| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 33rd | Fair |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1771 SW 3rd St, Miami, FL, 33135, US |
| Region / Metro | Miami |
| Year of Construction | 1993 |
| Units | 23 |
| Transaction Date | 2007-05-17 |
| Transaction Price | $2,755,000 |
| Buyer | ALCAZAR APARTMENTS LLC |
| Seller | GUERNICA ALBERTO |
1771 SW 3rd St, Miami — Urban Core Multifamily
Renter demand is reinforced by a high neighborhood renter-occupied share and steady occupancy, according to WDSuite’s CRE market data, positioning this asset for durable leasing in Miami’s Urban Core.
Situated in Miami’s Urban Core, the property benefits from a neighborhood rated B+ and competitive among Miami-Miami Beach-Kendall neighborhoods (ranked 147 out of 449). Daily needs are well covered: grocery and pharmacy density sits in the top tier nationally, while restaurants are notably concentrated, supporting walk-to-amenity convenience that helps with tenant retention.
The surrounding area shows solid occupancy fundamentals: neighborhood occupancy is about 94%, placing it around the 65th percentile nationally. The renter-occupied share is high at the neighborhood level (measured as the share of housing units that are renter-occupied), signaling a deep tenant base and consistent demand for multifamily product. Median contract rents in the neighborhood sit above national midpoints, while rent-to-income levels suggest affordability pressure that owners should monitor through thoughtful lease management.
From a livability lens, cafes and childcare options rank in the top quartile nationally, and overall amenities are competitive among metro peers (amenity rank 37 of 449). Park access is limited locally, which places a premium on nearby private or indoor amenities within the property or immediate area to support resident appeal.
Demographic statistics aggregated within a 3-mile radius point to a stable-to-growing renter pool: households increased over the last five years and are projected to grow further through 2028, even as average household size trends smaller. This pattern typically enlarges the prospective tenant base and supports occupancy stability. Home values in the neighborhood sit within a high-cost ownership context relative to incomes (above the national median by percentile measures), which tends to sustain reliance on rental housing and can support pricing power for well-positioned units.
Vintage considerations: built in 1993, the property is newer than the area’s older average stock (1960s-era on average). That positioning can be competitive against older buildings, though investors should still plan for selective modernization of interiors and building systems to meet current renter expectations.
Safety indicators for the neighborhood track below metro medians, with a crime rank of 343 among 449 Miami-Miami Beach-Kendall neighborhoods. Nationally, the area sits below mid-percentiles, indicating comparatively higher reported incidents than many U.S. neighborhoods. That said, recent trend data shows year-over-year improvement in property offenses and a modest decline in violent offense estimates, which investors can view as incremental progress rather than a structural shift.
For underwriting, it’s prudent to compare block-to-block conditions, evaluate security line items, and consider tenant screening and lighting/camera upgrades as part of operations. Use this as a comparative input alongside occupancy and demand drivers rather than a sole determinant.
Regional headquarters and corporate offices within commuting distance help support renter demand and retention, particularly for workforce and professional tenants. Nearby anchors include Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic — corporate offices (6.9 miles)
- World Fuel Services — corporate offices (8.6 miles) — HQ
- Lennar — corporate offices (9.1 miles) — HQ
- Johnson & Johnson — corporate offices (10.3 miles)
- Ryder System — corporate offices (12.1 miles) — HQ
This 23-unit 1993-vintage asset offers exposure to Miami’s Urban Core where neighborhood occupancy is about 94% and renter-occupied housing concentration is high. The property is newer than much of the surrounding 1960s-era stock, creating relative competitiveness with potential to capture demand through targeted unit refreshes and operational upgrades. According to CRE market data from WDSuite, the neighborhood’s occupancy performance sits above national medians, with strong amenity access that supports resident convenience.
Within a 3-mile radius, households have been expanding and are projected to grow further through 2028, even as average household size trends smaller — dynamics that typically enlarge the renter pool and support leasing stability. Ownership costs in the area are elevated relative to incomes by percentile measures, which tends to reinforce sustained demand for rental housing. Key risks include affordability pressure (rent-to-income) and limited park access, suggesting an emphasis on value-forward finishes, efficient utilities, and on-site or nearby amenity partnerships.
- 1993 vintage in an older housing context enables competitive positioning with selective modernization
- Neighborhood occupancy around 94% with high renter-occupied share supports demand depth
- Amenity-rich Urban Core location aids retention and lease-up consistency
- 3-mile radius shows expanding household counts, pointing to a larger tenant base over time
- Risks: affordability pressure and limited park access call for careful rent setting and resident-experience investments