| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 25th | Poor |
| Amenities | 15th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 775 SW 12th St, Homestead, FL, 33034, US |
| Region / Metro | Homestead |
| Year of Construction | 2005 |
| Units | 30 |
| Transaction Date | 2021-05-14 |
| Transaction Price | $25,200,000 |
| Buyer | SPIER PETER A |
| Seller | MERRITT PLACE LTD |
775 SW 12th St, Homestead FL Multifamily Investment
Occupancy in the surrounding neighborhood is steady and the 3-mile area shows a larger renter base, supporting near-term leasing and retention, according to WDSuite’s CRE market data.
Located in Homestead’s inner suburb within the Miami-Miami Beach-Kendall metro, the neighborhood posts an estimated 92% occupancy. That level sits near the national median and supports income stability for multifamily operators, per commercial real estate analysis from WDSuite. At the same time, unit tenure data aggregated within a 3-mile radius indicates a high share of renter-occupied housing, signaling depth in the tenant pool and demand for professionally managed rentals.
Livability is mixed. Amenity density (cafes, groceries, restaurants, parks) is well below the metro median, pointing to more car-dependent living patterns. Notably, childcare coverage scores competitively at the metro level, which can help family-oriented renter demand. Investors should anticipate that on-site features and convenient access to daily services become more important differentiators in leasing.
Vintage context: the average construction year across nearby stock trends around the early 2000s, while this asset was built in 2005. Being slightly newer than the local average can improve comparative positioning versus older inventory; however, mid-2000s assets often benefit from targeted modernization of common areas, unit finishes, and systems to sustain rentability.
Demographics within a 3-mile radius indicate population growth in recent years with a notable increase in households and a modest decline in average household size. This pattern typically expands the renter pool and supports occupancy stability, while also favoring unit mixes and finishes that appeal to a broad workforce segment.
Safety metrics for the neighborhood track below both the national median and the Miami metro average, based on WDSuite data. In practical terms, investors should assume elevated operating attention to lighting, access control, and partnership with local resources to support resident comfort and retention.
Recent year-over-year trends show mixed movement across property and violent offense measures at the neighborhood level. Rather than relying on block-level assumptions, a prudent pro forma includes budget for security-oriented improvements and policies, with performance monitored against submarket peers over time.
Regional employers within commuting range provide a diversified base of office and corporate roles that can support renter demand and lease retention, including homebuilding, energy logistics, transportation, healthcare products, and agriculture.
- Lennar — homebuilding corporate offices (24.6 miles) — HQ
- World Fuel Services — energy & logistics corporate offices (27.2 miles) — HQ
- Ryder System — transport & leasing corporate offices (30.5 miles) — HQ
- Johnson & Johnson — healthcare products corporate offices (34.4 miles)
- Mosaic — agriculture corporate offices (34.5 miles)
Built in 2005 with a 30-unit footprint, the asset sits slightly newer than nearby stock, offering competitive positioning with potential for value-add upgrades. Neighborhood occupancy of 92% underpins income durability, while the 3-mile radius shows a high renter-occupied share and expanding household counts, indicating a larger tenant base and support for ongoing lease-up and retention. According to CRE market data from WDSuite, rents at the neighborhood level are mid-market for the metro, which can maintain demand and moderate turnover when paired with thoughtful renovations.
Counterbalancing factors include below-median neighborhood safety and limited amenity density, which place greater weight on property-level features, security, and management execution. With prudent capital planning and targeted upgrades, the asset can compete for workforce renters drawn by relative attainability and proximity to diversified employment corridors.
- 2005 vintage offers competitive positioning versus older neighborhood stock with targeted modernization upside.
- Neighborhood occupancy around 92% supports cash flow stability relative to more volatile submarkets.
- 3-mile area shows a deep renter base and growing households, bolstering leasing and retention.
- Mid-market rent context can sustain demand while allowing renovation-driven differentiation.
- Risks: below-median safety and sparse nearby amenities require security investment and strong on-site activation.