| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 33rd | Fair |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1553 SW 2nd St, Miami, FL, 33135, US |
| Region / Metro | Miami |
| Year of Construction | 2009 |
| Units | 21 |
| Transaction Date | 2011-04-29 |
| Transaction Price | $110,800 |
| Buyer | MEMEC USA LLC |
| Seller | 15 AVENUE LLC |
1553 SW 2nd St Miami Multifamily Investment
Steady neighborhood occupancy and deep renter demand underpin this 21-unit asset, according to WDSuite’s CRE market data. The Urban Core location supports durable leasing with strong everyday amenity access and a broad commuter base.
Situated in Miami’s Urban Core, the property benefits from dense, walkable conveniences that support tenant retention. Restaurant density ranks 15th out of 449 metro neighborhoods and sits in the 99th percentile nationally, while grocery options rank 29th out of 449 with a 97th percentile national standing. Pharmacies and childcare access also test near the top of national comparisons, reinforcing day-to-day livability.
From an investment standpoint, neighborhood occupancy trends are stable, and the share of renter-occupied housing is very high. Renter concentration ranks 10th out of 449 in the metro and is among the highest nationwide, indicating a deep tenant base for multifamily leasing and ongoing demand for professionally managed units.
Demographic statistics aggregated within a 3-mile radius point to a larger tenant base over time: households have expanded in recent years and are projected to grow further by 2028, even as average household size trends lower. This combination typically supports multifamily demand by adding more households to absorb available units and sustain occupancy, while rising incomes in the radius enhance the ability to support market rents.
Built in 2009 against a neighborhood average vintage of 1963, the asset is materially newer than nearby stock. That positioning can enhance competitive appeal versus older properties, though investors should still plan for periodic system updates and modernization to maintain standing among improving comparables.
Safety indicators for the neighborhood track below national averages, reflecting higher-than-typical reported incident levels. Within the Miami–Miami Beach–Kendall metro, the area’s overall crime rank is 343rd out of 449 neighborhoods, signaling weaker comparative safety performance. Nationally, safety falls in lower percentiles; however, recent data shows year-over-year declines in both property and violent offense rates, suggesting improvement momentum rather than deterioration.
Investors should account for these conditions in underwriting through prudent security measures and tenant communication, while noting the recent downtrend that can support retention and leasing if it continues.
The area draws from a diverse employment base that supports renter demand and commute convenience, including energy/services, homebuilding, healthcare products, and logistics. The following nearby employers are most relevant to day-to-day leasing stability in this submarket.
- Mosaic — energy/services (6.7 miles)
- World Fuel Services — energy/services (8.8 miles) — HQ
- Lennar — homebuilding (9.3 miles) — HQ
- Johnson & Johnson — healthcare products (10.3 miles)
- Ryder System — logistics (12.2 miles) — HQ
1553 SW 2nd St offers a 2009-vintage, 21-unit footprint in an amenity-rich Urban Core setting where renter demand is entrenched. The asset competes against older neighborhood stock, supporting positioning without the heavy CapEx often associated with mid-century product, while still offering potential to capture value through targeted modernization. Neighborhood occupancy has been steady, and the surrounding 3-mile radius shows household growth and a projected increase in households that should expand the renter pool and support lease-up and retention. Based on CRE market data from WDSuite, local amenity density is a differentiator, reinforcing day-to-day livability that can translate into leasing stability.
From a risk/return perspective, this is a renters-first location with elevated ownership costs relative to local incomes (high value-to-income standing nationally), which tends to reinforce reliance on multifamily housing. At the same time, rent-to-income levels call for attentive lease management and renewal strategies. Safety benchmarks trail the metro’s top tiers but have improved year over year, and prudent on-site measures can help mitigate exposure.
- 2009 vintage competes well versus older local stock, with room for selective upgrades
- Deep renter base: renter-occupied share ranks 10th of 449 metro neighborhoods
- Amenity-rich Urban Core location supports tenant retention and leasing velocity
- 3-mile household growth and projected gains expand the renter pool
- Risks: below-average safety (with recent improvement) and affordability pressure requiring careful lease management