| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 45th | Fair |
| Demographics | 60th | Good |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 700 N Calhoun St, Tallahassee, FL, 32303, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1980 |
| Units | 27 |
| Transaction Date | 2018-07-31 |
| Transaction Price | $1,550,000 |
| Buyer | JVEST LLC |
| Seller | CAPITAL SQUARE BUILDING INC |
700 N Calhoun St Tallahassee Multifamily Investment
Positioned in an Inner Suburb with strong renter concentration and extensive amenities, the area supports durable demand even as neighborhood occupancy trends trail the metro, according to WDSuite’s CRE market data.
The immediate neighborhood around 700 N Calhoun St is rated A and ranks 8 out of 143 Tallahassee neighborhoods — a top quartile location locally. Amenity access is a core strength, with restaurants, cafes, parks, groceries, and pharmacies registering in the mid‑ to high‑90s national percentiles, which typically supports leasing velocity and resident retention for smaller unit mixes.
Multifamily demand is underpinned by a high share of renter-occupied housing (58.4% at the neighborhood level), indicating depth in the tenant base. Neighborhood occupancy is measured for the neighborhood, not the property, and currently sits below the metro median; investors should underwrite to prudent lease-up timelines while leveraging the area’s amenity draw and renter concentration to stabilize performance.
Within a 3‑mile radius, population and households have expanded in recent years, with forecasts pointing to continued population growth and a larger household count over the next five years. This trajectory suggests a growing renter pool that can support occupancy stability and absorb renovated inventory. Median contract rents in the 3‑mile radius remain accessible relative to incomes, which can aid retention while allowing disciplined rent management.
Home values in the neighborhood sit below many high‑cost Florida metros, providing context for a mixed renter/owner landscape. For investors, this means rental communities may face some competition from ownership options in certain segments, but the sizable young adult population within 3 miles and the neighborhood’s amenity strength provide steady demand for well‑located multifamily. School ratings are modest on average, so positioning toward workforce housing and students/young professionals may align best with local demographics.
Safety indicators for the neighborhood track below national averages (lower national percentile implies relatively less safe) and rank 52 out of 143 within the Tallahassee metro, indicating more reported crime than many peer neighborhoods. However, recent year-over-year trends show double‑digit declines in both property and violent offense rates, signaling incremental improvement. Investors should plan for standard security measures and proactive property management while monitoring these improving trends against metro benchmarks.
The area draws steady renter demand from nearby state government, higher education, and healthcare employers, supporting workforce and student-oriented leasing.
- State of Florida (Capitol Complex) — government & public administration (0.4 miles)
- Florida State University — higher education (1.0 miles)
- Tallahassee Memorial HealthCare — healthcare services (1.4 miles)
- Florida A&M University — higher education (1.6 miles)
This 27‑unit asset, built in 1980, is newer than the neighborhood’s average vintage, offering relative competitiveness versus older stock while leaving room for targeted modernization (systems, interiors) to drive NOI. Neighborhood occupancy is measured for the neighborhood rather than the property and trends below the metro, but the location’s top‑quartile amenity access and high renter concentration support a broad tenant base and leasing durability. According to CRE market data from WDSuite, the surrounding 3‑mile area shows population and household growth with further gains projected, reinforcing demand for smaller unit formats.
Positioning toward students, young professionals, and workforce renters can capture demand linked to nearby institutions and services. Underwriting should balance rent growth potential with prudent lease management given modest school ratings and a safety profile that, while improving, remains below national averages.
- 1980 vintage offers value‑add potential through focused renovations while competing well against older neighborhood stock
- High renter-occupied share and strong amenity access support demand depth and retention
- 3‑mile population and household growth point to a larger renter pool and occupancy stability
- Proximity to government, university, and healthcare employment underpins student and workforce leasing
- Risks: neighborhood‑level occupancy below metro, modest school ratings, and a safety position below national averages