| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 25th | Poor |
| Amenities | 15th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 795 SW 13th 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 |
795 SW 13th St Homestead Multifamily Opportunity
Neighborhood occupancy is steady near the low-90% range and renter demand is supported by a sizeable tenant base within 3 miles, according to WDSuite’s CRE market data. This location offers working-class appeal in Miami-Dade’s southern corridor with room for operational value capture.
Homestead’s inner-suburban setting provides workforce housing fundamentals that have shown resilience for stabilized multifamily. At the neighborhood level, occupancy trends are around 92%, indicating generally consistent lease roll and renewal potential rather than rapid lease-up dynamics. The neighborhood’s renter concentration is approximately 44.3% of housing units being renter-occupied, pointing to a meaningful—though not dominant—renter pool that can underpin demand stability for mid-scale properties.
Amenities are limited within the immediate neighborhood—restaurant, grocery, park, and pharmacy counts rank near the bottom among 449 Miami metro neighborhoods—yet childcare access ranks competitively, with the neighborhood in the high national percentiles. For investors, this mix suggests daily-needs convenience may rely on short drives, while family-oriented services are present locally, a common pattern in workforce suburban nodes.
Relative cost signals are balanced. Neighborhood contract rents benchmark in the upper national percentiles and rent-to-income ratios sit in the mid-20s percent range, which supports collections while requiring attentive lease management. Median home values sit near the national middle, and the value-to-income ratio trends moderately above the national midpoint, implying a high-cost ownership market is not the primary driver here; instead, rental demand is supported by household formation and occupancy consistency.
Within a 3-mile radius, WDSuite data indicates recent population growth alongside a faster increase in household counts and a downshift in average household size. This points to a larger tenant base over time and potential renter pool expansion, which can support occupancy stability and absorption for well-managed assets in the submarket.
Safety indicators for the neighborhood are mixed relative to the Miami metro and national landscape. Based on ranks among 449 metro neighborhoods, the area trends below the metro average for safety, and national comparisons place it below the national median (lower percentiles indicate more reported crime). Year-over-year estimates show an uptick in both property and violent offense rates, so underwriting should incorporate prudent security, lighting, and asset management plans. Nearby submarkets within the region may score stronger on comparative safety metrics.
The broader South Miami-Dade employment base includes corporate offices within commuting range, supporting renter demand for workforce housing and retention for family-sized units. Representative nearby employers include Lennar, World Fuel Services, Ryder System, Johnson & Johnson, and Mosaic—each with regional corporate offices that help stabilize leasing through diversified job access.
- Lennar — corporate offices (24.6 miles) — HQ
- World Fuel Services — corporate offices (27.2 miles) — HQ
- Ryder System — corporate offices (30.5 miles) — HQ
- Johnson & Johnson — corporate offices (34.4 miles)
- Mosaic — corporate offices (34.6 miles)
Built in 2005, the asset skews newer than the neighborhood average vintage, offering a relative edge versus older stock while still warranting mid-life capital planning for building systems. Neighborhood occupancy near 92% indicates steady tenant demand rather than lease-up volatility, and within a 3-mile radius, population growth and a faster rise in household counts suggest a larger renter base over the next several years. According to CRE market data from WDSuite, neighborhood rents sit in the upper national percentiles, supporting revenue potential with appropriate affordability screening and renewal strategies.
The immediate area is amenity-light but functionally supported by family services such as childcare, aligning with workforce housing profiles common in Miami-Dade’s southern suburbs. Ownership costs are near national norms, which may cap pricing power at the high end but can sustain a stable renter pipeline. Safety metrics are below metro averages with recent offense rate increases, so risk-adjusted underwriting and active property management are important parts of the thesis.
- 2005 vintage: competitive versus older neighborhood stock; plan for mid-life systems and modernization to sustain positioning.
- Occupancy around 92% at the neighborhood level supports stable cash flow expectations with disciplined renewal management.
- 3-mile demographics show population growth and faster household formation, expanding the renter pool and aiding absorption.
- Rents benchmark in upper national percentiles; align pricing with rent-to-income levels to manage retention and collections.
- Risks: amenity-light micro-location and below-metro safety scores warrant operating discipline, security investments, and targeted marketing.