| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 55th | Good |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 350 NW 2nd St, Miami, FL, 33128, US |
| Region / Metro | Miami |
| Year of Construction | 1981 |
| Units | 51 |
| Transaction Date | 2002-12-16 |
| Transaction Price | $1,756,500 |
| Buyer | SP MANOR LLC |
| Seller | LUMMUS PARK ASSOCIATES LLC |
350 NW 2nd St Miami Urban-Core Multifamily
Positioned in Miami’s urban core, the asset benefits from a deep renter base and downtown-adjacent demand drivers, according to WDSuite’s CRE market data. This commercial real estate analysis points to durable renter concentration supporting leasing even as neighborhood occupancy trends vary by cycle.
Located in an Urban Core setting, the neighborhood rates B+ and sits above the metro median (ranked 161 of 449 neighborhoods), per WDSuite. Dining access stands out, with restaurants per square mile ranked 30 of 449 — competitive among Miami–Miami Beach–Kendall neighborhoods — while parks density also ranks 30 of 449, supporting day-to-day livability. Broader amenities trend closer to the metro midpoint (amenity rank 200 of 449), and on-the-ground retail like groceries and pharmacies is thinner within the immediate blocks, reinforcing the appeal of downtown proximity for daily needs.
Renter-occupied housing is a defining feature: the neighborhood’s renter concentration ranks 14 of 449, placing it above the metro median and indicating a sizable tenant base for multifamily. For clarity, occupancy metrics cited here refer to the neighborhood, not this property; neighborhood occupancy is below the metro midpoint, which emphasizes the importance of asset quality, pricing strategy, and management to drive performance.
Within a 3-mile radius, demographics show momentum that generally supports multifamily demand. Over the last five years, population grew and households expanded materially, and forecasts indicate further population growth and a notable increase in households through 2028 — effectively broadening the tenant base and supporting occupancy stability. The projected reduction in average household size suggests continued renter pool expansion as more, smaller households enter the market.
Home values in the neighborhood track in a high-cost ownership context (nationally around the 90th percentile), which tends to sustain reliance on rental housing. At the same time, neighborhood-level rent-to-income ratios are elevated, signaling affordability pressure that can affect retention and renewal strategies. Together, these dynamics call for disciplined lease management and product positioning to balance pricing power with stability, based on CRE market data from WDSuite.
Safety indicators, measured at the neighborhood level, trail national benchmarks overall (around the lower third nationally) and sit below the metro median (crime rank 352 of 449). That said, trends are directionally constructive: estimated violent offense rates decreased year over year, and property offenses also edged lower. These are neighborhood-level signals and can vary block to block; investors typically underwrite with an eye to lighting, access control, and tenant screening to support on-site outcomes.
The property draws from a diversified employment base accessible within a short-to-moderate drive, supporting workforce housing demand and retention. Notable nearby corporate offices include Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic — corporate offices (5.4 miles)
- World Fuel Services — corporate offices (9.9 miles) — HQ
- Lennar — corporate offices (10.5 miles) — HQ
- Johnson & Johnson — corporate offices (10.7 miles)
- Ryder System — corporate offices (13.1 miles) — HQ
350 NW 2nd St offers exposure to Miami’s urban core with a large renter base and proximity-driven demand. Neighborhood renter concentration is among the strongest in the metro, supporting depth of tenancy. While neighborhood occupancy is below the metro midpoint, household growth within a 3-mile radius and a forecast increase in households through 2028 suggest a larger tenant pool over time. High-cost ownership dynamics locally tend to reinforce demand for rental options, though elevated rent-to-income ratios warrant careful renewal and pricing management. According to CRE market data from WDSuite, these conditions favor well-managed assets that emphasize operations, unit quality, and leasing discipline.
Built in 1981, the property’s vintage points to routine capital planning and select modernization for competitive positioning against newer deliveries, creating potential to capture value via targeted upgrades without overcapitalizing. Investors should underwrite with attention to affordability pressure and neighborhood-level safety trends, balancing revenue growth with retention and on-site controls.
- Urban-core location with strong renter concentration supporting a deep tenant base
- 3-mile household growth and forecast expansion underpin leasing demand and occupancy stability
- High-cost ownership landscape supports sustained reliance on multifamily rentals
- 1981 vintage offers value-add and modernization opportunities for competitive positioning
- Risks: below-metro neighborhood occupancy, affordability pressure, and safety considerations require disciplined operations