| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 75th | Good |
| Demographics | 14th | Poor |
| Amenities | 73rd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 15485 Biscayne Dr, Homestead, FL, 33033, US |
| Region / Metro | Homestead |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2011-09-07 |
| Transaction Price | $4,149,999 |
| Buyer | RMADRUGA INVESTMENTS LLC |
| Seller | RIVERFRONT CAPITAL II LLC |
15485 Biscayne Dr Homestead Multifamily Investment
Neighborhood occupancy is resilient and renter demand is deep, according to WDSuite’s CRE market data, positioning this asset for steady leasing in an inner-suburban Miami submarket.
The property sits in an inner-suburban pocket of the Miami-Miami Beach-Kendall metro where neighborhood occupancy trends are strong. The area’s occupancy ranks 144 out of 449 metro neighborhoods — competitive among Miami neighborhoods — and places in the top quartile nationally for stability, supporting consistent leasing conditions for multifamily assets.
Renter-occupied housing is prevalent at the neighborhood level, indicating a large tenant base and depth of demand. This elevated renter concentration can support absorption and retention through cycles, especially for well-managed, value-oriented units.
Local livability drivers are solid for day-to-day convenience: parks, childcare, pharmacies, and cafe density all score well versus national peers, while grocery and restaurant access is above average. Average school ratings trail metro norms, which family-focused operators should weigh in leasing strategy and resident programming.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to continue increasing, expanding the renter pool. Household sizes are trending smaller, which can bolster demand for multifamily units and support occupancy stability across a range of floor plans.
Ownership costs are elevated relative to incomes compared with many U.S. neighborhoods, and neighborhood rent-to-income metrics indicate manageable affordability pressure. For investors, this combination can sustain renter reliance on multifamily housing and aid lease retention, though pricing power should remain calibrated to local income distribution.
The average construction year in the neighborhood is 2002, newer than the subject’s 1972 vintage. That age gap suggests a potential value-add or modernization thesis to stay competitive with the newer local stock and to plan for capital expenditures in building systems and finishes.
Safety indicators are mixed. The neighborhood’s crime rank sits in the lower half of the Miami metro (290 out of 449 neighborhoods), and national comparisons place the area below average for safety. However, estimated property offenses have declined notably over the past year, an improvement trend that investors can monitor alongside local management practices and security measures.
Violent offense metrics compare unfavorably to national norms, while property offense rates are improving from a higher base. For underwriting, a prudent approach is to benchmark loss history and incorporate operational controls rather than assume straight-line improvement.
Proximity to major corporate offices across Miami-Dade supports commuter demand and leasing stability, particularly for workforce renters tied to homebuilding, energy logistics, transportation, and healthcare sectors.
- Lennar — homebuilding HQ (19.6 miles) — HQ
- World Fuel Services — energy logistics HQ (22.1 miles) — HQ
- Ryder System — transportation & logistics HQ (25.6 miles) — HQ
- Johnson & Johnson — healthcare products (29.3 miles)
- Mosaic — chemicals & agriculture (29.3 miles)
This 1972-vintage, 24-unit asset is positioned in a renter-heavy Miami inner suburb where neighborhood occupancy is competitive within the metro and top quartile nationally. Strong day-to-day amenities and a broad tenant base underpin steady absorption, while the homeownership cost profile reinforces sustained reliance on rentals and supports lease retention with prudent pricing.
Within a 3-mile radius, population and household growth alongside smaller household sizes point to a larger tenant base over the next five years, supporting occupancy stability. The property’s older vintage versus a neighborhood average of 2002 offers clear value-add and capital planning angles to enhance competitiveness. According to CRE market data from WDSuite, these dynamics align with durable renter demand, though operators should account for below-average school ratings and safety metrics in underwriting and operations.
- Competitive neighborhood occupancy and broad renter base support stable leasing
- 3-mile population and household growth expands the tenant pool over time
- Elevated ownership costs sustain rental demand and aid retention
- 1972 vintage presents value-add and modernization potential versus newer local stock
- Risks: below-average school ratings and safety metrics; capex needs typical for older assets