| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 25th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 17600 NW 5th Ave, Miami, FL, 33169, US |
| Region / Metro | Miami |
| Year of Construction | 1972 |
| Units | 90 |
| Transaction Date | 2021-06-08 |
| Transaction Price | $40,800,000 |
| Buyer | LYND LIVING PARK PLAZA APARTMENTS LLC |
| Seller | PARK PLAZA APARTMENT HOLDINGS LLC |
17600 NW 5th Ave Miami Multifamily Investment
Positioned in Miami s Urban Core, the property benefits from a deep renter base and ownership costs that tend to sustain rental demand, according to WDSuite s CRE market data. Neighborhood occupancy trends are near the metro midpoint, suggesting steady leasing with room for operational upside.
This Urban Core neighborhood rates B- and is competitive among Miami-Miami Beach-Kendall neighborhoods (249 out of 449), with an amenity mix that supports daily convenience for renters. Caf e9, grocery, and restaurant densities benchmark well nationally, while parks and pharmacies are limited locally 4considerations for resident experience and retention programming.
Renter-occupied units account for roughly half of the local housing stock (high national percentile), indicating a sizable tenant base and durable demand for multifamily. Neighborhood occupancy sits around the national midrange based on WDSuite s commercial real estate analysis, pointing to stable leasing conditions rather than late-cycle overheating.
Within a 3-mile radius, recent years show modest population growth alongside a meaningful increase in households, expanding the local renter pool. Forecasts to 2028 indicate further gains in population and households, which typically support occupancy stability and absorption for well-managed assets.
Home values are elevated relative to incomes at the neighborhood level (high national percentile for value-to-income), which tends to reinforce reliance on rental housing and can support pricing power for competitive units. Rent-to-income levels suggest some affordability pressure, so proactive lease management and amenities that drive retention remain important.
Safety indicators are mixed in this neighborhood. Overall crime sits near the national midpoint, and current measures for both property and violent offenses compare favorably to many areas nationwide (higher national percentiles indicate comparatively safer conditions). However, recent year trends show volatility with a decline in property offenses but an uptick in violent offenses which investors should monitor over time.
At the metro scale, this area ranks 104 out of 449 Miami-Miami Beach-Kendall neighborhoods, indicating it is above the metro median for crime. For underwriting, consider modest contingencies for security measures and resident engagement, while tracking whether the recent trend normalizes or persists.
Proximity to a diversified corporate base supports workforce housing demand and commute convenience, including Johnson & Johnson, Mosaic, Ryder System, World Fuel Services, and AutoNation.
- Johnson & Johnson pharmaceuticals & healthcare (5.9 miles)
- Mosaic chemicals & fertilizers (10.2 miles)
- Ryder System logistics & transportation (11.9 miles) HQ
- World Fuel Services energy & fuel distribution (12.5 miles) HQ
- AutoNation automotive retail (13.3 miles) HQ
17600 NW 5th Ave combines scale with location fundamentals: a 90-unit community in a renter-heavy Miami submarket where homeownership costs support reliance on multifamily. Neighborhood occupancy trends track near the metro midpoint, and amenity access is strong for daily needs, providing a foundation for steady leasing and retention. According to CRE market data from WDSuite, the local renter-occupied share is high by national standards, underscoring depth in the tenant base.
Built in 1972, the asset is older than the neighborhood average vintage and may warrant targeted capital planning but also presents classic value-add and repositioning upside versus newer competition. Within a 3-mile radius, recent and projected increases in households point to a growing renter pool, while elevated ownership costs further support multifamily demand. Balanced against these drivers are affordability pressures and safety trend volatility that call for prudent underwriting and active asset management.
- Renter-heavy submarket and elevated ownership costs support demand depth and pricing power.
- Neighborhood occupancy near metro midpoint suggests stable leasing with operational upside.
- 1972 vintage enables value-add and modernization strategies with focused capex.
- 3-mile area shows growth in households, expanding the tenant base and supporting absorption.
- Risks: affordability pressure (rent-to-income) and mixed safety trends warrant proactive management.