| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 31st | Fair |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2380 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 |
2380 W 56th St Hialeah FL Multifamily Investment
Neighborhood multifamily fundamentals point to durable renter demand and above-median occupancy for the Miami metro, according to WDSuite’s CRE market data. For investors, this location’s stable renter base and consistent leasing environment support underwriting focused on retention over heavy rent premiums.
Situated in Hialeah’s Urban Core, the property benefits from a renter-centric neighborhood profile and steady leasing conditions. The neighborhood’s occupancy rate is 96.1% (neighborhood-level), ranking above the metro median among 449 Miami-Miami Beach-Kendall neighborhoods, which supports income stability and lower downtime between turns.
Renter-occupied housing accounts for 58.9% of neighborhood units, indicating a deep tenant base for small and midsize multifamily assets. Median contract rents in the neighborhood are around $1,472 and have risen roughly 39% over five years, reflecting sustained demand; investors should pair this with income trends when assessing renewal strategies. Amenity access is competitive among Miami-area neighborhoods, with strong density of restaurants and everyday services like cafes and pharmacies, though grocery and park options are limited within the neighborhood itself. For location fundamentals and benchmarking, this section draws on multifamily property research from WDSuite.
Within a 3-mile radius, demographics point to a larger leasing pool even as population edges down. While total population has modestly contracted in recent years, household counts increased by about 9% and are projected to rise further by 2028, alongside smaller average household sizes. For multifamily investors, this shift typically expands the renter pool and supports occupancy stability even during slower population growth periods. Forecast rent levels in the 3-mile area also trend higher through 2028, aligning with continued demand for professionally managed rentals.
Vintage positioning matters: the property’s 1990 construction is slightly newer than the neighborhood’s average 1983 stock. That relative youth can help competitiveness versus older buildings, while still warranting capital planning for modernization of systems and common areas to meet current renter expectations.
Safety indicators are mixed relative to national and metro benchmarks. At the metro level, the neighborhood’s crime rank sits near the middle of 449 Miami-area neighborhoods. Nationally, violent-offense metrics track below the national midrange (around the lower quartiles), while property-offense levels are closer to the national middle. Recent data show an improvement in property offenses year over year, suggesting some easing in non-violent incidents.
Investors should consider standard measures such as lighting, access control, and visibility when planning renovations or operations, and monitor neighborhood-level trends over time rather than block-by-block readings.
Proximity to major corporate offices supports a broad commuter tenant base and can enhance retention through commute convenience. Notable nearby employers include Johnson & Johnson, Ryder System, World Fuel Services, and Lennar.
- Johnson & Johnson — healthcare products offices (3.0 miles)
- Ryder System — transportation & logistics (3.4 miles) — HQ
- World Fuel Services — energy & logistics (4.6 miles) — HQ
- Lennar — homebuilding (7.1 miles) — HQ
This 20-unit asset offers exposure to a renter-heavy Hialeah submarket where neighborhood occupancy runs above the metro median and renter concentration supports depth of demand. According to CRE market data from WDSuite, neighborhood rents have advanced meaningfully over five years, consistent with Miami’s broader demand drivers, while homeownership remains a higher-cost path relative to incomes—factors that can reinforce reliance on multifamily housing and support leasing stability.
Built in 1990, the property is slightly newer than the local average vintage, providing a competitive baseline versus older stock and a clear path for targeted value-add (unit interiors, building systems, and curb appeal). Within a 3-mile radius, households have grown and are projected to expand further even as household sizes trend lower, which typically enlarges the renter pool and supports occupancy. Key risks include affordability pressure (elevated rent-to-income at the neighborhood level) and mixed safety signals, which call for careful rent positioning and operating focus on retention.
- Above-median neighborhood occupancy and a deep renter-occupied base support income durability
- 1990 vintage offers competitive positioning with clear modernization/value-add upside
- 3-mile household growth and smaller household sizes expand the prospective tenant base
- Ownership costs relative to incomes sustain reliance on rentals, aiding retention
- Risks: affordability pressure and mixed safety metrics require disciplined rent strategy and resident experience