| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 7th | Poor |
| Amenities | 45th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1551 NW 36th St, Miami, FL, 33142, US |
| Region / Metro | Miami |
| Year of Construction | 2008 |
| Units | 92 |
| Transaction Date | 2007-01-31 |
| Transaction Price | $2,725,000 |
| Buyer | FRIENDSHIP TOWER LTD |
| Seller | 665 INVESTMENT INC |
1551 NW 36th St Miami Multifamily Investment
Neighborhood renter demand is deep and occupancy has held in a healthy range, according to WDSuite’s CRE market data, positioning this asset for steady leasing in Miami’s Urban Core. Statistics cited reflect the surrounding neighborhood, not the property.
Located in Miami’s Urban Core, the surrounding neighborhood carries a C- rating in WDSuite yet shows durable apartment performance: neighborhood occupancy is in the mid-90s and has edged up over the last five years, supporting baseline stability for multifamily income streams.
Livability is anchored by strong daily-needs access. Grocery density sits in the top decile nationally while restaurants are also abundant, and parks are comparatively accessible. By contrast, cafes and pharmacies are limited within the neighborhood, which may influence tenant convenience expectations and retail mix.
The local housing stock is older on average (1960), while the subject’s 2008 vintage offers a competitive edge versus nearby inventory. For investors, that typically translates to lower near-term capital exposure on building systems relative to older properties, while still leaving room for targeted finishes or amenity upgrades to drive rent premiums.
Tenure patterns favor rentals: the neighborhood shows a high share of renter-occupied housing units, indicating a broad tenant base and reinforcing demand depth for multifamily. Within a 3-mile radius, households have grown over the past five years and are projected to expand further, which points to a larger renter pool and support for occupancy and leasing velocity through the next cycle.
Ownership costs trend elevated relative to local incomes (high value-to-income ratios in the neighborhood), which generally sustains reliance on rental housing and can support pricing power for well-positioned assets. At the same time, rent-to-income levels in the neighborhood suggest some affordability pressure, making revenue management and retention practices important for maintaining stabilized performance.
Safety conditions are mixed. The neighborhood’s crime rank sits at 193 out of 449 metro neighborhoods, indicating crime levels above the metro median, and its national safety standing is below midpack. However, recent trend signals are constructive: estimated violent offense rates declined meaningfully year over year and property offenses also fell, suggesting directional improvement rather than deterioration.
Investors should evaluate property-level security measures and block-level context during diligence, while recognizing the area’s improving trajectory and broader Urban Core dynamics across Miami.
Proximity to a diversified employment base supports renter demand and commute convenience, with access to corporate offices spanning energy logistics, homebuilding, global supply chain, and healthcare services.
- Mosaic — corporate offices (6.2 miles)
- Johnson & Johnson — corporate offices (8.0 miles)
- World Fuel Services — energy logistics (8.3 miles) — HQ
- Lennar — homebuilding (9.5 miles) — HQ
- Ryder System — global supply chain (10.9 miles) — HQ
This 2008-vintage, 92-unit asset is newer than much of the surrounding neighborhood stock and stands to benefit from a renter-heavy submarket with stable neighborhood occupancy. Within a 3-mile radius, household counts have increased and are forecast to expand further, supporting renter pool growth and occupancy stability over the medium term. Elevated ownership costs locally tend to sustain multifamily demand, while strong grocery and restaurant access bolsters day-to-day livability.
At the same time, neighborhood rent-to-income levels point to affordability pressure, and safety indicators sit below national medians even as recent offense rates have improved. Underwriting that emphasizes tenant retention, measured rent growth, and operational controls should align with these conditions, according to CRE market data from WDSuite.
- Newer 2008 construction relative to local 1960s stock enhances competitive positioning and may moderate near-term system CapEx
- Renter concentration and stable neighborhood occupancy support leasing durability and cash flow consistency
- 3-mile household growth and projected gains expand the tenant base, aiding lease-up and retention
- Elevated ownership costs in the area reinforce reliance on rentals and can support pricing power for well-positioned units
- Risks: affordability pressure (rent-to-income), mixed safety standing; manage via disciplined revenue and security strategies