| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 55th | Good |
| Demographics | 40th | Fair |
| Amenities | 50th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 McKeithan St, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2008 |
| Units | 24 |
| Transaction Date | 2006-10-11 |
| Transaction Price | $384,000 |
| Buyer | SHEPHERD INTERNATIONAL LLC |
| Seller | REYNOLDS INV PROPERTIES LLC |
500 McKeithan St, Tallahassee FL Multifamily Investment
2008 vintage and a deep renter pool in the surrounding neighborhood point to durable tenant demand, according to WDSuite’s CRE market data. Relative accessibility of rents supports leasing, though pricing power should be managed thoughtfully.
Neighborhood dynamics and renter demand
The property sits in an Inner Suburb setting within Tallahassee where grocery access is a relative strength (ranked 5th among 143 metro neighborhoods and in the top quartile nationally). Restaurants are also competitive among Tallahassee neighborhoods (24th of 143; top quartile nationally). By contrast, parks, pharmacies, and cafes are limited in the immediate area, which can influence lifestyle appeal but does not typically deter value-oriented renters.
Renter concentration is high at the neighborhood level, indicating a broad tenant base for multifamily product. Neighborhood occupancy has held roughly steady in recent years, though it trails stronger submarkets, so lease-up timelines and renewal strategies merit close attention. Average school ratings are on the lower side for the metro, which may matter less for student or young adult segments that dominate parts of this submarket.
Within a 3-mile radius, demographics skew young (a large 18–34 cohort), and total households have increased, with projections pointing to additional household growth over the next five years. This trend implies a larger tenant base and supports occupancy stability, especially for smaller units and workforce housing. Median contract rents in the 3-mile area have risen over the past five years while remaining accessible relative to higher-cost Florida metros, based on commercial real estate analysis from WDSuite.
The property’s 2008 construction is newer than the neighborhood’s average vintage (late 1970s), offering competitive positioning versus older stock. Investors should still plan for mid-life system updates and selective modernization to capture renewals and steady demand.
Safety context
Neighborhood safety measures benchmark below national averages (around the 29th percentile nationally), placing the area near the middle of the pack within the Tallahassee metro (ranked 76th among 143 neighborhoods). While current levels warrant routine risk management, recent trends show improvement, with both violent and property offense rates declining year over year, which is a constructive directional signal for long-term hold strategies.
Investors often mitigate these conditions with standard measures such as lighting, access controls, and partnership with professional management; these approaches can help support resident retention where demand is driven by proximity, price point, and unit mix.
Why invest
This 24-unit, 2008-built asset is positioned newer than much of the surrounding stock, supporting competitiveness on finishes and maintenance while leaving room for targeted upgrades as systems reach mid-life. Neighborhood renter concentration is high, and within a 3-mile radius the outlook points to growth in households, indicating a larger tenant base that can support occupancy stability and renewal capture.
At the neighborhood level, NOI per unit performance ranks near the top of Tallahassee submarkets, and grocery/restaurant access is a relative strength, according to CRE market data from WDSuite. Counterbalancing factors include below-average safety benchmarks, limited park and pharmacy access, and rent-to-income pressures that call for thoughtful lease management and amenity-light value positioning.
- 2008 vintage offers competitive positioning versus older neighborhood stock with targeted value-add potential
- High renter-occupied share and projected household growth within 3 miles support demand depth and occupancy
- Strong relative grocery and dining access; neighborhood NOI per unit ranks among the metro’s better performers
- Risks: below-average safety benchmarks, amenity gaps (parks/pharmacies), and rent-to-income pressure requiring careful pricing and retention strategy