| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 58th | Good |
| Demographics | 65th | Good |
| Amenities | 56th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3291 Mission Rd, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1985 |
| Units | 28 |
| Transaction Date | 2022-05-19 |
| Transaction Price | $2,700,000 |
| Buyer | VILLAGE TRACE UNITED LLC |
| Seller | BMG 28 LLC |
3291 Mission Rd Tallahassee 28-Unit Multifamily Investment
Neighborhood metrics point to a deep renter base and steady leasing potential, according to WDSuite’s CRE market data. With an older 1985 vintage relative to nearby stock, the asset may suit value-add strategies where prudent capital planning can lift competitiveness.
The property sits in an Inner Suburb of Tallahassee with an A neighborhood rating and a rank of 17 among 143 metro neighborhoods — competitive within the metro and generally favorable for day-to-day livability. Amenity access trends above the metro median: cafes and parks test in the top quartile locally and mid-to-high nationally, while grocery access is also competitive among Tallahassee neighborhoods. One gap to note is limited nearby pharmacy options within the neighborhood footprint.
Occupancy for the neighborhood is below the metro median but has improved modestly over the last five years, signaling stable if not tight leasing conditions. Importantly for multifamily demand, the share of renter-occupied housing units in the neighborhood is high compared with national norms, indicating a sizable tenant base that supports leasing depth and renewal prospects.
Within a 3-mile radius, demographics skew younger with a large 18–34 cohort and a majority of housing units renter-occupied, reinforcing demand for smaller-format apartments and efficient floor plans. Over the past five years, household counts increased even as average household size edged lower; projections through 2028 call for continued growth in households, which expands the local renter pool and supports occupancy stability.
For positioning, the 1985 construction is older than the neighborhood’s newer average stock (2000s), which suggests potential value-add through targeted renovations and modernization of systems to compete against more recent deliveries. On pricing power, neighborhood-level rent sits slightly above the national midpoint while rent-to-income ratios indicate some affordability pressure, underscoring the importance of measured rent setting and retention-focused lease management. Ownership costs relative to local incomes are elevated, which tends to reinforce renter reliance on multifamily housing and can support steady demand.
Safety indicators for the neighborhood are mixed: relative to Tallahassee, the area is competitive among metro neighborhoods, yet it benchmarks below the national average for safety. According to WDSuite’s CRE market data, both violent and property offense rates have trended downward year over year, which is a constructive directional signal to monitor.
For underwriting, frame safety as a neighborhood-level factor rather than a block-specific condition and focus on current operations: appropriate security measures, lighting, and resident engagement can help maintain leasing performance while broader trends continue to evolve.
3291 Mission Rd offers a 28-unit footprint in an Inner Suburb with solid amenity access and a renter-heavy housing landscape that underpins day-to-day demand. The 1985 vintage is older than nearby supply, creating clear value-add and capital planning angles to improve unit finishes and building systems to compete with 2000s-era stock. Neighborhood occupancy trends have firmed modestly, and within a 3-mile radius, household growth and smaller household sizes point to ongoing renter pool expansion—supportive of leasing stability for well-managed assets.
Homeownership remains relatively high-cost when measured against local incomes, which tends to sustain reliance on rentals and can support pricing power when paired with retention-minded operations. According to CRE market data from WDSuite, neighborhood rent levels sit slightly above the national midpoint while rent-to-income ratios suggest affordability pressure, reinforcing the need for disciplined revenue management and value-focused renovations.
- Renter-heavy neighborhood supports depth of tenant demand and renewal potential.
- 1985 vintage presents value-add upside via targeted interior and systems upgrades.
- Amenity access is competitive locally, aiding livability and leasing appeal.
- Demographic trends within 3 miles show household growth and smaller sizes, supporting occupancy stability.
- Risk: Elevated rent-to-income ratios and below-national-average safety call for prudent rent setting and proactive property management.