| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 57th | Good |
| Demographics | 46th | Fair |
| Amenities | 46th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 615 W Saint Augustine St, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1973 |
| Units | 36 |
| Transaction Date | 1998-01-29 |
| Transaction Price | $725,000 |
| Buyer | OZONE PARTNERS LLC |
| Seller | KAS SKYVIEW LC |
615 W Saint Augustine St Tallahassee Multifamily Opportunity
Neighborhood data points to durable renter demand with a majority of units renter-occupied and amenity access that supports daily needs, according to WDSuite’s CRE market data. Investors should underwrite for operational efficiency and targeted value-add to capitalize on demand while managing affordability and occupancy variability at the neighborhood level.
The property sits in an Inner Suburb pocket of Tallahassee rated A- at the neighborhood level, with a renter-occupied share that signals a deep tenant base for multifamily. Neighborhood occupancy has trended upward over the past five years, which supports lease-up and renewal strategies, though investors should still plan for seasonality and competitive concessions.
Amenity access is a relative strength: restaurant density ranks 1st among 143 metro neighborhoods (top quartile nationally), and park access also ranks 1st among 143, offering day-to-day convenience and lifestyle appeal. Grocery availability is competitive among Tallahassee neighborhoods (ranked within the top decile metro-wide), while cafés, childcare, and pharmacies are comparatively limited locally—implying residents may rely on nearby submarkets for some services.
Construction year averages in the neighborhood skew to 1980, while this asset was built in 1973. The older vintage points to potential capital expenditure needs but also creates value-add and repositioning angles to improve finishes, systems, and common areas for stronger competitive positioning versus newer stock.
Within a 3-mile radius, demographics reflect a large young-adult cohort and a growing household base. Population and households have expanded historically and are projected to continue growing, suggesting a larger tenant pool that can support occupancy stability. Median contract rents in the area remain accessible relative to many metros, yet rent-to-income dynamics indicate pockets of affordability pressure; prudent lease management and thoughtful unit mix and finish levels can help retention.
Home values in the immediate neighborhood are lower than national norms, which can create some competition from entry-level ownership options. However, the surrounding 3-mile area shows a high renter concentration and continued household formation, both of which support sustained reliance on multifamily housing and reinforce demand depth for well-managed assets.
Safety indicators are mixed. Relative to the 143 Tallahassee metro neighborhoods, the area falls in the mid-range, while nationally it trends below average. Notably, recent year-over-year data shows declines in violent incidents, which is a constructive trend for long-term stability. Investors should underwrite with standard security measures and community engagement to support resident retention.
This 36-unit, 1973-vintage asset offers a value-add path in an A- rated neighborhood with strong amenity proximity and a renter-driven housing base. Based on CRE market data from WDSuite, neighborhood occupancy has improved over the last five years, and the 3-mile area shows population growth and household expansion—signals of a growing renter pool that can support stabilized operations with the right capex and leasing strategy.
The unit mix’s small-format profile positions the property for demand from younger renters and cost-conscious households common in the nearby 3-mile radius. While rent-to-income dynamics suggest careful rent-setting and renewal strategies, the combination of abundant restaurants, parks, and solid grocery access helps sustain demand and supports day-to-day livability—key to minimizing turnover.
- Renter-heavy neighborhood and 3-mile growth support a deeper tenant base and occupancy stability
- 1973 vintage creates clear value-add opportunities through interior and systems upgrades
- Amenity strengths (restaurants, parks, groceries) aid leasing velocity and retention
- Underwrite thoughtfully for affordability pressure and neighborhood safety considerations