| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 12th | Poor |
| Amenities | 63rd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1320 NW 24th St, Miami, FL, 33142, US |
| Region / Metro | Miami |
| Year of Construction | 2008 |
| Units | 110 |
| Transaction Date | 2004-10-13 |
| Transaction Price | $536,000 |
| Buyer | AMBER GARDEN LLC |
| Seller | 1301 INVESTMENT LLC |
1320 NW 24th St, Miami Multifamily Opportunity
Positioned in Miami’s urban core, the property benefits from a deep renter base and steady neighborhood occupancy, according to CRE market data from WDSuite. Renter concentration and amenity density support durable leasing fundamentals while allowing for selective value-add execution.
The location sits within Miami’s Urban Core, where day-to-day convenience is a strength. Neighborhood amenity access is notably dense, with grocery and café availability ranking in the top tier nationally, which typically supports leasing velocity and resident retention. Restaurant options also perform strongly versus U.S. neighborhoods, reinforcing the appeal for renters seeking walkable conveniences.
Neighborhood occupancy is currently solid and above national averages, per WDSuite. The share of housing units that are renter-occupied is high at the neighborhood level, indicating a broad tenant base for multifamily owners. Within a 3-mile radius, demographic data shows a growing renter pool supported by rising household counts and a shift toward smaller household sizes, a combination that can sustain absorption and support occupancy stability.
Construction year is 2008, which is newer than much of the surrounding housing stock. This positioning can be competitive versus older properties while still warranting ongoing capital planning for building systems and selective common-area or unit-level refreshes to maintain leasing momentum. Elevated ownership costs in the area relative to incomes tend to reinforce reliance on rental housing, which can underpin pricing power when managed alongside affordability and retention considerations.
Within 3 miles, population and households have increased over the past five years and are projected to continue expanding through the next five, according to WDSuite’s CRE market data. Household growth outpacing population suggests smaller household sizes and more households entering the market, which can translate into a larger tenant base for multifamily assets nearby.
Relative to U.S. neighborhoods, the area scores below average on safety metrics, and within the Miami metro it ranks on the higher side for crime among 449 neighborhoods. That said, WDSuite data indicates year-over-year declines in both violent and property offense rates, a positive directional trend to monitor for sustained improvement.
Investors should underwrite with prudent security and operations assumptions, emphasizing lighting, access controls, and resident engagement, while tracking whether recent downward trends continue at the neighborhood level versus the broader region.
The employment base within a short drive features corporate offices that support commuter demand and retention for workforce and professional renters, including Mosaic, World Fuel Services, Johnson & Johnson, Lennar, and Ryder System.
- Mosaic — corporate offices (5.97 miles)
- World Fuel Services — corporate offices (8.6 miles) — HQ
- Johnson & Johnson — corporate offices (8.76 miles)
- Lennar — corporate offices (9.62 miles) — HQ
- Ryder System — corporate offices (11.49 miles) — HQ
This 110-unit, 2008-vintage asset sits in Miami’s Urban Core, where renter-occupied housing is prevalent and amenity density is a competitive advantage. Neighborhood occupancy has been steady and above national averages, and within a 3-mile radius households have grown and are projected to expand further—factors that support tenant demand, absorption, and lease-up durability. According to CRE market data from WDSuite, elevated ownership costs relative to incomes in the area tend to sustain reliance on rental housing, which can support pricing power when balanced against renter affordability.
The 2008 construction provides a relative edge versus older local stock, while still calling for routine system upkeep and targeted renovations to remain competitive. Investors should also underwrite rent-to-income dynamics and retention strategies given local affordability pressure, using measured increases and value-add scope to protect occupancy and cash flow resiliency.
- Urban-core location with top-tier amenity access that supports leasing velocity and retention
- High renter-occupied share and growing household counts within 3 miles expand the tenant base
- 2008 vintage offers competitive positioning versus older stock, with scope for targeted value-add
- Risk: affordability pressure requires disciplined rent management to support occupancy stability