| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Good |
| Demographics | 40th | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 329 Mabry St, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1984 |
| Units | 26 |
| Transaction Date | 2007-05-23 |
| Transaction Price | $89,900 |
| Buyer | MYSTIC HOLDINGS GROUP LLC |
| Seller | EQUITY INVESTMENTS OF FLORIDA LLC |
329 Mabry St Tallahassee Multifamily Investment
High renter concentration in the surrounding neighborhood supports a deep tenant base, while occupancy trends appear stable according to WDSuite’s CRE market data.
Located in an Inner Suburb of Tallahassee, the property is positioned in a neighborhood rated B+ and characterized by a predominantly renter-occupied housing stock. The neighborhood’s renter concentration ranks 7 out of 143 Tallahassee neighborhoods and sits in the top quartile nationally, indicating depth for multifamily demand and potential leasing durability.
Day-to-day convenience is supported by strong grocery access (ranked 5 of 143 in the metro and top quartile nationally), alongside a solid restaurant presence (24 of 143; above metro median). Park, pharmacy, and cafe density is limited within the neighborhood footprint, which places more weight on property-level amenities and on-site services to differentiate.
Within a 3-mile radius, the population skews toward ages 18–34 and has grown in recent years, with households expanding faster than population—favorable for multifamily as it points to a larger tenant base. Forward-looking projections within 3 miles indicate continued population and household growth, which should support occupancy stability and leasing velocity if assets are competitively positioned.
Neighborhood median rents sit near national midpoints, while the local rent-to-income profile indicates some affordability pressure. For investors, this suggests the need for disciplined lease management and targeted value-add that enhances retention without overshooting market willingness to pay. School ratings in the area trend below national averages, so marketing may resonate more with young adult and workforce segments than with family-focused renters.
The property’s 1984 vintage is slightly newer than the neighborhood’s average construction year. Investors should underwrite ongoing capital planning for building systems typical of 1980s assets, with selective renovations offering potential to improve competitive positioning versus older nearby stock.
Relative to Tallahassee’s 143 mapped neighborhoods, this area’s safety profile is below the metro median, reflecting higher crime exposure than many parts of the region. In national terms, the neighborhood falls below average for safety; however, recent year-over-year trends show modest improvement in both violent and property offenses, which is a constructive signal to monitor rather than a definitive shift.
For investors, the takeaway is pragmatic: underwriting should incorporate enhanced security features and active property management, while tracking whether the recent downward movement in reported incidents persists. Positioning and tenant screening can help mitigate risk and support leasing performance in line with comparable urban submarkets.
This 26-unit, 1984-vintage asset sits in a renter-heavy Tallahassee neighborhood with demonstrated tenant depth and solid daily-needs access. Neighborhood NOI per unit trends rank 6 out of 143 in the metro and fall in the top quartile nationally, pointing to operational potential if the asset is competitively maintained. According to CRE market data from WDSuite, occupancy locally has been relatively steady, and a strong 3-mile renter pool supports demand even as affordability pressure warrants careful rent setting and value-add selection.
Forward demographic indicators within 3 miles point to continued population growth and a larger household base, which should sustain leasing momentum. The 1980s vintage suggests room for targeted renovations and system updates to capture rent premiums versus older stock, while still underwriting for prudent concessions in a price-sensitive micro-market.
- Renter-heavy neighborhood and deep 3-mile tenant base support demand and occupancy stability.
- Strong neighborhood NOI per unit performance (top quartile nationally) indicates operational upside when well-executed.
- Daily-needs access led by grocery proximity; on-site amenities can offset limited park/cafe inventory.
- 1984 vintage offers value-add potential via system upgrades and selective interior improvements.
- Risks: affordability pressure and below-median safety require disciplined rent strategy, security investments, and active management.