| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 31st | Fair |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2364 W 56th St, Hialeah, FL, 33016, US |
| Region / Metro | Hialeah |
| Year of Construction | 1990 |
| Units | 20 |
| Transaction Date | 2014-01-24 |
| Transaction Price | $4,000,000 |
| Buyer | WG APARTMENTS LLC |
| Seller | C T G INVESTMENTS INC |
2364 W 56th St Hialeah Multifamily Investment
Neighborhood fundamentals point to durable renter demand and high occupancy, according to WDSuite’s CRE market data. The asset’s Hialeah location supports steady leasing while offering room to enhance performance through targeted upgrades.
Located in Hialeah within the Miami–Miami Beach–Kendall metro, the neighborhood carries a B rating and performs above the metro median (ranked 198 out of 449 neighborhoods). Restaurant and cafe density scores in the top decile nationally, while pharmacies are similarly abundant; however, immediate access to parks and full-service grocers is limited, which investors should factor into resident convenience and amenity strategies.
The neighborhood’s multifamily occupancy is 96.1% (above the metro median rank of 180 out of 449), supporting near-term stability and lease retention. About 58.9% of housing units are renter-occupied, indicating a deep tenant base and consistent demand for professionally managed apartments.
Average construction vintage in the area skews to the early 1980s. With a 1990 build, this property is somewhat newer than the local stock, which can improve competitive positioning versus older assets; investors should still plan for system modernization typical of 1990s properties.
Within a 3-mile radius, households have increased over the past five years and are projected to continue growing even as average household size trends lower. This shift supports a larger tenant base and sustained absorption, while elevated ownership costs in the metro context tend to reinforce reliance on rental housing and can aid pricing power.
Safety indicators are mixed. At the metro level, the neighborhood sits around the middle of the pack (crime rank 215 out of 449). Compared with neighborhoods nationwide, overall safety stands near the middle, but not top-tier.
Recent trend data shows property offenses declining meaningfully year over year, a constructive sign for day-to-day incidents. At the same time, violent offense metrics have moved higher from last year and sit below national averages, underscoring a need for active on-site management and resident safety practices. Investors should monitor trend direction and incorporate appropriate security measures in operations.
Nearby corporate employers provide a diversified employment base that supports renter demand and commute convenience, including pharmaceuticals, logistics, energy services, homebuilding, and chemicals.
- Johnson & Johnson — pharmaceuticals (2.95 miles)
- Ryder System — logistics (3.44 miles) — HQ
- World Fuel Services — energy services (4.56 miles) — HQ
- Lennar — homebuilding (7.12 miles) — HQ
- Mosaic — chemicals (13.62 miles)
This 20‑unit, 1990-vintage property with average unit sizes around 908 square feet offers a practical blend of scale and operational efficiency in a high-occupancy Hialeah submarket. Multifamily demand is supported by an above-median neighborhood occupancy rate and a majority share of renter-occupied housing units, which together point to leasing stability and a reliable tenant pipeline. Based on CRE market data from WDSuite, amenity density is strong for dining and services, though limited park and grocery access should be addressed through on-site conveniences or partnerships.
Within a 3‑mile radius, households have grown and are projected to expand further even as household sizes decline, implying a broader renter pool and steady absorption potential. The 1990 construction provides a slight age advantage over the local 1980s stock and may support a targeted value‑add plan focused on interiors, building systems, and curb appeal to capture rent premiums while managing retention. Investors should also underwrite affordability pressure relative to incomes and keep an eye on mixed safety trends with prudent property management.
- Above-median neighborhood occupancy supports stable leasing and cash-flow consistency.
- Renter-occupied housing concentration indicates a deep tenant base for multifamily.
- 1990 vintage offers value-add potential versus older 1980s-area stock with targeted upgrades.
- Strong nearby dining and service amenities aid resident satisfaction; limited parks/grocers may require on-site solutions.
- Risks: affordability pressure relative to incomes and mixed safety trends call for disciplined underwriting and management.