| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 59th | Best |
| Demographics | 38th | Fair |
| Amenities | 58th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 812 Richmond St, Tallahassee, FL, 32304, US |
| Region / Metro | Tallahassee |
| Year of Construction | 1978 |
| Units | 24 |
| Transaction Date | 2007-07-13 |
| Transaction Price | $1,075,000 |
| Buyer | KALA LLC |
| Seller | CROSS FRANCINE |
812 Richmond St, Tallahassee Multifamily Investment
Renter concentration and strong amenity access point to durable leasing fundamentals in this Inner Suburb location, according to WDSuite’s CRE market data.
The immediate neighborhood scores A- and is competitive among Tallahassee neighborhoods (27th of 143), with amenity density that supports daily convenience. Restaurant options rank near the top of the metro (4th of 143; top percentile locally) and cafés also score well (7th of 143), while parks and grocery access are similarly strong (both within the top 20 of 143). Daily services are more mixed, with limited childcare and pharmacy options, which may affect errand efficiency for some residents.
Multifamily demand is reinforced by a high renter-occupied share at the neighborhood level (above metro median and within the top quartile among 143 neighborhoods). Median asking rents track in a moderate range locally and have risen over the past five years, while a high value-to-income ratio (top decile metro rank) indicates a high-cost ownership market that tends to sustain reliance on rental housing—supporting tenant retention and leasing stability for well-positioned assets.
Within a 3-mile radius, demographics show population growth over the last five years alongside a larger increase in households, expanding the potential tenant base for smaller floor plans. Looking ahead, WDSuite’s CRE market data indicates projected gains in both population and households by 2028 within the same 3-mile radius, which supports a larger renter pool and underpins occupancy over the medium term.
Operationally, neighborhood NOI per unit performance ranks in the top decile locally (5th of 143), suggesting that comparable assets have achieved healthy income per unit relative to the metro. Neighborhood occupancy trends remain below the metro median, so investors should underwrite leasing strategies and management execution as key levers to capture the area’s demand tailwinds.
Safety indicators are mixed. The neighborhood’s crime position sits around the metro median (70th of 143), and relative to national comparisons it falls below the national median. Property offense rates are elevated versus nationwide benchmarks (low national percentile), but recent trend data shows improvement with year-over-year decreases in both property and violent offenses, supporting a cautiously improving outlook. As always, investors should evaluate block-level trends, lighting, and access control as part of due diligence and lease-up planning.
812 Richmond St is a 24-unit asset built in 1978 with compact average floor plans, positioning it for price-sensitive demand segments. The location benefits from a high neighborhood renter-occupied share and strong amenity access, while the broader 3-mile area shows growth in population and households that should expand the renter pool and support occupancy. According to CRE market data from WDSuite, neighborhood NOI per unit ranks in the top decile locally, signaling a favorable operating backdrop for assets that execute on leasing and management fundamentals.
Given its 1978 vintage, investors should plan for targeted capital improvements—unit refreshes, systems maintenance, and exterior updates—to enhance competitiveness against newer stock. Neighborhood occupancy trends sit below the metro median, so prudent underwriting around lease-up and retention, alongside active management, can be important to capture the area’s demand, especially as ownership costs remain comparatively high versus local incomes.
- High renter concentration locally and growing 3-mile household base support demand and leasing durability.
- Amenity-dense location (food, cafés, parks, groceries) enhances resident convenience and marketing appeal.
- Top-decile neighborhood NOI per unit performance indicates a supportive operating context for comparable assets.
- Risks: neighborhood occupancy below metro median and affordability pressure require disciplined lease management and capex planning for a 1978 vintage asset.