| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 89th | Best |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 439 NE 23rd St, Miami, FL, 33137, US |
| Region / Metro | Miami |
| Year of Construction | 1972 |
| Units | 42 |
| Transaction Date | 2010-07-26 |
| Transaction Price | $50,100 |
| Buyer | PREMIER AMERICAN BANK NA |
| Seller | EDGEWATER LLC |
439 NE 23rd St Miami Multifamily Opportunity
Urban-core amenities and a high-income renter base support durable demand, according to WDSuite’s CRE market data, while investors should underwrite for competitive Class A/B supply nearby. This concise commercial real estate analysis points to renter depth over occupancy momentum.
Situated in Miami’s Urban Core, the property benefits from one of the metro’s highest amenity concentrations—restaurants, groceries, parks, and pharmacies rank in the top percentiles nationally. With an amenity rank of 4 among 449 Miami metro neighborhoods (top tier locally), foot-traffic drivers and daily-needs access are strong tailwinds for leasing and resident retention.
Neighborhood fundamentals skew upscale: median household income is above most U.S. neighborhoods, and home values are elevated relative to national norms. For multifamily, a higher ownership cost environment can reinforce reliance on rental housing, supporting pricing power—tempered by careful lease management where rent-to-income readings signal potential affordability pressure.
Within a 3-mile radius, demographics indicate a growing renter pool: households and families have expanded over the last five years, with forecasts pointing to further population and household growth. A renter-occupied share around 77% in this radius suggests deep tenant demand, which can help support occupancy stability and absorption for mid-sized assets.
The neighborhood’s average construction year skews newer (2005, competitive among Miami’s 449 neighborhoods). By contrast, this asset’s 1972 vintage implies capital planning for systems, interiors, and common areas—creating value-add pathways to compete with newer stock while targeting residents drawn by the location’s amenity density and commute convenience.
Safety indicators are mixed and should be underwritten with care. The neighborhood ranks 423 out of 449 metro neighborhoods on crime, placing it below metro averages and below most U.S. neighborhoods on comparative safety. Nationally, current readings align more with lower-percentile safety cohorts rather than top-quartile districts.
Recent trend signals are relatively stable to slightly higher year over year in both violent and property incidents. For investors, this translates to practical considerations: security features, lighting, access controls, and operational protocols that align with urban-core expectations and support resident retention.
Proximity to major corporate offices supports workforce housing demand and commute convenience for residents. Nearby employers include Mosaic, Johnson & Johnson, World Fuel Services, Lennar, and Ryder System—all contributing to a diversified white-collar employment base tied to the urban core.
- Mosaic — corporate offices (4.1 miles)
- Johnson & Johnson — corporate offices (9.9 miles)
- World Fuel Services — corporate offices (10.5 miles) — HQ
- Lennar — corporate offices (11.5 miles) — HQ
- Ryder System — corporate offices (13.2 miles) — HQ
This 42-unit, 1972-vintage asset in Miami’s Urban Core pairs location-driven renter demand with clear value-add levers. Amenity density is among the strongest in the metro and ranks in top national percentiles, supporting leasing velocity and retention. Within a 3-mile radius, population and household growth, rising incomes, and a high share of renter-occupied housing point to a larger tenant base. According to CRE market data from WDSuite, neighborhood ownership costs are elevated versus national norms, which tends to sustain reliance on multifamily housing and supports long-term rent durability when paired with disciplined lease management.
The property’s older vintage relative to nearby stock (neighborhood average skewing to the 2000s) suggests targeted capital programs—mechanicals, exterior, and interior modernization—to compete with newer deliveries. Investors should underwrite for urban-core considerations: competitive Class A supply, below-metro safety rankings, and measured affordability pressure (rent-to-income) that favors asset quality and operational focus over aggressive pricing.
- Urban-core location with top-tier amenity access supports leasing and retention
- Expanding 3-mile renter pool and income growth bolster tenant demand
- 1972 vintage offers value-add potential through systems and interior upgrades
- Elevated ownership costs locally reinforce multifamily reliance and pricing power
- Risks: lower comparative safety, competitive new supply, and affordability pressures requiring prudent lease management