| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Good |
| Demographics | 46th | Fair |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 614 W Madison St, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2010 |
| Units | 90 |
| Transaction Date | 2016-07-01 |
| Transaction Price | $22,700,000 |
| Buyer | CollegePlace FSU Domain |
| Seller | Chance Partners |
614 W Madison St Tallahassee Multifamily Investment
2010-built, 90-unit asset in a renter-heavy neighborhood with strong food and park access; according to WDSuite’s CRE market data, local demand drivers support tenant retention even as neighborhood occupancy trends run below metro highs.
Located at 614 W Madison St in Tallahassee, the property sits in an inner-suburb neighborhood rated A- and competitive among Tallahassee neighborhoods (ranked 30 of 143). Dining density is a standout with restaurants per square mile ranking 1st among 143 metro neighborhoods and in the 99th percentile nationally, while park access is similarly strong (1st in the metro; 97th percentile nationally). Grocery access is above the metro median (7th of 143; 80th percentile nationally). Cafe, childcare, and pharmacy counts are limited in the immediate area, which may modestly affect convenience for some renters.
The asset’s 2010 vintage is newer than the neighborhood’s average construction year of 1980. For investors, this generally indicates better competitive positioning versus older stock and potentially lower near-term system replacement needs, though standard capital planning for mid-life building systems remains prudent.
Neighborhood-level occupancy is relatively low at 72.1% (125 of 143 metro neighborhoods; 9th percentile nationally), yet the share of renter-occupied housing units is high at 60.4% (17 of 143; 94th percentile nationally). This combination suggests a deep tenant base but underscores the importance of leasing execution and asset-level differentiation to sustain performance. Median contract rents in the neighborhood are moderate, and five-year rent growth has been positive, aligning with observed demand patterns.
Demographic statistics aggregated within a 3-mile radius indicate population growth over the last five years and a high concentration of 18–34-year-olds, supporting a larger tenant base for multifamily. Households and families have also increased, and WDSuite’s forward-looking data point to further gains in households by 2028, which can support occupancy stability and leasing velocity. The 3-mile renter share is elevated, reinforcing depth of demand for rentals.
Home values in the immediate neighborhood are comparatively low relative to national norms. While this can create more accessible ownership alternatives in the area, the strong renter concentration and proximity to daily-needs amenities can help multifamily remain competitive. Lease management should account for affordability pressure and position the asset on value and convenience to support retention.
Safety indicators for the neighborhood are mixed. Relative to Tallahassee, overall crime ranks around the competitive range (50 of 143 neighborhoods), though on a national basis the area sits below the median for safety (38th percentile). Recent trends show improvement: estimated violent offenses decreased by about 19.7% year over year and property offenses declined by roughly 8.6%, according to WDSuite’s CRE market data. Forward-looking underwriting should account for local block-level variation and continue to monitor trend direction rather than single-year readings.
This 2010-built, 90-unit property benefits from strong neighborhood demand drivers—exceptional dining and park access, high renter concentration, and 3-mile population and household growth—supporting leasing prospects and tenant retention. Based on commercial real estate analysis from WDSuite, the neighborhood’s NOI per unit performance ranks in the top tier locally and the national percentile is strong, indicating income potential when assets are well-positioned. The newer vintage versus the 1980 neighborhood average provides a competitive edge over older stock, while still warranting prudent mid-life capital planning.
Key underwriting considerations include relatively low neighborhood occupancy, elevated rent-to-income dynamics at the neighborhood level, and the presence of comparatively low home values that may provide competing ownership options. With tight operations, amenity-driven positioning, and careful lease management, the asset can target occupancy stability and steady cash flow within Tallahassee’s renter-heavy submarket.
- Newer 2010 vintage enhances competitive positioning versus older neighborhood stock
- High renter concentration and 3-mile growth expand the tenant base and support leasing
- Strong amenity access (restaurants, parks, groceries) supports retention and pricing power
- Income potential supported by strong neighborhood NOI-per-unit benchmarks per WDSuite
- Risks: lower neighborhood occupancy, affordability pressure, and competition from ownership options