| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 53rd | Good |
| Demographics | 60th | Good |
| Amenities | 43rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5001 Lake Front Dr, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1988 |
| Units | 120 |
| Transaction Date | 2005-12-30 |
| Transaction Price | $4,100,000 |
| Buyer | OAKS MANOR FL LLC |
| Seller | FL JACKSON LLC |
5001 Lake Front Dr, Tallahassee Multifamily Opportunity
According to WDSuite’s CRE market data, the surrounding neighborhood’s occupancy is about 93%, and a moderate renter-occupied share supports steady tenant demand for a 120-unit asset in suburban Tallahassee.
This suburban Tallahassee neighborhood carries an A- neighborhood rating and ranks 24 out of 143 metro neighborhoods, placing it in the top quartile locally. For investors, that positioning signals solid livability and demand fundamentals relative to the broader metro.
Everyday convenience is adequate, with grocery access around the national mid-range (near the 58th percentile) and pharmacies and parks testing stronger (low-70s percentiles nationally). Dining options are mixed (restaurants around the national mid-50s), while cafes and childcare are limited. For leasing, this suggests practical retail and recreation support, with some amenity gaps that may temper top-end appeal.
Renter-occupied housing accounts for roughly 29% of units in the neighborhood and trends above national norms (national percentile in the mid-60s). That renter concentration points to a meaningful tenant base and can help support occupancy stability for multifamily. Neighborhood contract rents benchmark in the upper tier locally (rank 18 of 143), indicating pricing that is competitive within the metro.
The average construction year in the neighborhood is 1984. With a 1988 vintage, the property is slightly newer than the local average, which can aid competitive positioning versus older stock; investors should still plan for system modernization and selective renovations consistent with late-1980s assets.
Demographic statistics aggregated within a 3-mile radius show households increasing even as total population edged down modestly over the last five years. This pattern of smaller household sizes can expand the renter pool for efficiently sized units; the subject 01988 community averages about 519 square feet per unit, aligning with demand for smaller formats and supporting lease-up resilience.
Ownership costs in the neighborhood sit around the national mid-range, which can create some competition from for-sale options. That said, rent-to-income around 0.20 suggests manageable affordability pressure for renters, a positive for retention and collections management from an investor standpoint.
Safety indicators are mixed. The neighborhood 7s overall crime standing sits below the national midpoint (around the 34th percentile nationally), which implies higher reported incidents than many U.S. neighborhoods. Within the metro, it ranks 60 out of 143 neighborhoods, indicating it is not among the safer quartiles locally.
Violent-offense metrics trend near the national middle (about the 52nd percentile), while property-offense levels sit weaker (around the 39th percentile) and have risen year over year. For underwriting, this suggests standard risk management measures and resident security expectations should be considered, alongside monitoring of neighborhood trends over time.
5001 Lake Front Dr is a 120-unit, 1988-vintage community in a top-quartile Tallahassee neighborhood, supported by a meaningful renter base and neighborhood occupancy near 93%. Grocery, park, and pharmacy access are strengths, while limited cafes/childcare and mixed safety indicators warrant modest underwriting conservatism. According to CRE market data from WDSuite, local rents are competitive within the metro, and rent-to-income conditions point to manageable affordability pressure that can support retention and revenue stability.
The late-1980s vintage implies potential value-add via targeted renovations and system updates to maintain competitiveness against newer product. Demographic statistics within a 3-mile radius show household growth alongside slightly smaller household sizes, which can expand the renter pool for smaller-format units—well aligned with the property’s average unit size of roughly 519 square feet.
- Top-quartile neighborhood rank (24 of 143) supports demand and leasing consistency
- Competitive neighborhood rents with manageable rent-to-income bolster pricing power
- 1988 vintage offers value-add/modernization upside to enhance returns
- 3-mile household growth and smaller household sizes support a deeper renter pool for smaller units
- Risks: mixed safety metrics and limited cafe/childcare amenities may temper premium positioning