| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 33rd | Fair |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1398 SW 1st St, Miami, FL, 33135, US |
| Region / Metro | Miami |
| Year of Construction | 2009 |
| Units | 76 |
| Transaction Date | 1995-09-06 |
| Transaction Price | $500,000 |
| Buyer | CHRISTIAN COM SVC AGCY INC |
| Seller | SALVATION ARMY |
1398 SW 1st St Miami Multifamily Investment
Renter demand is supported by dense neighborhood amenities and above-median occupancy at the neighborhood level, according to WDSuite’s CRE market data. The asset’s urban-core location offers durable leasing fundamentals with balanced upside and operating discipline.
Located in Miami’s Urban Core, the property benefits from strong day-to-day convenience. Restaurant density ranks among the highest nationally, with grocery, pharmacy, and childcare access also performing near the top of peer neighborhoods. While park access is limited, the amenity mix favors walkable, service-oriented living that supports tenant retention and steady leasing.
Neighborhood occupancy is above the national median, and average NOI per unit trends above midline as well, based on CRE market data from WDSuite. The local housing stock skews older on average, so a 2009 vintage can compete well against nearby properties built in the 1960s era while still benefiting from selective modernization over time.
Unit tenure skews heavily renter-occupied at the neighborhood level, indicating a deep tenant base and durable multifamily demand. Home values sit in a high-cost ownership context relative to incomes, which tends to reinforce reliance on rental housing and can support pricing power when lease management is executed carefully.
Within a 3-mile radius, population is growing and households are expanding with smaller average household sizes, pointing to a larger renter pool and demand for apartment living. This demographic trend, combined with strong amenity access and commute convenience, underpins a favorable long-term outlook for multifamily, aligning with broader commercial real estate analysis of urban Miami.
Safety indicators for the neighborhood trail national averages, and the area ranks below the metro median (ranked against 449 Miami–Miami Beach–Kendall neighborhoods). That said, year-over-year estimated offense rates have moved lower, suggesting incremental improvement. Investors should underwrite with appropriate security, lighting, and operational controls while recognizing the trend direction.
The location serves a broad employment base typical of urban Miami, supporting workforce housing demand and commute convenience for residents. Nearby employers include Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic — corporate offices (6.5 miles)
- World Fuel Services — corporate offices (8.95 miles) — HQ
- Lennar — corporate offices (9.48 miles) — HQ
- Johnson & Johnson — corporate offices (10.32 miles)
- Ryder System — corporate offices (12.36 miles) — HQ
This 2009-vintage, 76-unit asset sits in an Urban Core neighborhood where amenity access is a clear strength and neighborhood occupancy trends above the national median. According to CRE market data from WDSuite, the area’s renter-occupied share is elevated, home ownership costs are comparatively high relative to incomes, and NOI per unit runs above midline — a combination that supports depth of tenant demand and potential pricing resilience.
Relative to older local stock, the vintage provides competitive positioning while leaving room for value-add through targeted upgrades and mid-life systems planning. Forward-looking demographics within a 3-mile radius show growing households and a larger renter pool, which can support occupancy stability; however, investors should account for affordability pressure (high rent-to-income) and below-median safety metrics with prudent leasing, renewals, and property operations.
- Urban-core location with top-tier amenity density supporting retention and leasing
- 2009 construction competes well versus older neighborhood stock; room for selective upgrades
- Elevated renter-occupied share and high-cost ownership landscape reinforce multifamily demand
- Growing households within 3 miles expand the renter pool and support occupancy stability
- Risks: affordability pressure and below-median safety metrics warrant disciplined operations