| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 23rd | Poor |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 400 Putnam Dr, Tallahassee, FL, 32301, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2003 |
| Units | 80 |
| Transaction Date | 2011-05-10 |
| Transaction Price | $3,800,000 |
| Buyer | TALLAHASSEE OWNER 1 LLC |
| Seller | UNIVERSITY GARDENS STUDENTS LP |
400 Putnam Dr Tallahassee Multifamily Investment
Renter concentration and everyday amenity access underpin steady demand near central Tallahassee, according to WDSuite’s CRE market data. 2003 vintage provides a competitive edge versus older neighborhood stock while allowing room for targeted upgrades.
The location sits in an Inner Suburb cluster that ranks in the top quartile among 143 Tallahassee neighborhoods, with daily conveniences close by. Neighborhood amenities test above national medians overall, with dense restaurant and grocery options; cafes and childcare availability score especially well relative to peers. Limited park and pharmacy options in the immediate area are a consideration for some renters.
For multifamily dynamics, neighborhood occupancy is in the mid-80s and below the metro median, but the renter-occupied share of housing units is high, indicating a deep tenant base that can help support leasing velocity and renewal opportunities. Median contract rents in the neighborhood trend lower than national levels, which can aid lease-up, though operators should calibrate pricing to maintain occupancy stability.
The property’s 2003 construction is newer than the neighborhood’s average 1970s vintage, positioning the asset competitively against older stock while still warranting ongoing capital planning for systems and common-area refreshes as needed.
Within a 3-mile radius, population and households have grown over the past five years and are forecast to expand further, pointing to a larger tenant base and continued renter pool expansion. Elevated home values locally—relative to incomes—suggest a high-cost ownership market that tends to sustain reliance on multifamily housing. At the same time, a rent-to-income profile around one-third signals potential affordability pressure that merits lease management focus. These factors collectively frame a balanced commercial real estate analysis for long-term operations.
Safety indicators for the neighborhood sit below national averages overall, with property offenses comparatively elevated and violent offenses lower than property crime. However, recent trends show improvement in violent offenses over the last year. Within the Tallahassee metro, the area’s crime standing is around the middle of 143 neighborhoods. Investors should underwrite with pragmatic assumptions, monitor trend direction, and incorporate standard security and lighting measures typical for workforce-oriented locations.
This 80-unit, 2003-vintage asset benefits from a renter-heavy neighborhood, everyday amenity access, and proximity to central Tallahassee. The submarket’s occupancy runs below the metro median, but a deep renter base and growing 3-mile household counts support demand durability. Elevated local home values relative to incomes reinforce renter reliance on apartments, while measured rent levels can help sustain lease retention. According to CRE market data from WDSuite, these dynamics point to steady operations with selective value-add upside through unit and common-area updates.
Key considerations include maintaining affordability at a rent-to-income profile near one-third and addressing perception risks tied to safety metrics that lag national benchmarks. The asset’s newer vintage versus neighborhood norms offers competitive positioning, with targeted capital planning to enhance curb appeal and resident experience.
- Renter-occupied housing concentration supports a deep tenant base and leasing stability.
- 2003 vintage competes well versus older 1970s neighborhood stock, with focused value-add potential.
- 3-mile population and household growth expand the renter pool and support occupancy over time.
- High-cost ownership environment sustains multifamily demand and renewals.
- Risks: below-metro occupancy, affordability pressure near one-third rent-to-income, and safety metrics below national averages.