| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Fair |
| Demographics | 17th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 250 SE 6th Ave, Homestead, FL, 33030, US |
| Region / Metro | Homestead |
| Year of Construction | 1972 |
| Units | 35 |
| Transaction Date | 2003-10-21 |
| Transaction Price | $3,520,000 |
| Buyer | BAYWATCH APARTMENTS INC |
| Seller | DIXIE GARDENS APARTMENTS INC |
250 SE 6th Ave Homestead, FL Multifamily Value-Add
Stable neighborhood occupancy and a deep renter base support consistent leasing potential, according to CRE market data from WDSuite. Elevated ownership costs in Miami-Dade strengthen rental reliance, positioning this asset for durable demand with prudent operations.
Homestead’s inner-suburban setting offers daily convenience with strong food-and-beverage density and solid grocery access, placing the neighborhood competitive among Miami–Miami Beach–Kendall neighborhoods (128th of 449 on amenity mix) and above many U.S. areas by amenity percentile. Cafes and restaurants cluster nearby while grocery options are reasonably represented for routine needs. Public park and pharmacy counts are thinner within the immediate neighborhood, so residents may rely on adjacent areas for some services.
For investors, demand fundamentals are a key strength. Neighborhood occupancy is high (97.2%) and competitive among 449 metro neighborhoods, supporting leasing stability. Renter-occupied share in the neighborhood is substantial (76.7%), indicating a deep tenant pool that can support absorption and retention, especially for well-managed workforce housing.
Demographic statistics are aggregated within a 3-mile radius and indicate population growth alongside a sizable family presence and gradually smaller household sizes. Households and families have expanded over the last five years, with projections calling for further increases by 2028, which suggests a larger tenant base and supports occupancy stability for multifamily assets.
Ownership indicators point to an elevated home-value environment relative to local incomes, which tends to sustain renter reliance and broaden the multifamily demand funnel. At the same time, the neighborhood’s rent-to-income profile indicates affordability pressure for some households; prudent lease management and targeted unit positioning can help balance pricing power with retention risk.
According to WDSuite’s CRE market data, this neighborhood ranks among the safer areas within the Miami–Miami Beach–Kendall metro (top quartile among 449 neighborhoods on the composite crime index). Nationally, it sits above the midpoint for safety (around the 65th percentile), and both property and violent incident rates have shown year-over-year improvement, which is constructive for long-term tenancy and operational stability.
Safety conditions vary by block and over time, so investors typically corroborate these trends with on-the-ground diligence and property-level security plans when underwriting.
Regional employment is anchored by nearby corporate offices across homebuilding, energy logistics, transportation, healthcare, and materials, supporting commuting convenience and renter demand for workforce housing. The employers below reflect proximity that can aid leasing and retention.
- Lennar — homebuilding corporate offices (22.1 miles) — HQ
- World Fuel Services — energy logistics corporate offices (24.6 miles) — HQ
- Ryder System — transportation & logistics corporate offices (28.0 miles) — HQ
- Johnson & Johnson — healthcare corporate offices (31.8 miles)
- Mosaic — materials & chemicals corporate offices (32.0 miles)
Built in 1972, the 35-unit property offers classic-vintage value-add potential in a neighborhood with high occupancy and a strong renter-occupied share. Based on CRE market data from WDSuite, neighborhood occupancy is elevated relative to many U.S. areas, while the local ownership landscape skews high-cost versus incomes—factors that generally reinforce reliance on multifamily housing and support steady leasing. Within a 3-mile radius, population and household counts have grown and are projected to continue expanding, pointing to a larger tenant base over time.
The vintage implies thoughtful capital planning—mechanicals, unit finishes, and common areas may benefit from targeted upgrades to enhance competitiveness and drive rent trade-outs. Affordability pressure, reflected in the local rent-to-income profile, suggests a focus on value-oriented renovations and disciplined renewals to balance pricing power with retention.
- High neighborhood occupancy and deep renter concentration support leasing stability.
- Elevated ownership costs in Miami-Dade broaden the renter pool and reinforce multifamily demand.
- 1972 vintage presents value-add upside with targeted CapEx on systems, interiors, and amenities.
- 3-mile radius shows population and household growth, supporting long-run tenant base expansion.
- Risks: affordability pressure may affect renewals; aging systems require planned capital and active asset management.