| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 33rd | Fair |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2046 W Flagler St, Miami, FL, 33135, US |
| Region / Metro | Miami |
| Year of Construction | 1989 |
| Units | 52 |
| Transaction Date | --- |
| Transaction Price | $2,200,000 |
| Buyer | HASBUN INT SALVADOR |
| Seller | ARSENIO VIERA TR INT |
2046 W Flagler St Miami 52-Unit Multifamily
Neighborhood data points to durable renter demand and steady occupancy, according to WDSuite’s CRE market data. These metrics reflect neighborhood conditions rather than the property itself and highlight positioning for workforce-oriented leasing in Miami’s urban core.
Neighborhood and Demand Drivers
Situated in Miami’s Urban Core, the neighborhood rates B+ and ranks 147 out of 449 metro neighborhoods, which is competitive among Miami-Miami Beach-Kendall sub-areas. Local occupancy is in the upper half of the metro, supporting stable leasing conditions at the neighborhood level (neighborhood occupancy metric, not property-specific), based on WDSuite’s datasets.
Daily needs and convenience retail are strong: restaurants and cafes are dense (restaurants near the 99th percentile nationally; cafes well above average), and grocery and pharmacy access both sit in the high national percentiles. Park access is limited, which may matter for lifestyle positioning, but the amenity mix otherwise supports retention for renters who prioritize walkable services.
Within a 3-mile radius, demographics show a large renter base (about seven in ten housing units are renter-occupied) and notable growth in households over the last five years, with forecasts pointing to further household gains and smaller average household sizes. For investors, that implies a larger tenant base and sustained demand for smaller formats over time, which can support occupancy stability and absorption.
Home values in the neighborhood context sit in the middle national percentiles, while the value-to-income ratio is higher than most areas nationally. In practical terms, this is a high-cost ownership environment for many households, which tends to reinforce reliance on multifamily rentals and can aid lease retention. At the same time, neighborhood rent-to-income readings indicate affordability pressure, so asset management should emphasize renewal strategy and pricing discipline.
The asset’s 1989 construction is newer than the neighborhood’s older average vintage (1960s). That positioning can be a competitive advantage versus mid-century stock, while still leaving room for targeted modernization of systems and finishes to drive rent trade-outs and reduce near-term CapEx volatility.
Safety Context
Relative to the metro, the neighborhood’s crime rank sits in the lower tiers (ranked 343 out of 449 Miami-Miami Beach-Kendall neighborhoods), indicating safety levels below the metro average. Nationally, indicators place the area below mid-range percentiles.
Recent trend data show year-over-year declines in both property and violent offense rates. While one-year improvements are constructive, investors should underwrite with conservative assumptions and focus on property-level measures and tenant profile to support leasing and retention.
Employment Base and Commute Access
Proximity to corporate offices in Greater Miami supports a steady workforce renter pool and commute convenience for residents. Key nearby employers include Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic — corporate offices (7.1 miles)
- World Fuel Services — corporate offices (8.3 miles) — HQ
- Lennar — corporate offices (8.8 miles) — HQ
- Johnson & Johnson — corporate offices (10.0 miles)
- Ryder System — corporate offices (11.8 miles) — HQ
Why Invest
2046 W Flagler St is a 52-unit asset built in 1989, positioned in a neighborhood with above-median metro occupancy and strong daily-needs amenities. The vintage is newer than much of the surrounding housing stock, creating a relative advantage versus older mid-century assets while leaving room for value-add through selective modernization.
Household growth and a high renter concentration within a 3-mile radius point to a deep tenant base and support for occupancy stability. At the same time, a high-cost ownership backdrop strengthens rental reliance, even as neighborhood rent-to-income readings suggest affordability pressure that should be managed through disciplined renewals and targeted upgrades. According to CRE market data from WDSuite, these dynamics align with neighborhood-level performance that is competitive within the metro and positioned for steady leasing.
- Newer 1989 vintage versus older neighborhood stock, with modernization potential for rent lift
- Above-median metro occupancy at the neighborhood level supports leasing stability
- Dense amenity base (grocery, pharmacy, dining) aids retention and livability
- Large 3-mile renter base and projected household growth expand the tenant pool
- Risks: below-metro safety rankings, limited park access, and affordability pressure require prudent underwriting