| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 81st | Best |
| Demographics | 10th | Poor |
| Amenities | 16th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 33700 SW 187th Ave, Homestead, FL, 33034, US |
| Region / Metro | Homestead |
| Year of Construction | 1999 |
| Units | 100 |
| Transaction Date | --- |
| Transaction Price | $427,000 |
| Buyer | PENINSULA HOUSING DEVELOPMENT INC |
| Seller | PALM DRIVE INVESTMENT LTD |
33700 SW 187th Ave Homestead Multifamily Investment
Neighborhood occupancy sits in the mid-90% range with a high renter concentration supporting demand, according to WDSuite’s CRE market data. Positioning within Miami-Dade’s southern corridor offers steady workforce housing dynamics for a 100-unit asset.
This Inner Suburb location in Homestead is primarily renter-driven, with the neighborhood reporting a renter-occupied share above 60%, indicating a deep tenant base for multifamily. Neighborhood occupancy is reported at 93.8%, which supports lease-up stability and renewal potential based on CRE market data from WDSuite.
Daily conveniences are mixed: grocery access is strong relative to most areas nationally, while sit-down dining, cafes, parks, and pharmacies are limited within neighborhood boundaries. For investors, this typically translates into reliable necessity-driven traffic with fewer lifestyle amenities nearby; marketing should emphasize proximity to employment corridors and regional retail nodes rather than walkable dining options.
Rents in the neighborhood benchmark above national medians (around the 70th percentile), aligning with Miami-Dade’s broader pricing power. At the same time, the local rent-to-income ratio is elevated, which calls for thoughtful lease management to mitigate affordability pressure and protect retention.
Demographic statistics within a 3-mile radius show recent population growth alongside a notable increase in households and families, with forecasts pointing to additional population gains and smaller average household sizes over the next five years. This combination suggests a larger tenant base and more renters entering the market, supporting occupancy stability even as unit deliveries or turnover rise.
The property’s 1999 vintage is older than the neighborhood’s newer housing stock on average, creating a straightforward value-add or modernization angle to stay competitive against 2010s-era product. Targeted capex toward interiors, building systems, and curb appeal can help capture demand from the expanding renter pool.
Safety signals are mixed when viewed across geographies. Within the Miami–Miami Beach–Kendall metro, the neighborhood ranks 40th out of 449 neighborhoods for crime, indicating a higher-crime position locally. Nationally, however, the area indexes around the mid-to-upper range for safety, with overall crime near the 65th percentile compared with neighborhoods nationwide.
Recent trends diverge by category: property offenses have declined meaningfully year over year (top quintile improvement nationally), while violent offenses sit around the national midpoint with a modest recent uptick. For underwriting, this suggests continued attention to onsite security measures and resident screening, with an eye on sustaining the positive momentum in property-related incidents.
Proximity to major corporate offices underpins workforce housing demand, with commutable access to Lennar, World Fuel Services, Ryder System, Johnson & Johnson, and Mosaic supporting leasing depth and retention for renters employed across construction, energy, logistics, healthcare, and industrial sectors.
- Lennar — homebuilding (23.7 miles) — HQ
- World Fuel Services — energy & fuel logistics (26.3 miles) — HQ
- Ryder System — logistics & transportation (29.6 miles) — HQ
- Johnson & Johnson — healthcare offices (33.5 miles)
- Mosaic — industrial & chemicals offices (34.0 miles)
This 100-unit, 1999-vintage property aligns with durable workforce housing demand in Homestead, supported by a renter-occupied neighborhood and occupancy around the mid-90% range. The asset is older than much of the local 2010s-era stock, presenting a credible value-add path through targeted renovations and system upgrades to remain competitive. According to commercial real estate analysis from WDSuite, neighborhood rents benchmark above national medians while the renter base continues to expand, indicating pricing power tempered by affordability management.
Within a 3-mile radius, population and household counts have risen and are projected to continue growing, with smaller household sizes increasing the number of households relative to population—favorable for multifamily absorption. Amenity access skews toward necessity retail (notably groceries), reinforcing day-to-day convenience even as lifestyle amenities remain limited; underwriting should weigh this against the depth of the regional employment base and commutability to Miami-Dade job centers.
- Renter-driven neighborhood and mid-90% occupancy support stable leasing and renewal potential.
- 1999 vintage offers value-add upside versus newer local stock with targeted capex.
- Expanding 3-mile renter pool and projected household growth bolster long-term demand.
- Necessity retail access (strong groceries) aids livability despite fewer lifestyle amenities.
- Risks: elevated local crime rank within the metro and higher rent-to-income levels require proactive management.