| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Good |
| Demographics | 46th | Fair |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 600 Eugenia St, Tallahassee, FL, 32310, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2002 |
| Units | 58 |
| Transaction Date | 2023-02-13 |
| Transaction Price | $12,706,250 |
| Buyer | FLORIDA A & M UNIVERSITY BOARD OF TRUSTE |
| Seller | RAILROD SQUARE HOLDINGS LLC |
600 Eugenia St Tallahassee Multifamily Opportunity
Renter demand is supported by a high renter-occupied housing share in the surrounding area and a 2002 vintage that competes well against older local stock, according to WDSuite's CRE market data. Investors should balance this demand depth with neighborhood occupancy softness when underwriting lease-up and retention.
Located in Tallahassee's inner suburb fabric, the neighborhood is competitive among Tallahassee neighborhoods (A- rating; rank 30 of 143) and benefits from strong access to parks and dining. Park availability is among the highest locally and restaurants are dense relative to both metro peers and national norms, while grocery access is also favorable. By contrast, pharmacies and cafes are limited nearby—an operating note for residents' convenience rather than a core investment driver.
The property's 2002 construction is newer than the neighborhood's typical 1980 stock, suggesting relative competitiveness versus older assets. Investors may still plan for selective modernization and systems updates typical for early-2000s buildings, but the vintage offers a head start versus 1970s–1980s comparables. Small average household sizes in the immediate neighborhood align with demand for efficient layouts, which can support occupancy stability for compact units.
Tenure patterns indicate depth in the renter pool: renter-occupied housing accounts for a large share of neighborhood units, supporting consistent leasing traffic and renewal prospects for multifamily. At the same time, overall neighborhood occupancy trends have been softer than national benchmarks; prudent lease management and targeted marketing are important to sustain performance through seasonal swings.
Within a 3-mile radius, population and household counts have been growing, with forecasts pointing to further increases over the next five years. This expansion implies a larger tenant base and continued renter pool expansion, supporting absorption and renewal rates. Median contract rents in the area have risen over the past five years, and multifamily property research suggests this trajectory, paired with household income growth at the 3-mile level, can support measured rent positioning—while staying attentive to affordability pressure in pricing strategy.
Ownership costs remain elevated relative to local incomes (high value-to-income dynamics), which tends to reinforce renter reliance on multifamily housing. For investors, this context can aid lease retention and demand durability, though it also underscores the need for careful rent-to-income monitoring to manage turnover and delinquency risk.
Safety metrics for the neighborhood trail national averages, with property and violent offense indicators weaker than many areas nationwide. Recent year-over-year declines in both categories indicate improvement momentum, according to WDSuite's CRE market data. Within the Tallahassee metro, conditions vary by micro-area; investors commonly account for lighting, access control, and community engagement to support resident comfort and retention.
600 Eugenia St offers a 2002-vintage asset in a renter-heavy part of Tallahassee, positioning it competitively versus older neighborhood stock while still allowing for targeted upgrades. Neighborhood-level occupancy has been softer, but a large share of renter-occupied housing and growing 3-mile population and household counts point to a deep tenant base that can support leasing and renewals. According to WDSuite's commercial real estate analysis, amenity access is strongest in parks, restaurants, and groceries—appealing to smaller-household renters drawn to efficient floor plans.
Investors should calibrate rents with an eye on affordability pressure: ownership remains relatively expensive versus incomes locally, which supports rental demand but calls for careful rent-to-income management. With operational focus on marketing, renewals, and resident experience, the asset can leverage neighborhood strengths while mitigating occupancy and affordability risks.
- 2002 vintage competes well against older neighborhood stock, with room for targeted modernization
- High renter-occupied housing share indicates depth of tenant demand and renewal potential
- Strong access to parks, restaurants, and groceries supports renter appeal and leasing velocity
- Demographic growth within 3 miles expands the renter pool, supporting absorption and occupancy stability
- Risks: softer neighborhood occupancy and affordability pressure require disciplined pricing and retention strategies