| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 19th | Poor |
| Amenities | 59th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1621 NW 60th St, Miami, FL, 33142, US |
| Region / Metro | Miami |
| Year of Construction | 1996 |
| Units | 21 |
| Transaction Date | 1991-12-30 |
| Transaction Price | $75,000 |
| Buyer | M & M MAISON 2 LTD |
| Seller | URBAN LEAGUE GREATER MIAMI |
1621 NW 60th St Miami 21‑Unit Multifamily Investment
Renter demand is supported by a high neighborhood renter concentration and a location with strong access to everyday services, according to WDSuite’s CRE market data. Neighborhood occupancy trends should be monitored, but elevated ownership costs in Miami-Dade tend to sustain reliance on rental housing.
Located in Miami’s Urban Core, the property benefits from neighborhood amenities that are competitive among Miami-Miami Beach-Kendall’s 449 neighborhoods. Grocery access and parks test in the top quartile nationally, while restaurants are also strong; cafes and pharmacies are limited, suggesting daily-needs convenience with fewer boutique options.
The 1996 construction is newer than the neighborhood’s average vintage (1962), giving the asset a relative edge versus older stock. Investors should still plan for selective system updates and common-area refresh over a hold to preserve competitiveness and support leasing.
Neighborhood housing shows a high share of renter-occupied units (about two-thirds), indicating depth in the tenant base for workforce-oriented multifamily. While the neighborhood occupancy rate sits below national norms, sustained renter concentration and service access can help support leasing, particularly for well-managed properties.
Within a 3-mile radius, the household count has increased over the past five years, and forecasts point to further growth in households alongside smaller average household sizes by 2028. This implies a larger tenant base and more renters entering the market, which can support occupancy stability and absorption for well-positioned product. Home values are elevated relative to local incomes, reinforcing renter reliance on multifamily housing and aiding lease retention for competitively priced units.
Safety indicators for the neighborhood sit below the national average, based on WDSuite’s comparative data. However, both property and violent offense rates have declined year over year, an improvement trend that compares favorably at a national level. Investors should underwrite to on-the-ground management and security practices while recognizing the recent downward trajectory in reported offenses.
Nearby corporate offices and headquarters provide a diversified employment base that supports renter demand and commute convenience for residents, including roles in healthcare, energy logistics, homebuilding, and transportation.
- Mosaic — corporate offices (6.4 miles)
- Johnson & Johnson — healthcare products (6.8 miles)
- World Fuel Services — energy logistics (8.3 miles) — HQ
- Lennar — homebuilding (9.8 miles) — HQ
- Ryder System — transportation & logistics (10.4 miles) — HQ
This 21‑unit, 1996‑vintage asset offers a relative age advantage versus the surrounding neighborhood, with scope for targeted renovations to bolster competitiveness against older stock. The submarket shows high renter concentration and improving 3‑mile household trends, supporting a durable tenant base even as neighborhood occupancy is below national averages. Elevated ownership costs in Miami-Dade further sustain rental demand and can aid lease retention for well-managed, appropriately priced units.
Based on CRE market data from WDSuite, rents and household incomes in the 3‑mile radius have grown meaningfully and are projected to continue rising alongside a forecast increase in households by 2028. Investors should balance this demand backdrop against affordability pressure and local safety considerations, prioritizing disciplined leasing, expense control, and value‑add execution to capture steady cash flow.
- Newer 1996 construction versus neighborhood average, with targeted value‑add potential
- High renter concentration supports a deeper tenant base and leasing velocity
- 3‑mile household growth outlook and rising incomes underpin demand and retention
- Proximity to diversified employers reinforces workforce housing appeal
- Risks: below‑average neighborhood occupancy, affordability pressure, and safety monitoring