| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 7th | Poor |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1065 NW 29th St, Miami, FL, 33127, US |
| Region / Metro | Miami |
| Year of Construction | 1986 |
| Units | 32 |
| Transaction Date | 2014-05-12 |
| Transaction Price | $1,620,000 |
| Buyer | METRO SUN 1065 APTS LLC |
| Seller | 1065 INVESTMENT INC |
1065 NW 29th St Miami 32-Unit Multifamily
Stabilized renter demand and location fundamentals support steady operations, according to WDSuite’s CRE market data. With occupancy in the surrounding neighborhood holding firm and a deep renter base, the asset’s 1986 vintage positions it competitively versus older local stock.
This urban-core pocket of Miami balances daily convenience with resilient renter demand. Neighborhood grocery access is strong (high national percentile), restaurants are plentiful, and parks are accessible, while specialty amenities like pharmacies and cafes are more limited. School ratings trail national benchmarks, which some family renters may weigh when comparing nearby submarkets.
The area’s housing stock is older on average (1960), making a 1986 vintage relatively newer and competitively positioned versus much of the local inventory. That typically reduces near-term obsolescence risk while still leaving room for targeted system updates or light repositioning to sharpen curb appeal and renter retention.
Renter-occupied housing accounts for a substantial share of neighborhood units (above metro median), reinforcing depth of the tenant base and supporting occupancy stability. Within a 3-mile radius, demographics indicate population growth in recent years and a meaningful increase in household counts, with forecasts pointing to further household expansion and smaller average household sizes—factors that generally expand the renter pool and support lease-up and renewals.
Ownership costs in the neighborhood sit on the higher side for the market (home values rank well nationally and the value-to-income ratio is in a high national percentile), which tends to sustain reliance on rental housing. At the same time, rent-to-income levels indicate affordability pressure for some renter cohorts, a consideration for pricing power and lease management.
Safety indicators for the neighborhood track below national medians overall, based on WDSuite’s comparative benchmarks. However, both violent and property offense rates show notable year-over-year improvement, suggesting conditions have been trending in a favorable direction versus prior periods.
Investors should frame safety in relative terms: compared with neighborhoods nationwide, the area sits in lower percentiles for current safety but has logged stronger improvement trends recently. As always, property-level measures and tenant engagement can further influence outcomes within the asset.
Proximity to a diversified employment base supports renter demand and lease retention, anchored by corporate offices and headquarters within a commutable radius, including Mosaic, Johnson & Johnson, World Fuel Services, Lennar, and Ryder System.
- Mosaic — corporate offices (5.6 miles)
- Johnson & Johnson — healthcare & consumer products (8.7 miles)
- World Fuel Services — energy logistics (8.9 miles) — HQ
- Lennar — homebuilding (10.0 miles) — HQ
- Ryder System — logistics & transportation (11.6 miles) — HQ
Constructed in 1986, the property is relatively newer than much of the neighborhood’s housing stock, offering a competitive position with potential for targeted modernization to enhance rents and retention. Solid neighborhood occupancy and a high concentration of renter-occupied units point to durable tenant demand, while a growing 3-mile household base and forecasts for additional household expansion suggest continued depth in the renter pool.
Ownership remains comparatively costly in this part of Miami, which supports multifamily reliance; however, elevated rent-to-income levels introduce affordability pressure that calls for calibrated pricing and renewal strategies. Nearby corporate offices and regional headquarters add employment diversity that can stabilize leasing through cycles, and, according to CRE market data from WDSuite, recent safety trends have improved even if current levels remain below national medians.
- 1986 vintage is newer than local average, with value-add potential via selective updates
- Strong renter concentration supports tenant base depth and occupancy stability
- 3-mile demographics show household growth and projected expansion, reinforcing demand
- Proximity to diversified employers and multiple HQs supports leasing durability
- Risks: affordability pressure (rent-to-income) and below-national-median safety levels; requires disciplined pricing and property-level measures