| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 31st | Fair |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1501 W 42nd St, Hialeah, FL, 33012, US |
| Region / Metro | Hialeah |
| Year of Construction | 1987 |
| Units | 20 |
| Transaction Date | 2024-08-16 |
| Transaction Price | $5,750,000 |
| Buyer | 1501 HIALEAH FLORIDA LLC |
| Seller | ECO LANDING DEVELOPMENT LLC |
1501 W 42nd St, Hialeah Multifamily Investment
Neighborhood-level occupancy is tight and renter demand appears durable, according to WDSuite’s CRE market data, supporting steady performance potential for well-managed assets in Hialeah.
Located in Hialeah’s Urban Core, the neighborhood scores above the metro median for amenities, with strong access to restaurants, cafés, childcare, groceries, and parks. Schools in the area trend above national medians, offering a practical draw for household renters. Pharmacy access is comparatively thin, which may modestly affect daily convenience but is not a primary driver of leasing decisions.
Neighborhood occupancy runs tight (measured for the neighborhood, not the property) and ranks in the top quartile nationally, signaling demand stability for multifamily. Median asking rents in the area benchmark above national medians, while the renter-occupied share of housing units is about half of stock, indicating a meaningful tenant base that supports leasing depth and retention strategies.
For investors assessing vintage, the average construction year in the neighborhood skews late-1970s, while the subject property was built in 1987. That positioning can be competitive versus older stock; however, systems may be at mid-life, so a targeted CapEx plan for interiors and common areas could unlock value and sustain positioning.
Within a 3-mile radius, household counts have grown despite a modest population dip, and forecasts call for a larger number of households alongside smaller average household sizes. This dynamic expands the renter pool and supports occupancy stability for appropriately sized units. Median incomes are trending higher, and projected rent levels are set to rise as well, per multifamily property research from WDSuite, suggesting room for revenue management while staying mindful of affordability.
Ownership costs are elevated relative to local incomes (high value-to-income ratios at the neighborhood level), which tends to sustain reliance on rental housing. That backdrop can reinforce tenant retention and leasing velocity, though the high rent-to-income levels in the neighborhood warrant attentive lease management and renewal strategies.
Safety indicators for the neighborhood are mixed. Compared with 449 metro neighborhoods, the area ranks below the metro average for safety, and nationally it falls below the median. Property offense levels sit near national mid-range, while violent offense metrics are comparatively elevated versus national norms. Recent year-over-year trends show modest increases, which suggests investors should underwrite prudent security, lighting, and site management as part of operations.
These statistics reflect neighborhood-level conditions rather than this specific property. Many owners in similar settings mitigate risk through controlled access, camera coverage, and active resident engagement to support retention and minimize incident-driven disruptions.
The surrounding employment base includes corporate offices across healthcare, energy, transportation, and homebuilding—concentrations that support workforce renter demand and commute convenience. Nearby anchors include Johnson & Johnson, World Fuel Services, Ryder System, Lennar, and Mosaic.
- Johnson & Johnson — healthcare & consumer products (3.2 miles)
- World Fuel Services — energy & logistics (4.3 miles) — HQ
- Ryder System — transportation & logistics (4.5 miles) — HQ
- Lennar — homebuilding (6.8 miles) — HQ
- Mosaic — fertilizer & chemicals (12.3 miles)
The 20-unit, 1987-vintage property aligns with a neighborhood where occupancy is consistently high and renter concentration is meaningful, according to CRE market data from WDSuite. Relative to older local stock, the asset’s vintage can remain competitive with targeted modernization, supporting rentability without relying solely on top-of-market premiums.
Within a 3-mile radius, household counts are expanding and household sizes are trending smaller even as overall population has edged down. This pattern points to a larger tenant base, underpinning demand for mid-size apartments like the asset’s average unit size. Elevated ownership costs in the area further sustain reliance on rentals, though high rent-to-income levels call for disciplined pricing, renewal strategies, and amenity investment to support retention.
- Tight neighborhood occupancy supports leasing stability and reduces downtime risk.
- 1987 vintage offers value-add potential via selective interior and systems upgrades.
- Expanding household counts (3-mile radius) point to a larger renter pool for mid-size units.
- Elevated ownership costs bolster rental demand and can support pricing power.
- Risk: High rent-to-income levels and mixed safety metrics warrant prudent underwriting and active management.