| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 47th | Good |
| Amenities | 57th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 10491 SW 15th Ln, Miami, FL, 33174, US |
| Region / Metro | Miami |
| Year of Construction | 1993 |
| Units | 24 |
| Transaction Date | 2018-08-15 |
| Transaction Price | $59,750,000 |
| Buyer | ADVENIR UNIVERSITY PARK LLC |
| Seller | UNIVERSITY FOUNTAINS LTD |
10491 SW 15th Ln Miami Multifamily Investment
Neighborhood occupancy is strong and homeownership costs are elevated, supporting renter demand in this part of Miami, according to WDSuite’s CRE market data. Focused management can leverage stable tenancy while navigating localized affordability pressure at the neighborhood level.
This Urban Core location in Miami sits within a neighborhood rated B+ and is competitive among 449 Miami metro neighborhoods on overall amenities (rank 166 of 449). Daily needs are convenient with grocery access above national norms and a dense pharmacy presence, while restaurant density is a relative strength versus national averages. Cafe and park availability are thinner, which modestly limits lifestyle variety but does not materially detract from day-to-day livability for most renters.
Occupancy at the neighborhood level is high and in the top quintile nationally, with stability improving over the last five years. Neighborhood-level renter concentration is around two-fifths of occupied housing units, indicating a meaningful tenant base for multifamily without being overly saturated. Housing performance metrics also rank well (61 of 449 in the metro), pointing to durable rentability relative to many Miami subareas.
Within a 3-mile radius, households have increased even as total population has edged down, signaling smaller household sizes and a broader leasing pool. Income levels have risen and median contract rents have trended higher, reinforcing pricing power for professionally managed assets when paired with sound leasing tactics and renewal management.
Home values in the neighborhood are elevated versus national benchmarks, which tends to sustain reliance on rental housing and can support lease retention for quality properties. Relative to the metro, the area’s NOI per unit metrics rank in the stronger cohort (28 of 449), underscoring historically healthy property operations in the surrounding area; investors should still underwrite to current conditions and asset-specific performance.
Safety indicators for the neighborhood are modestly better than national averages (national safety percentile in the mid-50s) and compare favorably within the Miami metro, scoring in a stronger tier (rank 79 out of 449 metro neighborhoods). Recent data show notable year-over-year declines in both property and violent offense estimates, a constructive trend investors may consider when assessing retention and operating risk.
The area draws on a diverse white-collar employment base anchored by nearby corporate offices and headquarters, supporting workforce housing demand and commute convenience. Key employers include Lennar, World Fuel Services, Ryder System, Johnson & Johnson, and Mosaic.
- Lennar — homebuilding (1.5 miles) — HQ
- World Fuel Services — energy and fuel logistics (3.9 miles) — HQ
- Ryder System — transportation and logistics (7.9 miles) — HQ
- Johnson & Johnson — healthcare and pharma offices (11.1 miles)
- Mosaic — fertilizers and chemicals offices (15.6 miles)
Built in 1993, the property is newer than the neighborhood’s average vintage, which can enhance competitive positioning versus older stock while still leaving room for targeted value-add and systems upgrades. Neighborhood occupancy trends are strong and nationally competitive, and elevated home values in the area reinforce renter reliance on multifamily housing, supporting lease-up and retention potential.
Within a 3-mile radius, households have grown and incomes have stepped up, broadening the tenant base even as overall population has eased. Median rents have increased as well; based on CRE market data from WDSuite, the neighborhood’s rent-to-income dynamics warrant attentive renewal and pricing strategies to balance revenue growth with retention.
- 1993 vintage offers relative competitiveness with potential for focused value-add and modernization
- Strong neighborhood occupancy and above-average livability support stable tenancy
- Elevated local home values sustain rental demand and can support pricing power
- 3-mile household and income growth expand the renter pool, aiding leasing velocity
- Risk: rent-to-income pressure in parts of the neighborhood requires disciplined renewal management