| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 50th | Good |
| Amenities | 24th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 115 NW 202nd Ter, Miami, FL, 33169, US |
| Region / Metro | Miami |
| Year of Construction | 2004 |
| Units | 109 |
| Transaction Date | 2014-05-06 |
| Transaction Price | $4,851,800 |
| Buyer | EHDOC ROBERT SHARP TOWERS II LP |
| Seller | ELDERLY HOUSING DEVELOPMENT & OPERATIONS |
115 NW 202nd Ter Miami Micro-Unit Multifamily
Positioned for steady renter demand from a sizable renter-occupied base and near-median neighborhood occupancy, according to WDSuite’s CRE market data. Compact layouts support value-seeking tenants while keeping operating intensity manageable.
The property sits in Miami’s Urban Core with a neighborhood rating of C+. At the metro level, the area ranks 312 out of 449 neighborhoods, indicating performance below the metro median but with stable fundamentals investors can underwrite. Neighborhood occupancy is around the national median and has improved over the last five years, which supports income durability through typical cycles, based on CRE market data from WDSuite.
Lifestyle access is mixed. Restaurant density is strong versus national peers (top quartile nationally), and grocery access is also competitive. However, the neighborhood ranks 345 out of 449 for overall amenities, and parks, pharmacies, cafes, and childcare are limited locally—factors to consider for leasing velocity and retention. These conditions suggest marketing should emphasize access to nearby employment corridors and essentials over discretionary amenities.
The asset’s 2004 construction year is newer than the neighborhood average (1977). That positioning can improve competitiveness against older stock, though investors should plan for selective modernization of common areas and building systems as the asset approaches two decades in service. Average unit size of 325 sq. ft. indicates compact formats that can capture price-sensitive demand and support higher per-square-foot rents relative to larger layouts.
Demographic indicators are aggregated within a 3-mile radius and show population growth over the last five years with a notable increase in households and a trend toward smaller household sizes. Forward projections point to additional growth in households, which typically expands the renter pool and supports occupancy stability. Median home values are elevated relative to local incomes, a high-cost ownership context that tends to sustain multifamily demand and lease retention. With a renter-occupied share that is high compared with neighborhoods nationwide, the tenant base appears sufficiently deep for workforce-oriented product.
Affordability requires active lease management. Neighborhood rent-to-income levels indicate some pressure on renters, so renewal strategies and modest unit upgrades should focus on preserving value while maintaining competitive effective rents. On balance, the submarket remains competitive among Miami neighborhoods for renters seeking access to employment and core services, with fundamentals that can support stable cash flow.
Safety trends should be evaluated with care. The neighborhood’s crime ranking is weaker relative to the Miami metro (ranked 349 out of 449 neighborhoods), and national comparisons place the area below average on safety. That said, recent data show property offenses declining year over year, indicating some improvement in trend even if overall levels remain elevated versus national benchmarks.
Investors should underwrite security measures and operating practices appropriate for an Urban Core asset—lighting, access controls, and resident engagement—while monitoring local trendlines rather than relying on block-level assumptions.
Nearby corporate employers anchor a broad commuter base that supports workforce housing demand and lease retention. The list below highlights healthcare products, auto retail, fertilizers, logistics, and energy services within typical drive times from the property.
- Johnson & Johnson — healthcare products (7.0 miles)
- AutoNation — auto retail (11.5 miles) — HQ
- Mosaic — fertilizers (11.6 miles)
- Ryder System — logistics (13.0 miles) — HQ
- World Fuel Services — energy services (14.0 miles) — HQ
This 109-unit micro-unit asset (average 325 sq. ft.) aligns with Miami’s deep renter pool and a neighborhood occupancy profile that has trended upward, supporting income stability. According to CRE market data from WDSuite, the area’s renter-occupied share is high compared with neighborhoods nationwide, and ownership costs are relatively elevated versus incomes—factors that reinforce reliance on multifamily housing and can aid renewal performance.
Built in 2004, the property is newer than much of the surrounding stock, offering competitive positioning versus 1970s-vintage assets while leaving room for targeted value-add through unit finishes and systems modernization. Within a 3-mile radius, population and household growth, alongside a shift toward smaller households, point to an expanding tenant base for compact, value-focused units. Investors should balance these strengths against softer amenity depth and below-average safety metrics by budgeting for security, on-site services, and pragmatic marketing.
- Compact-unit strategy matches deep renter pool and supports pricing per square foot
- 2004 vintage outcompetes older neighborhood stock with selective modernization upside
- Household growth within 3 miles expands the tenant base and supports occupancy stability
- High-cost ownership context reinforces multifamily demand and renewal potential
- Risks: limited amenity depth and below-average safety; underwrite security and retention plans