| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 38th | Fair |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 700 N Woodward Ave, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 2013 |
| Units | 112 |
| Transaction Date | 2007-03-19 |
| Transaction Price | $15,500,000 |
| Buyer | FSU WOODWARD LLC |
| Seller | SEMINOLE OAKS RESIDENCE HALL INC |
700 N Woodward Ave Tallahassee Multifamily Investment
Steady renter demand is supported by strong neighborhood amenities and a large nearby renter base, according to WDSuite’s CRE market data. Investors should view this location as a durable, needs-based rental hub with room for thoughtful operational execution.
This Inner Suburb location is competitive among Tallahassee neighborhoods (neighborhood rank 27 out of 143; A- rating), signaling solid fundamentals for day-to-day leasing. Dining and lifestyle access are a clear strength: restaurant density ranks near the top of the metro (4 of 143) and sits in the 98th percentile nationally, with parks and cafes also testing well above average. Grocery access is also favorable for residents compared with many local peers. These neighborhood metrics describe the area context, not the property’s operations.
Within a 3-mile radius, households have grown over the past five years and are projected to expand further through 2028, pointing to a larger tenant base and support for occupancy stability. The renter-occupied share within 3 miles is substantial (about three-quarters of housing units), which deepens the pool of prospective residents and can aid lease-up continuity for multifamily assets.
Ownership costs in the immediate neighborhood are elevated relative to incomes (value-to-income ratio in the 91st percentile nationally), which tends to reinforce reliance on rental housing and can support pricing power when paired with effective leasing. At the same time, neighborhood rent-to-income levels skew high, which introduces some affordability pressure; operators may prioritize renewal strategies and unit mix/pricing to balance retention and rent growth.
Neighborhood vintage averages skew older than this asset base (area average 1978), while the subject property was built in 2013. The newer construction positions the asset as more competitive versus older stock, though investors should still plan for typical mid-life system updates and selective modernization to sustain positioning.
Area safety indicators sit below national benchmarks (national percentiles indicate higher rates than many U.S. neighborhoods), but recent trends show improvement: estimated violent offense rates declined year over year (about -8.8%), and property offense rates also eased (about -5.7%). These figures reflect neighborhood-level conditions, not the property, and should be considered alongside on-the-ground management practices and security measures.
Relative to the Tallahassee metro, the neighborhood’s crime profile is around the middle of the pack, with improvement momentum worth monitoring as part of ongoing asset management and resident retention planning.
Built in 2013, this 112-unit asset competes favorably against an older local stock, offering an operational edge in a renter-heavy submarket. Based on commercial real estate analysis from WDSuite, the neighborhood exhibits strong amenity access and a deep renter pool within 3 miles, supporting demand durability even as area occupancy levels and affordability pressures warrant disciplined leasing and expense control.
Neighborhood operating indicators also point to solid income potential (NOI per-unit levels test in the upper tier locally), while elevated ownership costs relative to incomes help sustain renter reliance. Forward demographic projections within 3 miles show household expansion, which can translate into a growing tenant base and support for stabilized occupancy over the hold period. Risk management should focus on affordability-sensitive pricing, safety monitoring, and capital planning as the asset progresses further into its lifecycle.
- 2013 vintage competes well versus older neighborhood stock; plan for mid-life system updates over time
- Large renter-occupied base within 3 miles supports leasing continuity and occupancy stability
- Strong amenity access (dining, parks, cafes) enhances livability and resident retention
- Elevated ownership costs relative to incomes reinforce rental demand and pricing power
- Risks: below-average safety benchmarks, affordability pressure, and neighborhood-level occupancy near lower national percentiles