| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 20th | Poor |
| Amenities | 78th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 5601 NW 2nd Ave, Miami, FL, 33127, US |
| Region / Metro | Miami |
| Year of Construction | 2009 |
| Units | 80 |
| Transaction Date | 2006-01-26 |
| Transaction Price | $1,000,000 |
| Buyer | POINCIANA GROVE LTD |
| Seller | LANGLIEB GREER BRUCE W |
5601 NW 2nd Ave Miami Multifamily Opportunity
High neighborhood renter concentration supports a deep tenant base, while elevated ownership costs help sustain rental demand, according to WDSuite’s CRE market data.
The property sits in Miami’s Urban Core with strong daily-life convenience. Cafes and restaurants are plentiful (top national percentiles), parks are accessible, and grocery and pharmacy options are solid, positioning the location well for resident retention. Childcare options are limited locally, and average public school ratings trend on the lower side, which some family renters may factor into housing decisions.
Within the Miami–Miami Beach–Kendall metro, overall neighborhood quality is competitive (ranked 216 out of 449). Amenity access scores in the top quartile nationally, and the area 2s renter-occupied share is among the highest in the metro (ranked 32 out of 449), indicating a large pool of multifamily demand. By contrast, neighborhood occupancy runs below the metro median (ranked 380 out of 449), signaling leasing may require active management and product differentiation.
Home values are elevated for the neighborhood relative to incomes (value-to-income sits at the very high end nationally), which typically reinforces reliance on rental housing and can support pricing power for competitive assets. At the same time, rent-to-income is high for neighborhood renters, introducing affordability pressure that owners should monitor for renewal risk and lease management.
Demographic statistics aggregated within a 3-mile radius show population growth over the last five years alongside a notable increase in households, expanding the prospective renter pool. Forecasts point to continued household gains by 2028, which can support occupancy stability and absorption for well-positioned units, based on commercial real estate analysis from WDSuite.
Safety conditions trend below both metro and national medians for this neighborhood. Within the Miami–Miami Beach–Kendall metro, the area ranks 378 out of 449 neighborhoods for crime, indicating relatively higher incident levels than many local peers. Nationally, the neighborhood sits in lower percentiles for safety, so investors should underwrite with appropriate security measures and operating practices.
Recent trends are mixed: property offenses have declined year over year (improving relative position), while violent offense estimates ticked higher. For investors, this favors pragmatic risk management 7hinking in terms of lighting, access control, and community engagement rather than assuming uniform improvement.
Nearby corporate offices span healthcare, energy logistics, homebuilding, and transportation, supporting a diverse employment base and convenient commutes for renters who work across these sectors.
- Mosaic — corporate offices (4.9 miles)
- Johnson & Johnson — healthcare corporate offices (8.0 miles)
- World Fuel Services — energy logistics corporate offices (9.7 miles) — HQ
- Lennar — homebuilding corporate offices (11.2 miles) — HQ
- Ryder System — transportation & logistics corporate offices (11.9 miles) — HQ
Built in 2009, the asset is materially newer than the neighborhood 2s prevailing 1960s housing stock, offering relative competitiveness versus older inventory. That vintage can reduce near-term capital exposure compared with much older assets, while still leaving room for targeted modernization or amenities to sharpen positioning.
The surrounding neighborhood exhibits a high share of renter-occupied units (top quartile among 449 metro neighborhoods), abundant lifestyle amenities, and expanding household counts within a 3-mile radius all supportive of a larger tenant base and leasing durability. However, neighborhood occupancy trails the metro median and rent-to-income is elevated, so underwriting should account for affordability pressure and the need for active leasing strategy. According to CRE market data from WDSuite, these dynamics suggest demand depth is present but execution will hinge on product quality, pricing discipline, and resident retention.
- 2009 vintage competes well against older local stock; targeted upgrades can further differentiate
- High neighborhood renter concentration signals depth of tenant demand
- Strong amenity access and diverse nearby employers support retention
- 3-mile household growth and projections point to ongoing renter pool expansion
- Risk: neighborhood occupancy below metro median and high rent-to-income require pricing and renewal discipline