| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 89th | Best |
| Demographics | 42nd | Fair |
| Amenities | 12th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 601 E Palm Dr, Homestead, FL, 33034, US |
| Region / Metro | Homestead |
| Year of Construction | 2004 |
| Units | 24 |
| Transaction Date | 2003-02-11 |
| Transaction Price | $1,000,000 |
| Buyer | 613 EAST PALM DRIVE FL OWNER LLC |
| Seller | BONITA POINTE ASSOCIATES LTD |
601 E Palm Dr Homestead Multifamily Investment Thesis
Neighborhood occupancy ranks at the top of the Miami metro, and a majority-renter 3-mile area suggests steady tenant demand, according to WDSuite’s CRE market data.
Positioned in Homestead within the Miami-Miami Beach-Kendall metro, the immediate neighborhood carries a C+ rating and is suburban in character. Amenities are limited locally (few cafes, childcare centers, parks, and pharmacies), so residents typically draw from services along major corridors or nearby nodes. This can support workforce housing positioning with car-reliant renters who prioritize value and commute access over walkable retail.
On relative standing, the neighborhood’s overall rank is 304 among 449 metro neighborhoods, placing it below the metro median but still competitive for investors seeking yield in less supply-constrained locations. Housing metrics test well versus national peers (top quartile nationally), while ownership costs are elevated in the area, with home values in the higher national percentiles. That high-cost ownership landscape tends to sustain rental demand and lease retention for well-managed assets.
Renter concentration varies by lens: within the neighborhood, the share of housing units that are renter-occupied is meaningful, while the broader 3-mile radius shows a clear majority of renter-occupied units. For investors, that points to a deep tenant base and potential demand stability, provided pricing stays aligned with local incomes and product quality.
Demographic statistics aggregated within a 3-mile radius indicate population and household growth in recent years, with projections calling for continued expansion and a smaller average household size ahead. This combination typically supports a larger tenant base and ongoing demand for rental units, especially for professionally managed properties that can capture move-ins and manage renewals effectively.
Vintage is relevant: the property was built in 2004, newer than the neighborhood’s average construction year. That positioning often provides a competitive edge versus older stock, while still warranting selective modernization and system updates as part of capital planning to maintain leasing velocity.
Safety signals are mixed and should be contextualized at the neighborhood (not property) level. Compared with other Miami metro neighborhoods, this area sits below the metro median for safety. Nationally, property offense rates are favorable (stronger than many neighborhoods), while violent offense levels trend around national norms. However, recent year-over-year movement in violent offenses indicates an uptick that investors should monitor as part of ongoing risk management and resident experience planning.
In short, safety performance is reasonable by national comparison on property offenses and nearer the middle on violent offenses, but trend volatility underscores the value of active onsite management, lighting, access control, and coordination with local resources.
Regional employment anchors within commuting distance include corporate offices across homebuilding, energy logistics, and transportation, which can support resident retention and leasing for workforce-oriented properties.
- Lennar — homebuilding (23.4 miles) — HQ
- World Fuel Services — energy & fuel logistics (26.0 miles) — HQ
- Ryder System — transportation & logistics (29.4 miles) — HQ
- Mosaic — chemicals & agriculture (33.1 miles)
- Johnson & Johnson — healthcare & pharmaceuticals (33.2 miles)
601 E Palm Dr offers exposure to a renter-driven pocket of Homestead with neighborhood occupancy at the top of the metro and a majority-renter 3-mile radius, supporting near-term leasing and renewal prospects. Elevated ownership costs in the area reinforce reliance on multifamily, while the property’s 2004 construction provides a relative quality edge versus older inventory and a manageable path for targeted upgrades. According to CRE market data from WDSuite, local housing fundamentals compare well nationally, even as the submarket trades off walkability for car-oriented convenience.
Forward-looking demand is supported by population and household expansion within 3 miles, suggesting a larger tenant base and potential for steady occupancy if rents remain aligned with local incomes. Key underwriting considerations include limited nearby amenities, the need for ongoing capital planning typical of early-2000s assets, and monitoring of recent safety trends at the neighborhood level.
- Top-of-metro neighborhood occupancy supports leasing stability and renewals
- Majority-renter 3-mile area indicates depth of the tenant base
- 2004 vintage offers competitive positioning with targeted value-add potential
- High-cost ownership market underpins multifamily demand and pricing power
- Risks: amenity-light location and recent safety volatility warrant active management