| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 11th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 114 NW 2nd Ave, Homestead, FL, 33030, US |
| Region / Metro | Homestead |
| Year of Construction | 1972 |
| Units | 30 |
| Transaction Date | --- |
| Transaction Price | $570,000 |
| Buyer | ALEDITH ENTERPRISES INC |
| Seller | JOHN L & INGEBORG A CSENGER TRS |
114 NW 2nd Ave Homestead 30-Unit Multifamily
Neighborhood-level occupancy sits in the low-90s with a high share of renter-occupied units, supporting stable leasing conditions, according to WDSuite’s CRE market data. This location offers an established tenant base in Miami-Dade with demand anchored by everyday amenities and continuing household growth nearby.
Positioned in Homestead’s inner-suburb fabric of the Miami-Miami Beach-Kendall metro, the neighborhood scores competitive amenity access. Cafes and childcare density rank among the strongest locally (both ranked within the top decile among 449 metro neighborhoods) and land in the top percentiles nationally, while grocery options are similarly strong. Parks access is also solid, contributing to day-to-day convenience that supports renter retention.
Neighborhood occupancy is above national norms but sits below the metro median, suggesting steady leasing with room for asset-level differentiation on operations and finish. Median contract rents in the area are moderate for the region, and—paired with a high renter concentration—signal depth in the tenant pool. Note that these occupancy and rent indicators describe the neighborhood, not this specific property.
Within a 3-mile radius, demographics point to a larger tenant base over time: population expanded over the last five years and is projected to continue growing, with households expected to increase further as average household size trends lower. This combination typically widens the renter pool and can support occupancy stability.
Ownership costs in the neighborhood are elevated relative to incomes (high national percentile for value-to-income), which reinforces reliance on multifamily rentals. At the same time, rent-to-income ratios run high for renters here, which raises affordability pressure and calls for careful lease management and renewal strategies. School ratings in the immediate area trend below national averages, which can influence family-oriented demand but is often less determinative for workforce-oriented assets.
Safety indicators are mixed. Compared with other neighborhoods in the Miami-Miami Beach-Kendall metro (449 total), this area ranks in a more challenged tier for crime, while nationally it sits around the middle of the pack. Property offenses have eased year over year, a constructive trend, whereas violent-offense measures show some recent volatility. These figures reflect neighborhood conditions, not the property, and investors typically account for them through on-site security practices and resident screening.
Regional employment anchors within commuting range include corporate headquarters and major offices that support a broad workforce. Proximity to these employers can aid leasing consistency for workforce housing.
- Lennar — homebuilding HQ (22.1 miles) — HQ
- World Fuel Services — energy services HQ (24.7 miles) — HQ
- Ryder System — logistics & transportation HQ (28.0 miles) — HQ
- Johnson & Johnson — healthcare & consumer offices (31.9 miles)
- Mosaic — chemicals & materials offices (32.4 miles)
This 30-unit asset in Homestead benefits from a high neighborhood renter concentration and everyday convenience—strong densities of groceries, cafes, childcare, and parks help underpin day-to-day livability that supports lease retention. Based on CRE market data from WDSuite, neighborhood occupancy trends in the low-90s, indicating stable demand, while ownership remains relatively high-cost versus local incomes, which can reinforce reliance on rental housing.
Within a 3-mile radius, recent population gains and projected increases in households point to a larger renter pool over the medium term, even as average household size declines. Investor focus should include disciplined income management given elevated rent-to-income ratios in the area, along with property-level operations to outperform a neighborhood occupancy profile that sits below the metro median.
- Deep neighborhood renter base supports tenant demand and leasing stability.
- Competitive everyday amenities (grocery, childcare, parks) bolster retention and absorption.
- 3-mile radius shows population growth and forecast household expansion, widening the renter pool.
- High-cost ownership context sustains reliance on multifamily, supporting occupancy over time.
- Risk: Elevated rent-to-income ratios and below-metro occupancy require careful pricing, renewals, and expense control.