| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 72nd | Good |
| Demographics | 36th | Fair |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1765 W 42nd Pl, Hialeah, FL, 33012, US |
| Region / Metro | Hialeah |
| Year of Construction | 1987 |
| Units | 100 |
| Transaction Date | 2021-05-27 |
| Transaction Price | $15,000,000 |
| Buyer | PUERTA DEL SOL VOA AFFORDABLE HOUSING LP |
| Seller | DADE COUNTY VOA ELDERLY HOUSING INC |
1765 W 42nd Pl Hialeah Multifamily Investment
Neighborhood occupancy remains high and renter demand is deep, according to WDSuite’s CRE market data, with the surrounding area showing consistently strong stabilization signals for income-producing apartments. These indicators point to steady leasing fundamentals at the neighborhood level rather than property-specific guarantees.
Positioned in Hialeah’s inner-suburban fabric, the neighborhood is competitive among Miami-Miami Beach-Kendall neighborhoods (ranked 121 out of 449) with a B+ rating. Amenity access is a relative strength: restaurants and pharmacies sit in very high national percentiles, and grocery density is also strong, supporting resident convenience and daily-needs spending patterns that benefit nearby apartments. Park access is limited, which may modestly temper outdoor-recreation appeal.
Multifamily fundamentals are solid at the neighborhood level: occupancy is approximately 98.5% (top decile nationally), and renter-occupied housing share is about 63.3% (also very high nationally), signaling a deep tenant base and potential leasing durability. Median contract rents benchmark above many U.S. neighborhoods, while the rent-to-income ratio indicates some affordability pressure, an important consideration for renewal strategies and rent setting.
Within a 3-mile radius, demographics show households have been increasing and are projected to continue rising even as average household size trends smaller; together this implies more households competing for rental options and supports occupancy stability. Income trends in the 3-mile area are projected to improve, which can help sustain demand for well-located, functional units.
Vintage context: the property’s 1987 construction is newer than the neighborhood’s average vintage (1977). That positioning can be competitively favorable versus older stock, while still warranting capital planning for systems modernization and selective interior upgrades to meet current renter expectations.
Safety conditions, framed comparatively, are mixed. The neighborhood’s crime rank sits in the lower half of the Miami metro (315 out of 449), indicating crime levels above the metro median. Nationally, the area falls below the middle of neighborhoods for both violent and property safety percentiles, so investors should underwrite conservative assumptions for security and operating practices.
Trend-wise, estimated property offenses have declined year over year, placing that improvement above many neighborhoods nationwide, while violent-offense trends rose over the last year. Taken together, these signals support a pragmatic approach: monitor recent trendlines, align security measures with operations, and reflect risk in expense and loss-to-lease assumptions.
Proximity to corporate offices supports renter demand through diverse white-collar employment and manageable commutes, notably in pharmaceuticals, energy, logistics, homebuilding, and chemicals reflected below.
- Johnson & Johnson — pharmaceuticals (3.2 miles)
- Ryder System — transport & logistics (4.2 miles) — HQ
- World Fuel Services — energy & logistics (4.2 miles) — HQ
- Lennar — homebuilding (6.7 miles) — HQ
- Mosaic — chemicals (12.6 miles)
This 100-unit, 1987-vintage asset with practical average unit sizes positions well against older neighborhood stock. At the neighborhood level, occupancy is strong and renter concentration is high, indicating depth in the tenant base and potential leasing stability. Within a 3-mile radius, households have increased and are projected to continue growing as household sizes trend smaller, which can expand the renter pool and support steady absorption. Based on CRE market data from WDSuite, local amenity density (dining, groceries, pharmacies) is a relative advantage, while limited park access and below-average safety percentiles warrant prudent underwriting.
Investment implications are straightforward: the property’s slightly newer vintage can compete effectively with older comparables, with value-add upside through system updates and targeted renovations. Ownership costs in the area rank high relative to incomes, which tends to sustain reliance on rental housing; however, rent-to-income metrics point to affordability pressure that should be managed with renewal tactics and revenue optimization focused on retention.
- High neighborhood occupancy and strong renter concentration support leasing stability
- 1987 vintage is newer than the area average, with scope for modernization-driven value-add
- Amenity-rich location (food, groceries, pharmacies) enhances day-to-day livability and retention
- Household growth within 3 miles and smaller household sizes expand the renter pool over time
- Risks: affordability pressure, below-median metro safety ranking, and limited park access