- State of Florida (Capitol Complex) — government administration
- Tallahassee Memorial HealthCare — healthcare services
Built in 2002, the property is newer than the neighborhood's average vintage (1985), offering relative competitiveness versus older stock while leaving room for targeted modernization as systems age. The submarket's amenity depth (restaurants, cafes, and groceries well above national norms) and a high concentration of renter-occupied housing units support a stable tenant pipeline and renewal potential. According to CRE market data from WDSuite, neighborhood occupancy has held steady, suggesting predictable operations with potential upside from focused leasing and expense controls.
Within a 3-mile radius, recent population growth and a notable increase in households — with more gains projected — point to continued renter pool expansion that favors smaller formats typical of student and young professional demand. While neighborhood rent-to-income ratios indicate affordability pressure, the asset's scale (64 units) and proximity to major institutions can support occupancy stability with disciplined management.
- 2002 vintage offers competitive positioning versus older local stock with selective value-add potential
- Amenity-rich location (restaurants, cafes, groceries) supports leasing velocity and renewals
- High renter-occupied housing share underpins depth of tenant demand
- 3-mile demographic growth and projected household gains expand the renter pool
- Risks: below-median safety metrics and rent-to-income pressure require proactive operations