| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 55th | Good |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 528 NW 8th St, Miami, FL, 33136, US |
| Region / Metro | Miami |
| Year of Construction | 2010 |
| Units | 23 |
| Transaction Date | 2008-08-20 |
| Transaction Price | $1,612,900 |
| Buyer | MADISON HOUSING LTD |
| Seller | CITY OF MIAMI |
528 NW 8th St Miami Multifamily Investment
Renter-occupied housing is the dominant tenure in the neighborhood, supporting a deep tenant base and steady leasing fundamentals, according to WDSuite’s CRE market data. Elevated ownership costs nearby further sustain demand for professionally managed apartments in Miami’s urban core.
Located in Miami’s Urban Core, the neighborhood rates B+ and is competitive among 449 Miami metro neighborhoods, indicating solid fundamentals without premium pricing pressure. Parks and dining access are standouts — restaurants and park availability both benchmark in the top quartile nationally — which can aid leasing velocity and retention for workforce and lifestyle renters, based on CRE market data from WDSuite.
The area skews heavily renter-occupied at the neighborhood level (high renter concentration), signaling depth for multifamily demand. Neighborhood occupancy is below the national median, so operators should emphasize asset positioning and management to capture share; however, high renter concentration typically supports ongoing leasing activity and a broader prospect funnel.
Within a 3-mile radius, population and household counts have grown and are projected to continue expanding, pointing to a larger tenant base over time. Household sizes are trending smaller, which can support demand for well-designed one- and two-bedroom layouts. Median incomes in the 3-mile radius have risen meaningfully and are forecast to grow further, reinforcing the market’s ability to support modern, professionally managed product.
Home values in the neighborhood sit at the higher end nationally, creating a high-cost ownership market that tends to reinforce renter reliance on multifamily housing. For investors, this dynamic can support pricing power and renewal capture when paired with attentive lease management and product differentiation.
Safety trends are mixed. The neighborhood sits below the national median for safety, but recent year-over-year data point to improvement, including a double-digit reduction in estimated violent offenses and a modest decline in property offenses, per WDSuite’s CRE market data. Conditions can vary block to block in urban cores, so underwriting should incorporate security, lighting, and resident experience measures typical for inner-city assets.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, particularly for professionals tied to chemicals, energy distribution, healthcare products, homebuilding, and logistics.
- Mosaic — chemicals (5.5 miles)
- World Fuel Services — energy distribution (9.6 miles) — HQ
- Johnson & Johnson — healthcare products (10.2 miles)
- Lennar — homebuilding (10.3 miles) — HQ
- Ryder System — logistics (12.8 miles) — HQ
Built in 2010, the asset is newer than much of the surrounding housing stock, offering competitive positioning versus older inventory while leaving room for selective upgrades over time to enhance rents and retention. The neighborhood’s high renter concentration and proximity to employment support steady leasing, while elevated ownership costs tend to sustain multifamily demand. According to CRE market data from WDSuite, neighborhood occupancy trends trail national medians, so execution should focus on product differentiation and operational consistency.
Demographics aggregated within a 3-mile radius point to population and household growth ahead, smaller average household sizes, and rising incomes. Together, these trends expand the prospective renter pool and can support occupancy stability and rent performance for well-managed properties in Miami’s urban core.
- 2010 vintage competes well against older local stock; targeted upgrades can unlock value
- High renter concentration at the neighborhood level supports a deep tenant base
- Growth in population and households within 3 miles broadens the renter pool
- Risk: neighborhood safety sits below national median and occupancy lags, requiring hands-on management