| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 23rd | Poor |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 509 E Magnolia Dr, Tallahassee, FL, 32301, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1972 |
| Units | 108 |
| Transaction Date | 2014-03-12 |
| Transaction Price | $4,300,000 |
| Buyer | LIH MAGNOLIA TERRACE LP |
| Seller | AHA MAGNOLIA LLC |
509 E Magnolia Dr Tallahassee Multifamily Investment
Neighborhood metrics indicate a deep renter base and a high-cost ownership market that can sustain multifamily demand, according to WDSuite’s CRE market data. Occupancy trends are mixed, so asset performance hinges on effective leasing and value-add execution rather than outsized rent growth.
This Inner Suburb location balances everyday convenience with steady renter demand indicators. Amenity access is competitive in the metro, ranking 12th out of 143 neighborhoods, with strong density of restaurants and cafes relative to Tallahassee and a grocery presence that meets daily needs. At the national level, amenity access lands near the 59th percentile, while park and pharmacy access are limited within the neighborhood footprint, which may modestly affect walk-to options for open space and on-site health services.
Renter concentration in the neighborhood is high (measured as the share of housing units that are renter-occupied), placing it near the top of the metro and signaling depth for multifamily leasing. By contrast, neighborhood occupancy sits below the metro median, so performance will rely on product differentiation, hands-on operations, and pricing discipline to protect absorption and renewals.
Home values benchmark high for the neighborhood within the metro and sit in the upper tier nationally. In investor terms, a high-cost ownership market tends to reinforce reliance on rentals, supporting tenant retention and stabilizing demand for apartments when managed with attention to rent-to-income. Neighborhood income levels trail national norms, so maintaining affordability positioning can help mitigate retention risk and sustain collections.
Within a 3-mile radius, demographics show recent population growth alongside an increase in households, with forecasts pointing to further expansion through 2028. This trajectory suggests a larger tenant base and supports occupancy stability over the medium term. The property’s 1972 vintage is slightly older than the neighborhood average year built, creating a straightforward path for value-add upgrades and systems modernization to compete against newer stock.
Safety indicators for the neighborhood track below national medians, with crime levels that are higher than many U.S. neighborhoods. Within the Tallahassee metro, the neighborhood’s crime rank sits on the less favorable side of the spectrum (63 out of 143 neighborhoods). However, recent data show a year-over-year decline in violent incidents, indicating some improvement in trend even as property offenses remain elevated. Comparatively framing safety this way helps set operating expectations for security, lighting, and resident engagement.
The 108-unit property at 509 E Magnolia Dr presents a pragmatic value-add play in an Inner Suburb with strong renter concentration and a high-cost ownership backdrop that supports apartment demand. According to CRE market data from WDSuite, neighborhood occupancy trails the metro median, so returns will lean on targeted renovations, effective leasing, and expense control rather than outsized rent lifts. The 1972 vintage suggests prioritizing exterior, interiors, and systems updates to strengthen competitive positioning against newer assets.
Local amenity access is solid for dining, cafes, and groceries at the metro level, while limited parks and pharmacies may modestly affect walkability expectations. Within a 3-mile radius, population and household growth—coupled with projections for further expansion—support a larger tenant base and help sustain absorption. Elevated home values relative to incomes indicate ownership remains costly, which can reinforce rental reliance; balancing rent-to-income will be important for renewal rates and pricing power.
- High renter-occupied share indicates deep tenant base and steady leasing potential
- 1972 vintage offers clear value-add scope to enhance NOI and competitiveness
- Amenity access (dining, cafes, groceries) supports resident convenience and retention
- Demographic growth within 3 miles expands the renter pool and supports absorption
- Risks: below-metro occupancy and safety considerations require proactive operations and pricing discipline