| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 85th | Best |
| Demographics | 40th | Fair |
| Amenities | 0th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10030 SW 224th St, Cutler Bay, FL, 33190, US |
| Region / Metro | Cutler Bay |
| Year of Construction | 2001 |
| Units | 32 |
| Transaction Date | 2021-05-27 |
| Transaction Price | $43,250,000 |
| Buyer | NEW SUNSET BAY LLC |
| Seller | NONPROFIT HOUSING PRESERVATION SB INC |
10030 SW 224th St Cutler Bay Multifamily Investment
Neighborhood occupancy trends remain tight and renter demand is durable, according to WDSuite’s CRE market data, positioning this Cutler Bay asset for steady leasing performance. With metro-level homeownership costs elevated, the area’s rental market supports retention for well-managed multifamily properties.
The property sits in an inner-suburban pocket of Miami-Dade with a livability profile that favors workforce renters seeking access to Miami employment corridors. Neighborhood housing fundamentals are comparatively strong — the area ranks 16 out of 449 metro neighborhoods for housing metrics (top quartile among 449), while overall neighborhood rating trends are more mixed (ranked 372 of 449), based on CRE market data from WDSuite.
Occupancy in the neighborhood is high relative to national patterns, ranking 85 of 449 in the Miami metro, which places it in the top quartile and points to stable lease-up and renewal potential. Median contract rents in the neighborhood sit above the national median (around the upper quartiles nationally), suggesting pricing power for quality units while still competing effectively against ownership in this submarket.
The renter-occupied share of housing units in the neighborhood is approximately mid-to-high for the metro (about 56% renter-occupied), indicating a deep tenant base that supports multifamily absorption and renewal activity. Within a 3-mile radius, recent population growth and a meaningful increase in households have expanded the renter pool. Forward-looking projections over the next five years indicate continued population growth with even faster household formation, which typically supports occupancy stability and diversified tenant demand.
The average neighborhood construction year trends newer (around 2011), whereas this property’s 2001 vintage is older than nearby stock — an investable gap that can support value-add strategies and prudent capital planning to remain competitive against newer product. Local retail and daily-needs amenities within the immediate neighborhood are limited relative to denser urban cores, so residents often rely on nearby corridors for shopping and services; investors should underwrite convenience factors such as parking, on-site features, and access routes accordingly.
Safety indicators for the neighborhood are mixed compared with the broader Miami metro and sit below the national median overall, per WDSuite’s market data. The neighborhood’s crime rank is 254 out of 449 metro neighborhoods, placing it modestly below the metro median. Nationally, related safety percentiles are around the lower-middle ranges, indicating that while conditions are not among the weakest in the region, they are not a core strength either.
For investors, this argues for standard operating measures: ensure lighting, access control, and resident engagement practices are reflected in underwriting and asset management. Evaluate sub-block dynamics during site visits and compare trends against nearby neighborhoods to contextualize leasing and retention expectations.
Proximity to major corporate employers supports a steady commuter tenant base and helps reinforce leasing and retention. The following nearby employers anchor demand within practical driving range of the property.
- Lennar — homebuilding (15.1 miles) — HQ
- World Fuel Services — energy logistics (17.5 miles) — HQ
- Ryder System — logistics & fleet management (21.6 miles) — HQ
- Mosaic — fertilizer & industrial products (22.6 miles)
- Johnson & Johnson — healthcare & consumer products (24.2 miles)
This 32-unit, 2001-vintage asset in Cutler Bay benefits from a neighborhood with top-quartile occupancy performance within the Miami metro, supporting lease stability and renewal velocity. According to CRE market data from WDSuite, area rents benchmark above national medians while the local ownership market remains high-cost, which typically reinforces renter reliance on multifamily housing and supports pricing power for well-maintained assets.
Within a 3-mile radius, recent population growth and a notable increase in households have expanded the tenant base, with forward projections indicating continued growth and smaller average household sizes — dynamics that often translate into sustained multifamily demand. The property’s older-than-average vintage relative to nearby stock suggests clear value-add potential through targeted renovations and systems updates to compete effectively with newer supply.
- Top-quartile neighborhood occupancy in the Miami metro supports leasing stability
- High-cost ownership market sustains rental demand and potential pricing power
- 3-mile radius shows population and household growth, expanding the renter pool
- 2001 vintage offers value-add and modernization angles versus newer neighborhood stock
- Risks: amenity scarcity in the immediate neighborhood and below-median safety metrics warrant conservative underwriting