| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 51st | Good |
| Demographics | 46th | Fair |
| Amenities | 26th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 400 W Van Buren St, Tallahassee, FL, 32301, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2002 |
| Units | 50 |
| Transaction Date | 2017-11-01 |
| Transaction Price | $3,925,000 |
| Buyer | WIP ALL SAINTS LLC |
| Seller | SUMMIT CAP PARTNERS TALLAHASSEE III LP |
400 W Van Buren St, Tallahassee FL Multifamily Investment
Renter demand is supported by a high renter-occupied share in the neighborhood and a high-cost ownership market, according to WDSuite’s CRE market data. Newer 2002 vintage versus older area stock positions the asset competitively while leaving room for targeted upgrades.
Situated in an Inner Suburb of Tallahassee, the neighborhood carries a B rating and is competitive among Tallahassee neighborhoods (rank 61 of 143). Restaurant density ranks 8 of 143 and sits in the top quartile nationally, while grocery access ranks 24 of 143, indicating everyday retail within practical reach. Other everyday services (parks, pharmacies, childcare, cafes) are thinner locally, so residents may rely on nearby submarkets for those needs.
The property’s 2002 construction is newer than the neighborhood’s average vintage (1964, rank 134 of 143), which can translate to fewer near-term capital items and a relative edge versus older comparables. Investors should still account for aging systems and selective modernization to sustain competitiveness over the hold.
Tenure patterns point to a deep renter base: the neighborhood’s renter-occupied share ranks 39 of 143 and is high nationally (84th percentile), supporting demand depth and leasing velocity. Neighborhood occupancy is below many peer areas (rank 116 of 143; 15th percentile nationally), so underwriting should emphasize leasing strategy and concessions management to protect stabilization.
Within a 3-mile radius, population and households have grown over the last five years, with additional increases forecast, signaling a larger tenant base and supporting occupancy stability. Rising median incomes in the 3-mile area alongside moderate rent levels help limit affordability pressure, while elevated home values and a higher value-to-income ratio (rank 20 of 143; 79th percentile nationally) suggest ownership costs that tend to sustain reliance on multifamily rentals. These dynamics, paired with proximity to daily retail, form a balanced case for long-term cash flow, grounded in commercial real estate analysis from WDSuite.
Safety metrics are mixed relative to national benchmarks, with the neighborhood around the middle of the pack nationally (45th percentile for overall crime). Compared with peer Tallahassee neighborhoods, the rank sits at 36 of 143, indicating conditions that are not among the metro’s strongest. That said, one-year trends show improvement, with double-digit decreases in both property and violent offense rates, a pace that is competitive nationally (improvement ranks in the top quartile nationwide).
Investors should incorporate prudent security measures and resident engagement while monitoring whether the recent downtrend persists. Framing safety at the neighborhood level helps with risk management without overextending block-level assumptions.
This 50-unit asset with average 816 sq. ft. layouts benefits from a strong renter pool, a high-cost ownership landscape, and newer 2002 construction relative to the area’s older housing stock. Within a 3-mile radius, population and household growth—alongside forecast gains—support a larger tenant base and sustained leasing activity. Elevated home values versus incomes in the neighborhood underpin reliance on rentals, while moderate neighborhood rent levels help manage affordability pressure and support retention. According to CRE market data from WDSuite, local occupancy lags many peer neighborhoods, so execution should emphasize leasing efficiency and targeted upgrades to reinforce competitive positioning.
Overall, the thesis leans on renter demand depth, household expansion in the 3-mile trade area, and the property’s relative vintage advantage, balanced against softer neighborhood occupancy and select amenity gaps that may require active management.
- Newer 2002 vintage versus older area stock supports competitive positioning with manageable modernization needs
- Deep renter base (high renter-occupied share) and rising 3-mile households bolster tenant demand
- Elevated ownership costs in the neighborhood sustain reliance on multifamily rentals and support pricing power
- Moderate rent levels relative to income reduce affordability pressure and aid retention
- Risk: neighborhood occupancy trails peers; active leasing strategy and selective upgrades are important