| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Fair |
| Demographics | 17th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 151 SE 8th St, Homestead, FL, 33030, US |
| Region / Metro | Homestead |
| Year of Construction | 1973 |
| Units | 45 |
| Transaction Date | 2023-12-29 |
| Transaction Price | $4,975,000 |
| Buyer | 151 SE 8TH ST LLC |
| Seller | JJR APARTMENTS LLC |
151 SE 8th St, Homestead FL — Stabilized Workforce Rental Location
Neighborhood occupancy is strong and renter demand is deep, according to WDSuite’s CRE market data, suggesting steady leasing fundamentals for a 45‑unit asset in Miami‑Dade’s inner suburbs.
Positioned in Homestead’s inner‑suburb fabric of Miami‑Dade, the neighborhood shows durable renter demand with an occupancy level that is high by national standards. The area’s renter-occupied share is elevated, indicating a sizable tenant base that can support multifamily absorption and renewal stability at the submarket scale.
Daily-needs access is a relative strength: cafes, restaurants, childcare, and grocery availability benchmark well above national norms, supporting convenience for residents and reducing friction in day‑to‑day living. Limited park and pharmacy presence is a trade‑off investors should note when evaluating amenity positioning versus peer locations.
Within a 3‑mile radius, population has grown over the past five years and households expanded meaningfully, with projections calling for further household growth through 2028. This trajectory implies a larger tenant base and continued renter pool expansion that can support occupancy stability and leasing velocity as new households form and income bands broaden.
Median home values in the neighborhood sit on the higher side for incomes, a high‑cost ownership backdrop that tends to sustain reliance on rental housing. That context can aid pricing power and lease retention for well‑managed properties, though operators should calibrate rents to local affordability to mitigate turnover risk.
Vintage context matters: the neighborhood’s average build year trends older. At 151 SE 8th St, a 1973 construction can compete well against older stock while benefitting from targeted modernization to enhance rentability and reduce long‑term capital surprises.
Safety trends should be weighed in relative terms. Compared with the 449 neighborhoods across the Miami metro, this area sits in a higher-crime cohort; however, it screens above average nationally, reflecting comparatively stronger safety versus many U.S. neighborhoods. Recent data also indicates improvement, with both violent and property offenses declining year over year, which supports a constructive forward view if the trend persists.
Investors should underwrite standard security, lighting, and access‑control measures and consider partnership with local community initiatives to sustain the downward trend and support resident retention.
Proximity to major corporate employers across homebuilding, energy logistics, transportation, healthcare, and chemicals supports a diverse commuter tenant base and helps underpin leasing retention for workforce rentals serving Miami‑Dade and South Florida corridors.
- Lennar — homebuilding (22.5 miles) — HQ
- World Fuel Services — energy logistics (25.1 miles) — HQ
- Ryder System — transportation & logistics (28.4 miles) — HQ
- Johnson & Johnson — healthcare/pharmaceuticals (32.3 miles)
- Mosaic — chemicals/fertilizer (32.5 miles)
151 SE 8th St is a 45‑unit, 1973 multifamily asset in Homestead, positioned in a neighborhood with high occupancy and a large renter-occupied share. Within a 3‑mile radius, recent population and household growth expand the tenant base, while higher home values relative to incomes reinforce multifamily reliance and can support pricing power for well‑maintained, appropriately positioned units. According to CRE market data from WDSuite, the surrounding area’s amenity access (food, childcare, grocery) benchmarks well above national norms, a tailwind for livability and leasing.
The vintage presents manageable capital planning with clear value‑add angles: selective modernization and unit updates can sharpen competitiveness versus older local stock, especially given the property’s larger average unit size (about 1,176 sq ft). Operators should still plan for system refreshes typical of 1970s construction. Affordability management remains the key risk variable as local rent-to-income ratios are elevated, making thoughtful lease management important to sustain retention.
- High neighborhood occupancy and deep renter base support stable leasing
- 3‑mile radius shows past and projected household growth, expanding the tenant pool
- Strong daily‑needs access (food, childcare, grocery) enhances livability and retention
- 1973 construction with targeted upgrades offers clear value‑add potential
- Risk: elevated rent‑to‑income and limited parks/pharmacies warrant careful pricing and amenity strategy