| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 33rd | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1023 SW 6th St, Miami, FL, 33130, US |
| Region / Metro | Miami |
| Year of Construction | 2013 |
| Units | 44 |
| Transaction Date | 2005-09-09 |
| Transaction Price | $370,000 |
| Buyer | 1023 SW 6TH STREET LLC |
| Seller | FRESHWATER GROUP LLC |
1023 SW 6th St, Miami Urban Core Multifamily
Steady neighborhood occupancy and a high renter-occupied share indicate durable tenant demand in Miami’s urban core, according to WDSuite’s CRE market data. Newer 2013 construction positions the asset competitively versus older local stock.
The property sits in an Urban Core neighborhood with a B+ rating that is competitive among Miami-Miami Beach-Kendall neighborhoods (ranked 140 out of 449). Amenity access trends favorable: overall amenities perform in the top quartile nationally, with restaurant, grocery, pharmacy, and cafe density ranking near the front of the metro, supporting day-to-day convenience and renter retention.
Multifamily fundamentals are balanced. Neighborhood occupancy is around the national median, while the share of housing units that are renter-occupied is very high, signaling a deep tenant base for leasing and renewals. Median contract rent levels sit above many U.S. neighborhoods, and rent growth over recent years has been constructive, supporting income durability without relying on outsized lease-up assumptions.
Demographic statistics are aggregated within a 3-mile radius and point to a larger renter pool over time: population and households expanded in recent years and are projected to continue growing through mid-decade, which supports occupancy stability and absorption. Household sizes are trending smaller, which can favor demand for well-located multifamily units in walkable settings.
Home values in the neighborhood are elevated relative to many areas nationally, and value-to-income measures trend high. This high-cost ownership context tends to sustain rental demand and can aid pricing power, while the neighborhood’s rent-to-income levels warrant routine lease management to monitor affordability pressure and renewal risk.
The average neighborhood construction year skews older, while this asset was built in 2013. The newer vintage offers a competitive edge versus older properties nearby and may reduce near-term capital needs, though investors should still plan for mid-life building system upkeep and selective modernization as part of long-term asset management.
Constraints to note include limited park access and few highly rated schools recorded locally. For a workforce- and professional-tenant mix, the strong retail and services footprint, plus proximity to major employment centers, helps offset those gaps for many renter segments.
Safety trends are mixed and should be evaluated within a broader risk framework. Relative to other neighborhoods in the Miami-Miami Beach-Kendall metro (449 total), this area ranks in the lower tier on crime, indicating it is below the metro average on safety. Nationally, it falls below the median as well.
On the positive side, recent year-over-year estimates show declines in both property and violent offenses, suggesting gradual improvement. Investors should incorporate standard security, lighting, and access-control measures into underwriting and operations, and benchmark incident trends against nearby urban-core comparables rather than suburban submarkets.
The location benefits from proximity to several large corporate employers that support renter demand through commute convenience and a diversified white-collar employment base. Notable nearby employers include Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic — corporate offices (6.3 miles)
- World Fuel Services — corporate offices (9.4 miles) — HQ
- Lennar — corporate offices (9.9 miles) — HQ
- Johnson & Johnson — corporate offices (10.8 miles)
- Ryder System — corporate offices (12.8 miles) — HQ
1023 SW 6th St offers a 2013-vintage, 44-unit asset in Miami’s urban core, where renter concentration is high and amenity access is strong. Neighborhood occupancy trends sit near national norms, and elevated ownership costs locally tend to reinforce reliance on rental housing. Based on commercial real estate analysis informed by WDSuite’s CRE market data, the property’s newer vintage should remain competitive against older nearby inventory while supporting stable operations.
Within a 3-mile radius, population and household growth — alongside shrinking average household size — point to a broader tenant base over time. These dynamics, coupled with proximity to major employers, underpin demand. Key watch items include affordability pressure implied by rent-to-income levels, limited park and highly rated school options, and urban-core safety considerations; each can be managed through prudent leasing strategy, capital planning, and on-site operations.
- 2013 construction provides competitive positioning versus older neighborhood stock with manageable mid-life capex planning
- High renter-occupied share supports depth of tenant demand and renewal stability
- Strong amenity access and proximity to major employers reinforce leasing and retention
- Elevated ownership costs locally tend to sustain rental demand and pricing power
- Risks: affordability pressure, limited parks/school ratings, and below-metro-average safety typical of some urban-core locations