| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 50th | Good |
| Amenities | 24th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10 NW 203rd Ter, Miami, FL, 33169, US |
| Region / Metro | Miami |
| Year of Construction | 1972 |
| Units | 32 |
| Transaction Date | 1994-10-31 |
| Transaction Price | $2,390,000 |
| Buyer | LAKE TERR APT INC |
| Seller | BAKERMAN GROUP LTD |
10 NW 203rd Ter Miami Multifamily Investment
Positioned in Miami’s Urban Core, the asset benefits from a renter-occupied housing base that is competitive among metro neighborhoods and occupancy near local norms, according to WDSuite’s CRE market data. The location supports steady tenant demand while pricing dynamics warrant attentive lease management.
This Urban Core location offers day‑to‑day convenience with solid access to groceries and dining relative to other local areas, while parks, cafes, and childcare are less dense. For workforce renters, this mix leans practical over lifestyle amenities, which can support retention when paired with functional unit finishes and reliable operations.
Neighborhood occupancy is around the metro average and has trended up over the last five years, supporting underwriting for stable lease‑up and renewals. Renter-occupied share of housing units is competitive among Miami-Miami Beach-Kendall neighborhoods (449 total), indicating a meaningful tenant base for multifamily operators and depth for ongoing leasing.
Rents benchmark on the higher side versus many neighborhoods locally, and rent-to-income ratios signal affordability pressure that operators should monitor through renewal strategies and unit mix optimization. At the same time, elevated home values relative to incomes in the neighborhood context tend to reinforce reliance on rental housing, which can help sustain occupancy and limit move-outs to ownership.
Within a 3-mile radius, population has grown and households have increased, with forecasts pointing to continued household growth and smaller average household sizes. These shifts expand the renter pool and support occupancy stability and demand for well-managed units, based on CRE market data from WDSuite.
Vintage and value-add: Built in 1972, the property is older than the neighborhood’s average construction year. Investors should plan for capital expenditures around building systems and common areas, with potential renovation upside to improve competitiveness against newer stock.
Safety indicators for the neighborhood track below metro averages and below the national median, placing it in the weaker cohort among the 449 Miami-Miami Beach-Kendall neighborhoods. Recent trends are mixed: estimated property offenses have declined year over year, while estimated violent offenses show a modest uptick. Investors commonly address this profile with lighting, access controls, and resident screening, and should calibrate operating budgets accordingly.
Nearby corporate offices broaden the employment base and support renter demand through commute convenience, including Johnson & Johnson, Mosaic, AutoNation, Ryder System, and World Fuel Services.
- Johnson & Johnson — corporate offices (7.1 miles)
- Mosaic — corporate offices (11.5 miles)
- AutoNation — corporate offices (11.5 miles) — HQ
- Ryder System — corporate offices (13.1 miles) — HQ
- World Fuel Services — corporate offices (14.1 miles) — HQ
The investment case centers on durable renter demand, metro-average occupancy performance, and an established employment base within commuting range. Rents position toward the higher side locally, so retention and renewal strategies are important; however, a high-cost ownership landscape relative to incomes helps sustain multifamily demand and supports leasing stability, according to CRE market data from WDSuite. Built in 1972, the asset presents clear value‑add potential through targeted system upgrades and unit/interior improvements to strengthen competitive positioning.
Neighborhood dynamics—renter concentration competitive within the metro, population and household growth within a 3-mile radius, and proximity to multiple corporate offices—point to a balanced thesis emphasizing operational execution and selective capital improvements while monitoring affordability pressure and safety-related operating needs.
- Competitive renter base and metro-average occupancy support stable demand
- 1972 vintage offers value-add potential via system and interior upgrades
- Employment access to regional corporate offices underpins leasing
- Ownership costs relative to incomes reinforce reliance on rentals, aiding retention
- Risks: affordability pressure and below-metro safety metrics require proactive management