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2424 W Tharpe St
Tallahassee, FL 32303
Shadow Ridge Apartments · Multifamily Property For Sale
·
62 Units
Executive Summary
Shadow Ridge is a 62-unit value-add multifamily opportunity located along West Tharpe Street in Tallahassee, Florida. The property is 93.6% occupied and offers meaningful embedded rent growth, with average in-place rents of approximately $1,020 per unit compared with average asking rents of $1,173, representing a $153 monthly spread. Additional upside is available through the continued renovation of classic units, with the property’s highest renovation level achieving an approximately $193 weighted-average rent premium. Ownership has already invested nearly $380,000 in improvements, including renovated kitchens and bathrooms, updated flooring, appliances, cabinetry and countertops, select in-unit washer/dryer installations, roof work, paving and sidewalk upgrades.
The property benefits from a stable, diversified demand base anchored by Florida state government, higher education and healthcare. Shadow Ridge is less than 15 minutes from Florida State University, Florida A&M University and Tallahassee State College, which collectively enroll approximately 69,000 students, support more than 24,000 jobs and generate roughly $4.4 billion in annual economic impact. Nearby employment anchors also include more than 27,000 state government jobs, Tallahassee Memorial HealthCare and HCA Florida Capital Hospital, while residents have convenient access to Tallahassee’s primary retail, dining and entertainment corridors.
The property benefits from a stable, diversified demand base anchored by Florida state government, higher education and healthcare. Shadow Ridge is less than 15 minutes from Florida State University, Florida A&M University and Tallahassee State College, which collectively enroll approximately 69,000 students, support more than 24,000 jobs and generate roughly $4.4 billion in annual economic impact. Nearby employment anchors also include more than 27,000 state government jobs, Tallahassee Memorial HealthCare and HCA Florida Capital Hospital, while residents have convenient access to Tallahassee’s primary retail, dining and entertainment corridors.
Property Facts
| Sale Type | Investment | Lot Size | 3.61 AC |
| No. Units | 62 | Building Size | 69,880 SF |
| Property Type | Multifamily | Average Occupancy | 90% |
| Property Subtype | Apartment | No. Stories | 1 |
| Apartment Style | Garden | Year Built | 1983 |
| Building Class | C | Parking Ratio | 1/1,000 SF |
| Zoning | MR-1 - Multi Family 10 Units + | ||
| Sale Type | Investment |
| No. Units | 62 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.61 AC |
| Building Size | 69,880 SF |
| Average Occupancy | 90% |
| No. Stories | 1 |
| Year Built | 1983 |
| Parking Ratio | 1/1,000 SF |
| Zoning | MR-1 - Multi Family 10 Units + |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Storage Space
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- Vaulted Ceiling
- High Speed Internet Access
- Tub/Shower
- Built-In Bookshelves
- Linen Closet
- Patio
- Vinyl Flooring
- Wheelchair Accessible (Rooms)
- Window Coverings
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Storage Space
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | 288 |
| 1+1 | 46 | - | 576 |
| 2+1 | 5 | - | 864 |
| 2+2 | 5 | - | 864 |
Property Taxes
| Parcel Number | 21-21-51-021-153.1 | Improvements Assessment | $3,742,204 CAD |
| Land Assessment | $726,206 CAD | Total Assessment | $4,468,410 CAD |
Property Taxes
Parcel Number
21-21-51-021-153.1
Land Assessment
$726,206 CAD
Improvements Assessment
$3,742,204 CAD
Total Assessment
$4,468,410 CAD
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