2424 W Tharpe St
Tallahassee, FL 32303
Shadow Ridge Apartments · Immeuble residentiel Propriété À vendre · 62 Unités

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.