| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 64th | Poor |
| Demographics | 73rd | Best |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1777 Michigan Ave, Miami Beach, FL, 33139, US |
| Region / Metro | Miami Beach |
| Year of Construction | 1972 |
| Units | 23 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
1777 Michigan Ave Miami Beach Multifamily Value-Add
Amenity density and a high renter-occupied housing share in the neighborhood support steady tenant demand, according to WDSuite’s CRE market data, while an older vintage points to renovation upside. This commercial real estate analysis also flags below-metro occupancy in the area, suggesting disciplined lease-up and asset management will matter.
Located in Miami Beach’s Urban Core, the property benefits from one of the metro’s strongest amenity clusters. The neighborhood ranks competitive among Miami-Miami Beach-Kendall neighborhoods (31 of 449, A rating) and sits in the top quartile nationally for cafés, groceries, and restaurants by density, reinforcing renter convenience and walkability for day-to-day needs, based on CRE market data from WDSuite.
Schools in the area score above many peers (national percentile ~84), offering a relative advantage for retention among households that prioritize education. Pharmacy access is also exceptional (near the top nationally), adding to daily-life convenience that can translate into leasing stickiness.
Renter-occupied housing accounts for a majority of neighborhood units (high national percentile), indicating a deep tenant base for multifamily operators. By contrast, the neighborhood’s occupancy level is below both metro and national norms, which points to careful operations: active marketing, unit turns, and customer service can be more determinative for performance here than in tighter submarkets.
Home values are elevated relative to local incomes (value-to-income near the top nationally), which typically sustains reliance on rental housing and supports pricing power for well-positioned assets. Within a 3-mile radius, median household income has risen and rent levels have moved higher over the last five years, trends that reinforce demand for quality rental product even as lease management remains important for retention.
The asset was built in 1972, newer than the neighborhood’s average vintage from the early 1960s. That positioning helps versus older stock, while still leaving room for targeted capital improvements and modernization to capture value-add upside.
Safety conditions should be evaluated with care. The neighborhood’s crime rank is weaker compared with many Miami-Miami Beach-Kendall neighborhoods (360 out of 449), and it sits in lower national percentiles for both property and violent offenses. On a positive note, recent year-over-year trends show double-digit declines in estimated rates, signaling some improvement, though investors should underwrite security measures and tenant communication accordingly.
Interpretation: a lower national percentile indicates comparatively higher crime exposure; a higher percentile indicates relative safety. Here, the area trends lower nationally but has posted improving momentum, so risk controls and insurance assumptions should be calibrated to neighborhood-level benchmarks rather than metro averages.
Nearby corporate offices and headquarters provide a diversified white-collar employment base that supports renter demand and commute convenience for workforce tenants. Key employers include Mosaic, Johnson & Johnson, World Fuel Services, Lennar, and Ryder System.
- Mosaic — corporate offices (1.6 miles)
- Johnson & Johnson — corporate offices (12.5 miles)
- World Fuel Services — corporate offices (13.5 miles) — HQ
- Lennar — corporate offices (14.5 miles) — HQ
- Ryder System — corporate offices (16.2 miles) — HQ
1777 Michigan Ave offers investors a value-add angle in a high-amenity Miami Beach location. The surrounding neighborhood ranks among the stronger pockets of the metro for daily convenience and school quality, while a high share of renter-occupied housing units indicates depth in the tenant pool. According to CRE market data from WDSuite, neighborhood occupancy runs below broader norms, so execution around leasing, renewal management, and targeted upgrades should drive outcomes.
The 1972 vintage is newer than the area’s 1960s-average stock, which can provide a competitive edge once interior finishes and building systems are refreshed. Within a 3-mile radius, population and household forecasts point to expansion over the next five years alongside higher projected rents, suggesting support for stabilized occupancy if operations are proactive. Elevated ownership costs relative to incomes in the neighborhood further reinforce the role of multifamily housing, though rent-to-income levels imply affordability pressure that warrants careful pricing and retention strategies.
- High-amenity Urban Core location with strong daily-life convenience and school quality
- Majority renter-occupied housing in the area supports a sizable tenant base
- 1972 vintage offers value-add potential versus older neighborhood stock
- Forecast growth in nearby households and rents underpins lease-up and stabilization
- Risks: below-metro occupancy, crime exposure relative to peers, and affordability pressure require disciplined operations