| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 25th | Poor |
| Amenities | 15th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1200 SW 8th Ave, Homestead, FL, 33034, US |
| Region / Metro | Homestead |
| Year of Construction | 2005 |
| Units | 24 |
| Transaction Date | 2021-09-19 |
| Transaction Price | $25,200,000 |
| Buyer | MERRITT PLACE ESTATES LLC |
| Seller | FFAH MERRITT PLACE ESTATES LLC |
1200 SW 8th Ave, Homestead FL — 2005 Multifamily with Expanding Renter Base
Neighborhood occupancy trends sit around the national middle while the 3-mile area shows strong household growth, pointing to durable leasing demand according to WDSuite’s CRE market data.
Located in Homestead’s inner-suburban fabric of Miami-Dade, the property benefits from a renter pool that extends well beyond the immediate block group. Within a 3-mile radius, population has expanded in recent years and households have grown faster than population, indicating smaller household sizes and a larger tenant base for multifamily. This dynamic supports occupancy stability and lease-up efficiency for well-managed assets.
At the neighborhood level, renter-occupied housing represents a meaningful share of units and ranks competitively among Miami-Miami Beach-Kendall neighborhoods (168 out of 449), placing it in the top quartile nationally for renter concentration. That depth of renter demand typically aids renewal potential and day-one leasing, though effective management remains essential as rent-to-income dynamics can affect retention.
Construction skew in the area leans newer versus the national housing stock (high national percentile for average construction year). Built in 2005, the asset is slightly newer than the local average vintage, which helps competitive positioning against older inventory while still warranting selective system updates and modernization to maintain relevance.
Local walkable amenities within the immediate neighborhood are limited (amenities rank toward the lower end of the metro and a low national percentile), so residents typically draw on services across broader Homestead and Miami-Dade. For investors, this tends to emphasize value, parking, and in-unit functionality over retail adjacency when positioning the asset and forecasting tenant preferences.
Safety indicators benchmark below the national median for neighborhoods, with overall crime measures in the lower national percentiles. Within the Miami-Miami Beach-Kendall metro, the neighborhood ranks 364 out of 449 for crime, indicating higher incident levels than many metro peers. Nationally, property-related offenses sit around the mid-range percentiles, while violent-offense measures are lower, and recent year-over-year readings indicate an uptick. Investors should underwrite prudent security, lighting, and operational practices appropriate for the submarket context.
Regional employment anchors across Miami-Dade support renter demand via commutable access, with notable corporate offices spanning homebuilding, energy logistics, transportation, healthcare, and agriculture/chemicals. The employers below reflect the nearest concentration of large-brand offices relevant to the resident workforce.
- Lennar — homebuilding (24.6 miles) — HQ
- World Fuel Services — energy logistics (27.2 miles) — HQ
- Ryder System — logistics & transportation (30.5 miles) — HQ
- Johnson & Johnson — healthcare (34.4 miles)
- Mosaic — agriculture/chemicals (34.5 miles)
This 24-unit, 2005-built asset in Homestead aligns with a growing renter base and household expansion within a 3-mile radius, supporting stable occupancy and ongoing demand for larger-format layouts. Neighborhood-level occupancy trends sit near the national middle, while the broader radius shows strong household and income gains that can translate into a deeper pool of qualified renters.
The vintage provides a competitive edge versus older stock in the metro, yet it is far enough along in its lifecycle to benefit from selective capital planning for building systems and interiors. According to CRE market data from WDSuite, local ownership costs are moderate in context, which can create some competition from entry-level ownership but also supports sustained multifamily need given the sizable renter-occupied share nearby. Key considerations include limited immediate-walkability amenities and safety readings that trail national medians, both of which should be addressed through positioning, operations, and underwriting.
- 2005 construction offers competitive positioning with practical value-add pathways for systems and interiors
- Expanding households within 3 miles indicate a growing tenant base that supports occupancy and renewal
- Renter concentration in the area enhances leasing depth and day-one demand for well-managed units
- Moderate ownership costs may temper pricing power at the margins, but sustained rental need remains
- Risks: limited walkable amenities and below-median safety metrics warrant conservative underwriting and proactive operations