| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 23rd | Poor |
| Amenities | 74th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1500 NW 119th St, Miami, FL, 33167, US |
| Region / Metro | Miami |
| Year of Construction | 2005 |
| Units | 20 |
| Transaction Date | 2021-12-21 |
| Transaction Price | $19,892,300 |
| Buyer | 1560 NW 119TH STREET FL OWNER LLC |
| Seller | ALHAMBRA COVE ASSOCIATES LTD |
1500 NW 119th St Miami 20-Unit Multifamily
Neighborhood occupancy remains elevated and renter demand is durable, according to WDSuite’s CRE market data, positioning this 2005-vintage, 20-unit asset for steady operations relative to older local stock. The immediate area shows a meaningful renter-occupied share, supporting tenant depth and lease-up resiliency.
Situated in Miami’s Urban Core, the property benefits from neighborhood fundamentals that support multifamily demand. The area’s occupancy is 96.1% (Competitive among Miami-Miami Beach-Kendall neighborhoods — rank 174 of 449), indicating stable leasing conditions at the neighborhood level rather than the property itself. Renter concentration is also substantial (55.9% of housing units are renter-occupied; Competitive among 449 metro neighborhoods at rank 110), which helps sustain a broad tenant base for workforce-oriented properties.
Local amenity access is a relative strength: restaurant and grocery density sit in high national percentiles (restaurants ~91st, groceries ~84th, pharmacies ~94th), supporting day-to-day convenience that tends to bolster retention. Within the metro, overall amenity rank is 92 out of 449 — top quartile — indicating competitive neighborhood livability for renters. Park acreage is limited in the immediate area, so on-site and nearby private outdoor space can be an operational differentiator.
The property’s 2005 construction is newer than the neighborhood’s average vintage (1964). That positioning typically improves curb appeal and functionality versus older stock, while still warranting forward capex planning for mid-life systems and selective renovations to remain competitive with recent deliveries.
Demographic statistics aggregated within a 3-mile radius point to a growing renter pool over the planning horizon. While population was roughly flat to slightly lower over the last five years, households increased (+9.3%), consistent with smaller average household sizes. Forecasts show expansion through 2028 (population +11.6% and households +43.2%), which supports a larger tenant base and occupancy stability for well-managed assets. Median home values in the neighborhood are elevated relative to local incomes (high national value-to-income percentile), which tends to reinforce reliance on rental housing and can support pricing power. At the same time, a rent-to-income ratio near one-third suggests affordability pressure that owners should manage through thoughtful renewals and amenity-value alignment.
School ratings in the neighborhood average around 2.0 out of 5 and sit below national medians, which can matter for family renters; operators often emphasize property-level services and convenience to offset school quality concerns. Overall, the neighborhood carries a "B" rating and a mid-pack rank (200 of 449), signaling balanced, working-class demand drivers with both strengths and manageable risks.
Safety indicators for the neighborhood are weaker than metro and national averages. Based on WDSuite data, the neighborhood’s crime ranking is in the lower tier within the Miami-Miami Beach-Kendall metro (rank 432 of 449), and national safety placement is below average (overall crime around the 22nd percentile nationally). Violent offense metrics sit in a low national percentile, although recent-year violent incidents have declined modestly, while property offense estimates increased year over year. These are neighborhood-level trends, not property-specific.
Investors typically account for this context through proactive security, lighting, and resident engagement, and by underwriting slightly higher operating allowances. Monitoring multi-year trends and coordinating with local community initiatives can help support leasing stability over time.
The area draws from a diversified employment base that supports commuter demand and resident retention, including healthcare products, energy distribution, logistics, and homebuilding corporate offices noted below.
- Johnson & Johnson — healthcare products (4.8 miles)
- Mosaic — fertilizers & chemicals (8.0 miles)
- World Fuel Services — energy distribution (9.5 miles) — HQ
- Ryder System — logistics & transportation (10.1 miles) — HQ
- Lennar — homebuilding (11.6 miles) — HQ
This 20-unit Miami asset combines neighborhood demand depth with a competitive vintage. Built in 2005, it is materially newer than much of the surrounding housing stock, which can support occupancy and rent positioning versus older comparables, while still benefiting from targeted value-add and mid-life systems planning. According to CRE market data from WDSuite, neighborhood occupancy is strong relative to the metro and renter concentration is substantial, reinforcing a durable tenant base.
Operationally, the submarket’s strong amenity access and proximity to diversified employers underpin leasing and renewals. Home values are high relative to incomes in the neighborhood, which helps sustain rental demand; however, a rent-to-income ratio near one-third indicates affordability pressure that should be managed through measured rent growth and service quality. Safety metrics are weaker than metro norms, so underwriting should incorporate prudent security and community engagement.
- 2005 construction offers competitive positioning versus older local stock with room for targeted value-add.
- Strong neighborhood occupancy and sizable renter-occupied share support demand resilience and lease retention.
- High national amenity access and proximity to diversified employers bolster day-to-day livability for renters.
- Elevated home values relative to incomes reinforce reliance on rental housing, aiding pricing power.
- Risks: below-average safety metrics and renter affordability pressure warrant conservative operations and security planning.