| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 42nd | Fair |
| Amenities | 47th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 345 NW 57th Ave, Miami, FL, 33126, US |
| Region / Metro | Miami |
| Year of Construction | 1974 |
| Units | 24 |
| Transaction Date | --- |
| Transaction Price | $700,000 |
| Buyer | F L ENTERPRISES INC |
| Seller | PALMETTO REAL ESTATE INVESTMENT GRO |
345 NW 57th Ave, Miami — Value-Add Multifamily Potential
Renter-occupied housing is prevalent in the surrounding neighborhood, supporting a durable tenant base even as occupancy varies by submarket, according to WDSuite’s CRE market data. With a 1974 vintage, the asset may benefit from targeted upgrades to sharpen competitiveness.
Situated in Miami’s Urban Core, the property benefits from a neighborhood rated B- among 449 metro neighborhoods, indicating middling performance relative to the region. Neighborhood occupancy is 88.7% (neighborhood-level metric), suggesting leasing stability can be strengthened with effective management and positioning.
Livability features skew toward daily convenience rather than destination retail: restaurants score in the upper tier nationally, while parks and pharmacies rank near the top nationwide. In contrast, the neighborhood shows limited on-block grocery and cafe density, so residents typically rely on nearby corridors for essentials. Median contract rents sit well above national averages (80th percentile), a factor to weigh in pricing strategy and lease management.
The area shows a high renter concentration: 62.4% of housing units are renter-occupied at the neighborhood level, indicating depth in the tenant pool and consistent demand for multifamily. Within a 3-mile radius, households have grown despite population contraction, pointing to smaller average household sizes and a broadened renter pool; median and mean incomes have trended higher, reinforcing demand for quality, professionally managed rentals based on WDSuite’s multifamily property research.
The average neighborhood construction year is 1991, while this property dates to 1974. The older vintage implies potential value-add through unit and system upgrades to improve rentability against newer stock, alongside prudent capital planning to manage ongoing repairs and replacements.
Safety indicators show mixed but improving signals. At the national level, the neighborhood performs above average (65th percentile) for overall safety. Within the Miami-Miami Beach-Kendall metro, the neighborhood’s crime rank is 34 out of 449, indicating it sits below the metro median on safety and warrants standard property-level security measures.
Trend data is constructive: estimated violent offense rates declined by roughly a third year over year, and property offenses fell materially as well, placing these improvements in the stronger tier nationally. For investors, positive momentum supports tenant retention and operations, while ongoing monitoring remains prudent.
Proximity to corporate employers supports workforce housing demand and commute convenience for residents, notably in energy, homebuilding, logistics, healthcare, and diversified corporate offices listed below.
- World Fuel Services — energy & corporate services (4.8 miles) — HQ
- Lennar — homebuilding corporate offices (5.1 miles) — HQ
- Ryder System — logistics & transportation (8.8 miles) — HQ
- Johnson & Johnson — healthcare & consumer offices (8.9 miles)
- Mosaic — diversified corporate offices (10.6 miles)
This 24-unit, 1974-vintage asset in Miami’s Urban Core aligns with value-add strategies. Neighborhood rents benchmark above national norms while renter-occupied share is elevated, indicating a deep tenant base. Neighborhood occupancy of 88.7% (neighborhood-level measure) suggests room to enhance leasing performance through renovations and disciplined operations. According to CRE market data from WDSuite, nearby household growth within a 3-mile radius amid smaller household sizes supports sustained multifamily demand even as broader population trends fluctuate.
Competitive positioning will benefit from targeted interior and systems upgrades to counter newer local stock. High neighborhood rent-to-income ratios point to affordability pressure, so revenue management should balance rent growth with retention. Access to multiple employers within 5–11 miles further underpins demand from commuting professionals.
- Elevated renter concentration supports a broad tenant base and leasing depth.
- Value-add upside from 1974 vintage via targeted renovations and capital planning.
- Neighborhood rents above national averages provide pricing power with prudent management.
- Household growth within 3 miles and employer proximity bolster long-term demand.
- Risks: occupancy below national median and affordability pressure requiring careful lease and expense management.