| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 31st | Fair |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6365 W 24th Ave, Hialeah, FL, 33016, US |
| Region / Metro | Hialeah |
| Year of Construction | 1989 |
| Units | 34 |
| Transaction Date | 2020-09-23 |
| Transaction Price | $13,000,000 |
| Buyer | HILTON ESTATES OF HIALEAH LLC |
| Seller | HILTON ESTATES OF HIALEAH IV INC |
6365 W 24th Ave, Hialeah Multifamily Investment
Neighborhood occupancy is strong and above the metro median, supporting leasing stability at the property level; renter-occupied housing concentration is also high, according to WDSuite’s CRE market data for the surrounding area.
Situated in Hialeah’s Urban Core, the immediate neighborhood shows durable renter demand and steady occupancy. The area’s occupancy ranks above the Miami metro median and falls into the top quartile nationally, indicating a stable base of tenants rather than outsized turnover. Note that these occupancy metrics reflect the neighborhood, not this specific property.
Amenity access is competitive among Miami neighborhoods, with strong density of cafes, restaurants, and pharmacies relative to both metro peers and national norms. By contrast, parks and full-line grocery options are sparse within the neighborhood footprint, which can influence resident preferences toward nearby corridors with more day-to-day services.
The local housing stock skews slightly older than the subject’s 1989 vintage (neighborhood average is early-1980s). That positioning can be an advantage versus nearby 1970s–1980s assets, while still warranting planning for system upgrades or targeted renovations to remain competitive with newer product.
Renter-occupied share is elevated at the neighborhood level, signaling depth in the tenant pool and reinforcing multifamily demand. Within a 3-mile radius, household counts have grown over the past five years and are projected to expand further as average household size declines, which typically supports absorption and occupancy stability even when population growth is flat to modestly negative. Ownership costs relative to incomes are on the high side locally, which tends to sustain reliance on rental housing and can underpin pricing power when managed thoughtfully.
Affordability bears monitoring: rent-to-income levels are elevated for the neighborhood compared with national benchmarks, suggesting lease management and renewal strategies should emphasize retention and value positioning rather than outsized near-term rent pushes.
Safety indicators are mixed. Compared with neighborhoods nationwide, violent offense levels are below the national median while property crime sits nearer the middle of the distribution. Year-over-year trends show a recent decline in property offenses alongside an uptick in violent offenses, based on WDSuite neighborhood data.
Within the Miami metro, the neighborhood’s overall crime rank places it around the metro middle among 449 neighborhoods rather than among the highest- or lowest-risk areas. Investors should underwrite standard security measures and monitor trendlines rather than assuming outsized risk premiums or discounts.
Nearby corporate anchors provide a broad employment base that supports renter demand and commute convenience, notably in healthcare, logistics, energy, and homebuilding. The following employers are within a commutable radius and contribute to leasing stability in the submarket.
- Johnson & Johnson — healthcare products (2.7 miles)
- Ryder System — logistics & transportation (3.5 miles) — HQ
- World Fuel Services — energy & fuel services (5.0 miles) — HQ
- Lennar — homebuilding (7.6 miles) — HQ
- Mosaic — corporate offices (13.8 miles)
- AutoNation — automotive retail (20.2 miles) — HQ
This 34-unit asset built in 1989 sits in a neighborhood with above-metro-median occupancy and top-quartile national positioning, supporting a case for stable cash flow. The submarket’s elevated renter-occupied share indicates depth in the tenant base, while competitive access to daily amenities (restaurants, cafes, pharmacies) enhances resident convenience. At the same time, limited park and grocery density and rising rent-to-income pressures suggest prudent lease management and amenity strategy are important to sustain retention.
The vintage offers relative competitiveness versus older 1970s–1980s stock, with potential to capture value through selective modernization of interiors and building systems. Within a 3-mile radius, households have grown and are forecast to expand further as household sizes decline, pointing to a larger renter pool even with softer population trends. According to CRE market data from WDSuite, these dynamics align with steady neighborhood occupancy, while ownership costs relative to incomes continue to reinforce rental demand over the medium term.
- Above-metro-median and nationally strong neighborhood occupancy supports income stability
- Elevated renter-occupied share indicates depth of tenant demand
- 1989 vintage offers value-add potential via targeted modernization versus older local stock
- 3-mile household growth and declining household size point to a larger renter pool
- Risks: affordability pressure (rent-to-income), mixed safety trends, and limited park/grocery access