| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 61st | Best |
| Demographics | 23rd | Poor |
| Amenities | 44th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 517 Yaeger St, Tallahassee, FL, 32301, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1973 |
| Units | 24 |
| Transaction Date | 2006-12-15 |
| Transaction Price | $505,000 |
| Buyer | FLM YAEGER LLC |
| Seller | WB DEL RIO INC |
517 Yaeger St Tallahassee 24-Unit Multifamily
Renter-heavy neighborhood dynamics and micro-style unit sizes position this asset for workforce housing demand, according to WDSuite s CRE market data. Expect leasing to track neighborhood trends rather than luxury cycles.
The property sits in an Inner Suburb area with an A- neighborhood rating, ranked 33 out of 143 Tallahassee neighborhoods competitive among metro peers and generally supportive of multifamily. Caf e9 and restaurant density score well nationally, indicating day-to-day convenience, while grocery access is also comparatively strong. Limited nearby parks and pharmacies are a consideration for resident services and lifestyle.
Average neighborhood construction skews mid-1970s; this 1973 vintage is slightly older, which can translate into value-add or capital planning opportunities to modernize finishes and building systems for competitive positioning.
Neighborhood renter concentration is high (measured as the share of housing units that are renter-occupied), signaling a deep tenant base. However, neighborhood occupancy has been mixed, suggesting active leasing and asset management will matter for stabilization and retention.
Within a 3-mile radius, demographics indicate population growth and an increase in households over the last five years, with forecasts pointing to further expansion a setup that supports a larger tenant base and occupancy stability. Rising household incomes and projected rent levels in the same radius point to gradual upgrades in renter purchasing power, though affordability will still influence unit mix and pricing strategy.
Home values in the neighborhood are elevated versus national norms (upper-tier national percentile), and the value-to-income ratio sits at the top of the national distribution. In investor terms, this high-cost ownership backdrop tends to reinforce reliance on multifamily housing, supporting tenant retention and steady demand for well-managed rentals.
Safety indicators are mixed when compared nationally: neighborhood crime measures track below the national median, with property offenses relatively elevated, while violent offenses trend lower year over year. The neighborhood s crime rank (63 of 143 Tallahassee neighborhoods) indicates conditions somewhat tighter than the metro median for crime, though recent declines in violent incidents suggest gradual improvement.
For investors, the takeaway is operational: emphasize lighting, access control, and resident engagement to support retention and leasing, while monitoring local trends and coordinating with community resources for continued improvement.
This 24-unit 1973 asset offers exposure to a renter-heavy submarket with daily-life amenities and a high-cost ownership backdrop that supports sustained rental demand. Based on CRE market data from WDSuite, neighborhood occupancy signals the need for hands-on leasing, but a large renter pool and projected 3-mile household growth provide a path to durable tenant demand.
The vintage creates a clear value-add angle: targeted renovations and system upgrades can enhance competitiveness versus similar mid-1970s product. Elevated home values relative to incomes favor multifamily reliance, while affordability pressure implies measured rent strategies to balance pricing power with retention.
- Renter-heavy area supports a deep tenant base and leasing velocity
- 1973 vintage enables value-add through unit and building upgrades
- High-cost ownership environment reinforces demand for rentals
- Demographic expansion within 3 miles supports occupancy stability
- Risks: moderate neighborhood occupancy, elevated property offenses, and affordability pressure require disciplined operations