| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 26th | Poor |
| Amenities | 25th | Poor |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2301 NW 119th St, Miami, FL, 33167, US |
| Region / Metro | Miami |
| Year of Construction | 2000 |
| Units | 54 |
| Transaction Date | 2018-11-28 |
| Transaction Price | $14,480,000 |
| Buyer | WESTVIEW GARDEN PRESERVATION LTD |
| Seller | WESTVIEW GARDEN PROPERTIES LTD |
2301 NW 119th St Miami Multifamily Investment Thesis
Neighborhood occupancy in the mid-90s points to steady leasing fundamentals, according to WDSuite’s CRE market data, while a sizable share of renter-occupied housing underscores a durable tenant base.
Located in Miami’s inner suburbs, the area surrounding 2301 NW 119th St offers everyday convenience and workforce access rather than destination retail. Grocery availability is comparatively strong for the metro, while cafes, parks, and pharmacies are less dense, suggesting a practical amenity mix that supports daily needs.
Neighborhood occupancy is approximately 95%+, which is above many neighborhoods nationally based on WDSuite’s CRE market data. This level typically supports rent roll durability and moderates downtime between turns, a useful backdrop for mid-size multifamily assets.
The property’s 2000 vintage is newer than the area’s typical stock. That positioning can provide a competitive edge versus older comparables, though investors should still plan for selective modernization and systems updates consistent with a 2000-era building.
Within a 3-mile radius, households have grown in recent years and are projected to expand further, indicating a larger tenant base ahead. Median home values in the neighborhood sit in a higher value-to-income range locally, which tends to keep more households in the rental market and can support pricing power; however, elevated rent-to-income readings mean lease management and renewal strategies should prioritize retention.
Crime levels in this neighborhood are higher than many parts of the Miami metro and below the national average for safety, but recent year-over-year trends show meaningful declines in both property and violent offenses, based on WDSuite’s CRE market data. For underwriting, this points to a risk that should be acknowledged, with some evidence of improvement.
Relative to other Miami-Miami Beach-Kendall neighborhoods (449 total), the crime rank falls in the less favorable half; however, the downward trajectory over the past year suggests conditions are improving rather than deteriorating. Operators may consider security, lighting, and community engagement tactics to support resident retention.
The area draws from a diversified employment base with nearby corporate offices that help support renter demand and commute convenience, including Johnson & Johnson, Mosaic, World Fuel Services, Ryder System, and Lennar.
- Johnson & Johnson — healthcare & consumer products offices (3.96 miles)
- Mosaic — chemicals & materials offices (8.75 miles)
- World Fuel Services — energy & logistics (8.91 miles) — HQ
- Ryder System — transportation & logistics (9.28 miles) — HQ
- Lennar — homebuilding (11.13 miles) — HQ
This 54-unit, 2000-vintage asset benefits from neighborhood occupancy in the mid-90s and a renter base supported by local ownership costs, according to CRE market data from WDSuite. The property is newer than much of the surrounding stock, which can aid leasing and reduce immediate competitive obsolescence, while still leaving room for targeted upgrades to drive rent and retention.
Within a 3-mile radius, projections point to growth in households and incomes over the next few years, indicating a larger tenant pool and support for occupancy stability. At the same time, elevated rent-to-income readings and safety that lags the metro require attentive operations, realistic renewal strategies, and capital plans that emphasize durability and resident experience.
- Occupancy above many national peers supports consistent cash flow potential
- 2000 construction offers competitive positioning versus older local stock
- 3-mile household and income growth expand the renter pool and demand depth
- Ownership costs locally reinforce reliance on multifamily, aiding pricing power
- Risks: rent-to-income pressure and crime relative to metro warrant prudent operations