| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 92nd | Best |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1227 SW 3rd Ave, Miami, FL, 33130, US |
| Region / Metro | Miami |
| Year of Construction | 2004 |
| Units | 90 |
| Transaction Date | 2021-11-16 |
| Transaction Price | $17,415,000 |
| Buyer | LEGACY AT BRICKELL LLC |
| Seller | ASES REALTY INC |
1227 SW 3rd Ave Miami Multifamily Investment
Situated in Miami s urban core, the property benefits from strong neighborhood amenities and a deep renter pool; according to WDSuite s CRE market data, neighborhood occupancy has trended upward even as it remains below national norms, which can support disciplined lease-up and retention strategies.
This Urban Core location in Miami places the asset amid one of the metro s highest-amenity neighborhoods. Caf e9, restaurant, grocery, and pharmacy densities rank among the strongest locally and are top quartile nationally, offering daily convenience that helps sustain renter appeal and supports leasing velocity.
Neighborhood rents sit in the upper tier for the metro (top decile nationally), while the neighborhood s occupancy level is below national norms but has improved over the past five years, suggesting supply has been absorbed and performance is normalizing. For investors, this combination points to room for operational focus on marketing and renewals alongside pricing discipline as demand stabilizes.
The neighborhood shows a high share of renter-occupied housing units (about six in ten), indicating a sizable multifamily tenant base and steady demand for professionally managed rentals. Elevated home values relative to income in the area reinforce reliance on rental options, which can aid lease retention and limit competitive pressure from ownership.
Within a 3-mile radius, population and households have grown and are projected to expand further, with household sizes trending smaller. This dynamic typically broadens the renter pool and supports occupancy stability for well-located properties near employment and amenities, based on commercial real estate analysis from WDSuite.
Relative to other neighborhoods nationwide, safety indicators for this Miami Urban Core location trend below national medians. Within the Miami-Miami Beach-Kendall metro (449 neighborhoods), the area ranks in weaker tiers for crime, so underwriting should incorporate prudent security, insurance, and operational measures common to dense urban submarkets.
Recent trends are mixed: estimated property offenses declined year over year, while violent offenses showed an uptick. Investors typically mitigate these risks through resident screening, access control, lighting, and partnerships with local patrol resources. The overall takeaway is to underwrite with urban assumptions rather than suburban comparables.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, led by Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic d corporate offices (5.9 miles)
- World Fuel Services d corporate offices (10.3 miles) d HQ
- Lennar d corporate offices (10.7 miles) d HQ
- Johnson & Johnson d corporate offices (11.5 miles)
- Ryder System d corporate offices (13.7 miles) d HQ
Built in 2004, the 90-unit asset is slightly older than the neighborhood s average vintage, creating potential value-add through targeted exterior refresh, systems modernization, and interior updates to compete with newer stock. Neighborhood fundamentals show strong amenity access and high renter concentration, while occupancy has improved from prior levels even though it remains below national norms dconditions that favor focused leasing strategy and retention management.
Within a 3-mile radius, recent and projected gains in population and households point to a larger tenant base and sustained demand for rental units. Elevated ownership costs in the area tend to support multifamily reliance, which can help stabilize occupancy and pricing for well-managed properties; according to CRE market data from WDSuite, neighborhood rents benchmark in the upper tier for the metro.
- Value-add angle: 2004 vintage allows targeted renovations to enhance competitiveness versus newer deliveries.
- Demand depth: high renter-occupied share in the neighborhood supports a broad tenant base and leasing stability.
- Amenity advantage: top-tier dining, grocery, and daily services support resident satisfaction and retention.
- Forward demand: 3-mile population and household growth indicate ongoing renter pool expansion.
- Risk: neighborhood occupancy trails national norms and urban safety metrics warrant conservative underwriting and active property management.