| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Good |
| Demographics | 64th | Good |
| Amenities | 11th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3801 Mission Trace Blvd, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1989 |
| Units | 96 |
| Transaction Date | 2016-11-01 |
| Transaction Price | $5,650,000 |
| Buyer | CS FL PINES LLC |
| Seller | UNKNOWN |
3801 Mission Trace Blvd Tallahassee Multifamily Investment
Neighborhood occupancy is high and renter demand appears durable for this Inner Suburb location, according to WDSuite’s CRE market data. The takeaway for investors is steady leasing fundamentals at the neighborhood level, with pricing power moderated by value-oriented rent levels.
Situated in Tallahassee’s Inner Suburb and rated B among 143 metro neighborhoods, the area surrounding 3801 Mission Trace Blvd shows resilient multifamily fundamentals. Neighborhood occupancy is strong (top decile nationally and competitive among Tallahassee neighborhoods), supporting stable cash flow prospects for well-managed assets. Median contract rents trend value-oriented locally, which can aid retention while still allowing for measured rent steps where finishes and operations justify it.
Livability signals are mixed. Restaurant density is competitive for the metro and above national median, but counts of daily-needs amenities like groceries, parks, and pharmacies within the immediate neighborhood are limited. Average school ratings track below national norms, which may matter less for a renter base oriented toward smaller households and students/young professionals. Household sizes in the neighborhood skew small, and the property’s average unit size (~522 sf) aligns with demand for studios and one-bedrooms.
Within a 3-mile radius, households increased by about 4% over five years even as total population edged lower, pointing to smaller household sizes and a broader household base. This dynamic can expand the renter pool and support occupancy stability. The local renter-occupied share is roughly 57%, indicating a deep tenant base for multifamily product. Median home values in the neighborhood are relatively modest for Florida, which tempers extreme pricing power but still supports steady renter reliance on multifamily where location and convenience are compelling.
From an investment standpoint, the neighborhood’s NOI per unit trails stronger Tallahassee peers on average, suggesting room for operational improvement through targeted renovations, expense controls, or amenity repositioning. Rent-to-income levels sit near mid-range nationally, implying manageable affordability pressure and workable lease management levers. Based on commercial real estate analysis from WDSuite, these conditions point to stable occupancy with potential to enhance revenue via unit upgrades and professional management.
Safety indicators for the neighborhood are generally above national averages and compare favorably within Tallahassee. Crime ranks better than the metro median (ranked 15 among 143 metro neighborhoods), translating to a relatively stronger position locally. Nationally, the area sits above the median for both violent and property offense measures, indicating a favorable comparative profile versus many neighborhoods across the country.
Trend signals also matter: estimated violent offense rates have improved materially year over year (top decile improvement nationally), while property offense rates show moderate levels by national standards. Investors should continue to monitor citywide and submarket trends, but the current trajectory supports leasing stability and renter retention.
This 96-unit asset benefits from neighborhood occupancy that is competitive within the metro and strong nationally, supporting consistent leasing outcomes. Rents are positioned at value levels locally, which helps retention while leaving room for revenue gains tied to upgrades and management execution. Within a 3-mile radius, a larger household base despite slight population contraction points to smaller households and a steady renter pool, reinforcing demand for efficient floor plans. According to CRE market data from WDSuite, these factors collectively indicate durable fundamentals with operational upside.
Balanced affordability (mid-range rent-to-income) and modest neighborhood home values support sustained renter reliance on multifamily, though the immediate amenity mix is thinner beyond restaurants and schools rate below national norms. For operators, this suggests a focus on onsite conveniences and service quality to drive retention while pursuing measured rent growth.
- Strong neighborhood occupancy supports leasing stability and cash flow consistency
- Value-oriented local rents enable retention and room for targeted rent steps post-upgrades
- 3-mile household growth with smaller household sizes expands the renter pool for smaller units
- Operational upside: below-peak neighborhood NOI per unit suggests improvement potential
- Risks: thinner daily-needs amenities and below-average school ratings may temper some demand segments