| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 66th | Best |
| Demographics | 44th | Fair |
| Amenities | 33rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 401 W Park Ave, Tallahassee, FL, 32301, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1972 |
| Units | 47 |
| Transaction Date | 2020-11-10 |
| Transaction Price | $3,395,000 |
| Buyer | CALME LLC |
| Seller | EDGE AT 401 LLC |
401 W Park Ave Tallahassee Multifamily Investment
Neighborhood fundamentals point to durable renter demand and competitive income performance, according to WDSuite’s CRE market data, supported by a high renter-occupied housing base. Positioning and asset strategy will be important given mixed signals on occupancy within the immediate area.
Located in an Inner Suburb setting of Tallahassee, the neighborhood carries an A- rating and ranks 34 out of 143 metro neighborhoods, indicating it is competitive among Tallahassee neighborhoods. Dining access is a clear strength, with restaurant density in the top percentile nationally, and pharmacy access also testing near the top of national distributions. By contrast, grocery, parks, cafes, and childcare are limited in the immediate area, so resident convenience may rely on nearby corridors rather than within walking distance.
The area’s housing profile is investor-friendly: renter-occupied housing accounts for a very high share of units locally (ranked 5th of 143 in the metro), pointing to a deep tenant base that can help support leasing and retention. Typical contract rents in the neighborhood benchmark close to national mid-range levels, which can support absorption for value-conscious renters while still allowing disciplined revenue management.
Vintage matters for positioning. The property was built in 1972, older than the neighborhood’s average construction year (1990). For investors, that generally implies planning for systems upgrades and a targeted value-add or modernization program to enhance competitive standing against newer stock, especially as amenity expectations evolve.
From a demand perspective, demographic indicators aggregated within a 3-mile radius show recent population and household growth, with forecasts calling for further increases by 2028. Rising household incomes and projected rent levels in this radius suggest a gradually expanding renter pool that can support occupancy stability and measured rent growth, based on CRE market data from WDSuite.
Two counterpoints to monitor: neighborhood occupancy levels track below many Tallahassee peers (ranked 110 of 143), and overall amenity diversity is uneven despite strong dining and pharmacy presence. Taken together, the submarket still screens as investable given its renter concentration and service access, but underwriting should reflect conservative lease-up and renewal assumptions.
Safety signals are mixed when viewed across scales. Within the Tallahassee metro, the neighborhood’s crime ranking sits closer to higher-crime areas (ranked 26th out of 143, where a lower rank indicates more crime). Nationwide, however, the area trends around the middle of the pack with a slight tilt toward safer outcomes (around the 53rd percentile compared with neighborhoods nationwide), according to WDSuite’s data.
Trend-wise, both property and violent offense estimates improved year over year, with declines that place the neighborhood above many peers for recent improvement pace. For investors, this trend reduces downside risk modestly, but on-the-ground diligence and property-level security planning remain important given the metro-relative ranking.
401 W Park Ave is a 47-unit asset with compact average unit sizes, positioning it for value-focused renters in a neighborhood with one of the metro’s highest renter-occupied housing shares. According to CRE market data from WDSuite, neighborhood income performance is competitive and dining/pharmacy access is strong, while overall amenities are uneven. The 1972 vintage creates a clear value-add path through targeted modernization and capital planning to improve competitive standing against newer stock.
Forward-looking demographics within a 3-mile radius indicate ongoing population and household growth with rising incomes and rents through 2028, supporting a larger tenant base and potential for stable occupancy. Risk factors include below-median neighborhood occupancy, metro-relative crime positioning, and limited grocery/park access, all of which argue for conservative underwriting and focused asset management.
- Deep renter base supports leasing durability in a renter-heavy neighborhood
- 1972 vintage offers value-add/modernization upside to enhance competitiveness
- Strong dining and pharmacy access bolster daily convenience and livability
- 3-mile growth in population, households, and incomes supports demand and rent levels
- Risks: below-median neighborhood occupancy, metro-relative crime ranking, and limited grocery/park access