| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 36th | Fair |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1650 W 44th Pl, Hialeah, FL, 33012, US |
| Region / Metro | Hialeah |
| Year of Construction | 1987 |
| Units | 54 |
| Transaction Date | 1995-10-05 |
| Transaction Price | $2,500,000 |
| Buyer | 1650 APARTMENTS LLC |
| Seller | DLT FLAMINGO APARTMENTS LTD |
1650 W 44th Pl, Hialeah Multifamily Investment Opportunity
Neighborhood occupancy remains tight with a high renter concentration, supporting durable leasing conditions according to WDSuite’s CRE market data. This positioning favors income stability for a 1987-vintage asset relative to older nearby stock.
The property sits in an inner-suburban Hialeah location with a B+ neighborhood rating (ranked 121 out of 449 metro neighborhoods), indicating competitive fundamentals among Miami-area peers. Amenity access is a strength: restaurants, pharmacies, and cafes score in the upper national percentiles, while grocery options are also well represented. Park access is limited, so on-site open space and nearby private amenities can be meaningful differentiators for resident retention.
For multifamily investors, the neighborhood’s renter-occupied share is elevated, reflecting a deep tenant base and steady demand for apartments. Neighborhood occupancy is high (top-decile nationally), suggesting limited friction in backfilling units and supporting stable collections through cycles. Median contract rents in the area trend above the national midpoint, while still under Miami’s higher-cost core, offering a practical balance between demand depth and pricing power.
Vintage matters. With an average neighborhood construction year around 1977, a 1987 delivery offers competitive positioning versus older inventory while still warranting prudent capital planning for systems and common-area modernization to sustain leasing velocity and renewal capture.
Demographic statistics aggregated within a 3-mile radius show households increasing over the last five years even as total population edged down, indicating smaller household sizes and a gradual expansion of the renter pool. Forward-looking projections point to continued growth in households through 2028, which supports occupancy stability and prospective lease-up momentum. Median incomes have been rising, and projected gains should help absorb rent steps, though ongoing lease management will remain important where rent-to-income ratios run tight.
On the ownership side, home value-to-income ratios in this neighborhood sit in higher national percentiles, signaling a high-cost ownership market within the metro context. That backdrop tends to reinforce reliance on multifamily, supporting tenant retention and sustaining rental demand even as pricing adjusts with broader market conditions.
Safety indicators are mixed. The neighborhood’s crime rank (315 out of 449 metro neighborhoods) places it below the metro median and below the national median for safety. However, recent trend data show a meaningful year-over-year decrease in estimated property offenses, which may help conditions stabilize. Investors should underwrite appropriate security measures and operating practices in line with submarket norms.
Nearby corporate nodes provide a diverse employment base that supports renter demand and commute convenience, led by healthcare products, energy services, logistics, homebuilding, and chemicals.
- Johnson & Johnson — healthcare products (3.1 miles)
- World Fuel Services — energy & fuel services (4.3 miles) — HQ
- Ryder System — logistics & transportation (4.3 miles) — HQ
- Lennar — homebuilding (6.8 miles) — HQ
- Mosaic — chemicals & materials (12.6 miles)
1650 W 44th Pl benefits from a high-renter, high-occupancy neighborhood where leasing tends to remain resilient through cycles. According to CRE market data from WDSuite, the area’s occupancy is among the stronger cohorts nationally, and household growth within a 3-mile radius is projected to continue even as household sizes trend smaller—factors that typically support tenant-base depth and renewal stability. Elevated ownership costs relative to income further sustain rental reliance, while amenity density bolsters livability and retention.
Built in 1987, the asset is newer than the average neighborhood vintage, offering competitive positioning against older stock. Targeted upgrades to building systems and common spaces can enhance rentability and help manage affordability pressure where rent-to-income ratios are tight. Underwriting should also account for local safety dynamics and limited park access by prioritizing on-site features and operational best practices.
- Strong neighborhood occupancy and renter concentration support stable leasing
- 1987 vintage competes well versus older local inventory, with value-add potential
- Amenity-rich area (food, pharmacies, cafes) enhances livability and retention
- Ownership costs relatively high vs. incomes, reinforcing multifamily demand
- Risks: below-median safety and rent-to-income pressures require focused operations