| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 89th | Best |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 423 NE 23rd St, Miami, FL, 33137, US |
| Region / Metro | Miami |
| Year of Construction | 2013 |
| Units | 55 |
| Transaction Date | 2005-07-29 |
| Transaction Price | $600,000 |
| Buyer | CAMELOT COURT APARTMENTS LLC |
| Seller | PREMIER AMERICAN BANK NA |
423 NE 23rd St Miami Urban-Core Multifamily
Investor focus: a high-amenity, renter-heavy neighborhood with improving but still soft neighborhood occupancy supports selective lease-up and retention strategies, according to WDSuite’s CRE market data.
Situated in Miami’s Urban Core, the property benefits from a dense amenity ecosystem. The neighborhood scores strong for daily needs and lifestyle access, with cafes and grocery options performing in the top percentiles nationally. This amenity depth is competitive among Miami-Miami Beach-Kendall neighborhoods (amenities rank 4 out of 449), positioning assets here to attract convenience-oriented renters.
Renter concentration is high at the neighborhood level, with a renter-occupied housing share that sits in the upper decile nationally. For multifamily owners, that indicates a deeper tenant base and potential demand resilience across cycles. By contrast, neighborhood occupancy is below both metro and national norms despite a multi-year improvement; investors should underwrite to current neighborhood conditions rather than property-level assumptions and plan for differentiated leasing and renewal strategies to sustain performance.
Within a 3-mile radius, population and households have expanded over the last five years, with projections calling for continued population growth and a substantial increase in households. This points to a larger tenant base ahead and supports occupancy stability and leasing velocity for competitively positioned assets.
Ownership costs in the neighborhood are elevated relative to incomes, while neighborhood rent-to-income measures indicate some affordability pressure. For investors, this mix can reinforce renter reliance on multifamily housing and support pricing power for well-amenitized units, though prudent lease management remains important to mitigate turnover risk.
Safety metrics for the neighborhood track below metro averages and fall in lower national percentiles, indicating higher relative crime levels compared with many U.S. neighborhoods. The neighborhood’s crime rank is near the bottom of the Miami-Miami Beach-Kendall metro (ranked 423 among 449 neighborhoods), and national comparisons place it below the median, not the top quartile.
For underwriting, this suggests incorporating measures such as access control, lighting, and security protocols, and reflecting potential insurance and operating considerations. Trends show recent movement that warrants ongoing monitoring rather than one-time assumptions; investors should evaluate property-specific safety features and management practices to differentiate within the submarket.
Nearby corporate offices contribute to a diverse employment base that supports renter demand and commute convenience. Key employers within a typical renter commute include Mosaic, Johnson & Johnson, World Fuel Services, Lennar, and Ryder System.
- Mosaic — corporate offices (4.1 miles)
- Johnson & Johnson — healthcare products (9.9 miles)
- World Fuel Services — energy services (10.4 miles) — HQ
- Lennar — homebuilding (11.5 miles) — HQ
- Ryder System — logistics & transportation (13.2 miles) — HQ
Built in 2013, the asset is newer than the neighborhood’s average vintage, offering relative competitiveness versus older stock and reducing near-term capital needs while still allowing targeted upgrades for repositioning. Strong neighborhood amenities and a high renter-occupied housing share point to a deep tenant pool, while 3-mile demographic growth suggests a larger renter base ahead. According to commercial real estate analysis from WDSuite, neighborhood occupancy has improved but remains soft, so investors should prioritize leasing differentiation and proactive renewals to sustain performance.
Elevated ownership costs and rent-to-income levels indicate some affordability pressure, which can support pricing power for well-amenitized units but calls for careful lease management to balance rent growth and retention. Overall, the location fundamentals and newer vintage present a measured value proposition, offset by safety and occupancy headwinds that should be underwritten with disciplined assumptions.
- 2013 construction offers competitive positioning versus older neighborhood stock with targeted value-add potential
- High-amenity Urban Core location supports renter appeal and leasing velocity
- 3-mile population and household growth expand the tenant base and support occupancy stability
- Elevated ownership costs reinforce reliance on multifamily, enabling disciplined pricing for quality units
- Risks: below-metro neighborhood safety and soft neighborhood occupancy require conservative underwriting and active management