| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 25th | Poor |
| Amenities | 15th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 665 SW 12th St, Homestead, FL, 33034, US |
| Region / Metro | Homestead |
| Year of Construction | 2005 |
| Units | 40 |
| Transaction Date | 2021-05-14 |
| Transaction Price | $25,200,000 |
| Buyer | SPIER PETER A |
| Seller | MERRITT PLACE LTD |
665 SW 12th St Homestead Multifamily Investment
Neighborhood data point to steady renter demand and mid-pack occupancy, according to WDSuite’s CRE market data, with demographics in the surrounding area expanding the tenant base. The location offers workforce access across southern Miami-Dade while larger floorplans support family-oriented leasing.
This Inner Suburb pocket of Homestead shows stable fundamentals for multifamily investors. Neighborhood occupancy is measured at 92% (a mid-range position at the 54th national percentile), which supports baseline leasing stability rather than peak tightness, based on CRE market data from WDSuite. Renter-occupied housing represents a comparatively high share for the neighborhood (ranked in the top quintile nationally), indicating a durable tenant pool for professionally managed apartments. The property’s 2005 vintage is newer than the neighborhood’s average construction year (2001), providing relative competitiveness versus older stock while still warranting routine capital planning for aging systems.
Within a 3-mile radius, demographics show momentum: population increased roughly 13% over the last five years, households rose about 47%, and average household size trended lower. Forward-looking estimates indicate continued population growth and a substantial increase in households through 2028, which can translate into a larger renter base and support for occupancy over time. Family presence remains meaningful locally, aligning with larger unit formats and three-bedroom demand profiles.
Pricing dynamics are balanced for operators. Neighborhood median contract rents benchmark near the upper third nationally, while the rent-to-income ratio reads around 0.26, suggesting manageable affordability pressure that can aid retention and renewal conversations. Ownership costs in the area sit in a higher national tier relative to incomes, which tends to sustain interest in rental housing and underpins demand depth for multifamily communities.
Local amenity density is limited within the immediate neighborhood—few restaurants, parks, grocery, or cafes per square mile—implying a more car-oriented resident lifestyle. Notably, childcare access ranks strong (top decile nationally), which complements the area’s family-oriented profile. For daily needs and services, residents typically utilize nearby corridors elsewhere in southern Miami-Dade rather than depending on walkable retail nodes.
Safety indicators for the neighborhood trend below national averages. The neighborhood’s crime rank sits in the lower half among 449 metro neighborhoods (below the metro median), and national positioning is also below the midpoint. In practical terms, this places the area as less safe than many peers nationally, though not among the lowest deciles.
Property offense levels position closer to the national middle, while violent offense measures track weaker than national norms and have shown a recent year-over-year uptick. Investors should underwrite appropriate security measures, lighting, and community engagement, and compare trends with nearby Homestead sub-areas to calibrate risk and operating practices.
The south Miami-Dade employment base includes headquarters and major corporate offices within commuting range, supporting workforce housing demand and lease retention. Nearby nodes feature Lennar, World Fuel Services, Ryder System, Johnson & Johnson, and Mosaic.
- Lennar — homebuilding (24.6 miles) — HQ
- World Fuel Services — energy services (27.1 miles) — HQ
- Ryder System — logistics & fleet management (30.5 miles) — HQ
- Johnson & Johnson — healthcare products offices (34.3 miles)
- Mosaic — fertilizer & mining offices (34.4 miles)
665 SW 12th St offers a 40-unit, family-leaning profile with notably large average floorplans, aligning with the area’s sizeable household counts and strong renter presence. Occupancy at the neighborhood level tracks around the national middle, and, according to CRE market data from WDSuite, median rents sit in the upper national tier while rent-to-income remains manageable—an operational mix that supports renewal potential without relying solely on aggressive rent lifts.
The 2005 construction delivers a competitive edge versus older neighborhood stock while still requiring prudent capital planning for systems that are approaching two decades in service. Demographic data aggregated within a 3-mile radius point to meaningful past and projected growth in population and households through 2028, which should expand the tenant base and contribute to demand resilience even as local walkable retail remains thin.
- Larger unit sizes support family-oriented demand and leasing depth
- Neighborhood rents higher nationally, yet rent-to-income suggests retention-friendly affordability
- 2005 vintage is competitive versus area averages, with clear value-add via modernization
- Expanding 3-mile population and households bolster long-run tenant pool and occupancy stability
- Risks: thinner walkable amenities and below-average safety metrics require active management