| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 32nd | Fair |
| Amenities | 97th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 9923 W Okeechobee Rd, Hialeah, FL, 33016, US |
| Region / Metro | Hialeah |
| Year of Construction | 1988 |
| Units | 45 |
| Transaction Date | --- |
| Transaction Price | $7,000,000 |
| Buyer | VISTA DEL LAGO I INC |
| Seller | LNR SHELF I INC |
9923 W Okeechobee Rd Hialeah Multifamily Opportunity
Neighborhood fundamentals point to steady renter demand and high occupancy, according to WDSuite’s CRE market data, with amenities and daily-needs retail supporting leasing durability. Metrics cited reflect neighborhood conditions rather than this specific property.
Positioned in Hialeah’s Urban Core, the property sits in a neighborhood rated A and ranked 61 out of 449 Miami metro neighborhoods—placing it in the top quartile locally. Amenity access is a clear strength: grocery options rank 5th of 449 and restaurants rank 29th, both among the highest concentrations in the metro, which typically supports resident retention and day-to-day convenience for renters.
The area’s renter concentration is elevated, with roughly six in ten housing units renter-occupied, indicating a broad tenant base and depth for multifamily demand. Neighborhood occupancy is strong and has inched higher over the past five years, a backdrop that can help support cash flow stability for well-managed assets.
Within a 3-mile radius, households have grown meaningfully in recent years and are projected to increase further even as average household size trends lower. This dynamic generally expands the renter pool and supports occupancy stability, particularly for smaller formats. Median contract rents in the neighborhood have risen over the last five years, reinforcing pricing power where operators manage renewals and turnover closely.
Built in 1988, the asset is slightly newer than the neighborhood’s mid-1980s average. Investors should plan for targeted capital projects typical of late-1980s construction (systems modernization and common-area updates), while considering value-add opportunities to improve competitiveness versus older stock. Elevated ownership costs relative to incomes in the area tend to sustain reliance on rental housing, which can support leasing velocity, though rent-to-income levels point to affordability pressure that warrants active lease management.
Safety indicators are mixed when viewed in context. The neighborhood’s crime standing is competitive among Miami neighborhoods (ranked 123 of 449), and national positioning is roughly middle-of-the-pack. Recent trends show property offenses have increased year over year, while violent offense rates have improved, indicating progress on more serious incidents. Investors should evaluate submarket and property-level security measures and monitor local trendlines as part of underwriting.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, led by logistics, energy services, homebuilding, healthcare products, and chemicals. The employers below are among the closest demand drivers.
- Ryder System — transportation & logistics (2.97 miles) — HQ
- Johnson & Johnson — healthcare & consumer products (3.59 miles)
- World Fuel Services — energy & fuel services (3.99 miles) — HQ
- Lennar — homebuilding (6.55 miles) — HQ
- Mosaic — chemicals & fertilizer (13.92 miles)
This 45-unit, late-1980s asset benefits from a renter-heavy Urban Core location with strong neighborhood occupancy and dense daily-needs amenities that support retention. According to CRE market data from WDSuite, the neighborhood ranks in the top quartile of Miami metro neighborhoods and shows sustained renter demand, aided by increasing household counts within a 3-mile radius and robust food-and-grocery accessibility that underpins livability.
Vintage 1988 construction suggests targeted capital planning—mechanicals, exteriors, and interiors—to protect competitiveness and unlock value-add potential. While rent-to-income levels signal affordability pressure that calls for disciplined renewal strategies, a high share of renter-occupied units and stable neighborhood occupancy offer a supportive backdrop for consistent leasing and cash flow.
- Renter-heavy neighborhood with strong occupancy supports demand and lease-up stability.
- Top-quartile Miami neighborhood with exceptional grocery and dining access aids retention.
- 1988 vintage offers value-add opportunity via targeted systems and interior updates.
- Household growth within 3 miles expands the tenant base and supports occupancy.
- Risks: elevated rent-to-income ratios and mixed crime trendlines require active management.