| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 81st | Best |
| Amenities | 46th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2950 NE 190th St, Miami, FL, 33180, US |
| Region / Metro | Miami |
| Year of Construction | 1995 |
| Units | 42 |
| Transaction Date | 1993-12-30 |
| Transaction Price | $4,600,000 |
| Buyer | AVENTURA INTERCOASTAL LTD PTNR |
| Seller | GLENDALE FED BK |
2950 NE 190th St Miami Multifamily Investment
Positioned in a high-cost ownership pocket of Miami, this asset benefits from resilient renter demand and household growth signals at the neighborhood level, according to WDSuite’s CRE market data. Neighborhood statistics cited below reflect area conditions, not the property’s own occupancy.
The surrounding Urban Core neighborhood rates A- and is competitive within the Miami-Miami Beach-Kendall metro, ranking 92 out of 449 neighborhoods. Dining and open space access are standouts: restaurant density sits in the top quartile nationally and parks access is similarly strong, while grocery options are above the metro median. By contrast, cafes and pharmacies are limited, which may modestly impact convenience expectations for some renters.
Home values in the area are elevated relative to most U.S. neighborhoods, and the value-to-income ratio trends high as well. For investors, a high-cost ownership market typically reinforces reliance on multifamily housing and can support pricing power, though careful lease management is warranted where rent-to-income readings indicate affordability pressure at the neighborhood level.
Tenant depth is supported by a balanced tenure mix within a 3-mile radius: an estimated 42% of housing units are renter-occupied today, with projections indicating a modest increase in the renter share over the next five years. Population counts are roughly steady, but households and families have been increasing, and forecasts point to additional household growth through 2028, which expands the local renter pool and supports occupancy stability for well-positioned assets.
Educational attainment in the neighborhood ranks in the top tier among 449 metro neighborhoods and is strong nationally, a positive indicator for income resiliency and Class B/C upgrade potential. That said, neighborhood-level occupancy metrics trend below national norms; investors should underwrite conservative lease-up and retention assumptions and focus on asset differentiation and operations to capture demand.
Safety indicators for the broader neighborhood sit below the national median, and the area tracks around the midpoint of the Miami-Miami Beach-Kendall metro (crime rank 231 out of 449 neighborhoods). Importantly, recent trends show improvement: estimated violent and property offense rates have declined year over year, which investors can view as a constructive directional signal while still applying prudent risk adjustments.
As always, safety conditions vary block to block and over time. Investors should pair these neighborhood-level readings with on-site observations and current leasing feedback to calibrate marketing, security measures, and underwriting assumptions.
Proximity to a diverse employment base supports renter demand and commute convenience, with nearby corporate offices spanning healthcare, automotive retail, logistics, and energy. The list below highlights the closest anchors likely to influence leasing.
- Mosaic — corporate offices (9.7 miles)
- Johnson & Johnson — healthcare & consumer products offices (10.3 miles)
- AutoNation — automotive retail (11.6 miles) — HQ
- Ryder System — logistics & transportation (16.3 miles) — HQ
- World Fuel Services — energy & fuel services (16.5 miles) — HQ
Built in 1995, the property offers mid-90s vintage systems that may benefit from targeted modernization and value-add upgrades to enhance competitiveness against newer deliveries in Miami. The immediate area shows strong lifestyle fundamentals—top-quartile restaurant and park access and above-median grocery availability—while elevated ownership costs tend to sustain multifamily demand and support rent levels. Within a 3-mile radius, household counts have been rising and are projected to increase further, suggesting a gradually expanding tenant base that can help support occupancy. Based on CRE market data from WDSuite, neighborhood-level occupancy trends lag broader norms, so conservative leasing assumptions and asset-specific differentiation remain important risk controls.
Overall, the investment case rests on durable renter demand in a high-cost ownership market, proximity to diverse employment centers, and the opportunity to create yield through renovations and active management, balanced against affordability pressure and neighborhood safety readings that trail national medians but show improving momentum.
- Mid-90s vintage (1995) with clear value-add and systems modernization potential
- High-cost ownership market supports renter reliance and pricing power
- Expanding household base within 3 miles supports a larger tenant pool and leasing stability
- Diverse nearby employers underpin demand and retention
- Risks: neighborhood occupancy and safety readings below national medians; manage via conservative underwriting and targeted capex