| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 78th | Best |
| Demographics | 29th | Poor |
| Amenities | 82nd | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1245 NW 2nd St, Miami, FL, 33125, US |
| Region / Metro | Miami |
| Year of Construction | 1979 |
| Units | 33 |
| Transaction Date | --- |
| Transaction Price | $410,000 |
| Buyer | NOMA INVESTMENTS INC |
| Seller | 204 NW 12 AV INC |
1245 NW 2nd St, Miami Multifamily Investment
Neighborhood renter demand is deep with historically high occupancy, according to WDSuite’s CRE market data, supporting steady operations for a 1979 vintage, 33‑unit asset in Miami’s urban core.
Situated in Miami’s Urban Core, the property benefits from a neighborhood that ranks 112 out of 449 metro neighborhoods (A- rating), indicating competitive fundamentals for multifamily investors. Amenity access is a clear strength: grocery, pharmacy, and dining densities are in the top quartile nationally, and the area is competitive among Miami–Miami Beach–Kendall neighborhoods for everyday services and cafes. This concentration of conveniences supports renter retention and day‑to‑day livability.
Occupancy in the neighborhood is strong and ranks in the top quartile among 449 metro neighborhoods, reinforcing expectations for stable leasing. Renter-occupied housing accounts for a very high share of units locally, signaling a deep tenant base and meaningful depth for workforce and market-rate demand. Median contract rents in the neighborhood sit above many peer areas in the metro, which can support revenue, though operators should calibrate renewals carefully to sustain retention.
Within a 3‑mile radius, WDSuite’s data indicates population growth over the last five years with a larger increase in households, pointing to smaller household sizes and an expanding renter pool. Projections through 2028 call for additional household gains and higher median incomes, which can support occupancy stability and measured rent growth. The surrounding area remains predominantly renter-occupied today, even with a modest projected shift toward ownership, preserving a sizable tenant base.
The neighborhood skews more urban than green: park access is limited in the immediate area, while restaurants, groceries, and pharmacies are plentiful. School ratings trend weaker than metro benchmarks, so family-demand capture may rely more on urban conveniences and commute access than on school-driven locational pulls. For investors, these dynamics favor young professionals and service/office workers seeking proximity to employment and amenities.
The asset’s 1979 vintage is newer than the neighborhood’s average construction year (1970). That positioning can be competitive versus older stock nearby, though investors should plan for ongoing systems upkeep and targeted renovations to meet renter expectations and support rent positioning.
Safety trends are mixed but improving. The neighborhood’s crime rank sits around the middle of the Miami–Miami Beach–Kendall metro (154 out of 449), aligning roughly with national mid-range comparisons. According to WDSuite’s data, both property and violent offense rates have declined year over year, with notable double‑digit reductions. For investors, the directional improvement supports stability, while mid-pack positioning suggests continued attention to standard security and lighting measures.
Proximity to corporate employment nodes helps sustain renter demand and supports retention for workforce and market‑rate units. Nearby employers include Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic — corporate offices (6.3 miles)
- World Fuel Services — corporate offices (8.9 miles) — HQ
- Lennar — corporate offices (9.6 miles) — HQ
- Johnson & Johnson — corporate offices (10.2 miles)
- Ryder System — corporate offices (12.3 miles) — HQ
This 33‑unit, 1979 multifamily asset is positioned in an urban neighborhood with strong renter concentration and top‑quartile metro occupancy, providing a foundation for stable operations. Amenity density is a standout relative to both the metro and national landscape, while limited park space suggests resident appeal skews toward convenience and commute access. Within a 3‑mile radius, households have grown faster than population, indicating smaller household sizes and a broader renter base. According to CRE market data from WDSuite, neighborhood rent levels sit above many nearby areas and ownership costs are elevated, which typically supports sustained reliance on rental housing even as incomes trend higher.
The 1979 vintage is newer than the local average, offering an edge versus older product, while still likely benefiting from targeted value‑add and systems modernization to sharpen competitive positioning. Investors should balance pricing power with careful lease management given measured affordability pressure in the neighborhood and mid‑pack safety standing that, while improving, warrants routine operational attention.
- Deep renter base and top‑quartile metro occupancy support leasing stability
- High amenity access (groceries, dining, pharmacies) underpins retention
- 1979 vintage offers value‑add and modernization upside versus older stock
- Elevated ownership costs reinforce rental demand in the urban core
- Risks: affordability pressure and mid‑range safety require prudent lease and site management