| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Fair |
| Demographics | 33rd | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 600 NW South River Dr, Miami, FL, 33136, US |
| Region / Metro | Miami |
| Year of Construction | 1974 |
| Units | 37 |
| Transaction Date | 1993-07-15 |
| Transaction Price | $440,000 |
| Buyer | ANDMAR ENT INC |
| Seller | COML FED BK |
600 NW South River Dr Miami Multifamily Investment
Urban-core location with strong neighborhood renter concentration supports steady tenant demand, according to WDSuite’s CRE market data. Amenity density and proximity to major employers point to durable occupancy with prudent lease management.
Situated in Miami’s Urban Core, the neighborhood posts a B+ rating and ranks 140 out of 449 metro neighborhoods, placing it competitive among Miami neighborhoods. High amenity access stands out: grocery and pharmacy density track in the top decile nationally, and restaurant and cafe options are also strong, supporting convenience for residents and leasing appeal. Park access is limited, so onsite or nearby private open-space features can help differentiate.
Renter-occupied housing represents a large share of neighborhood units (79.3%), ranking 16 out of 449 — top quartile nationally — indicating a deep tenant base for multifamily. Neighborhood occupancy is around the metro median (rank 333 of 449), suggesting stable, but competitive, leasing dynamics. Median contract rents in the neighborhood have risen over the last five years, reflecting sustained demand; investors should calibrate pricing to local rent-to-income conditions to support retention.
Within a 3-mile radius, demographic statistics show low-single-digit population growth and a mid-teens increase in households over the last five years, with forecasts pointing to further household growth and smaller average household sizes. This trajectory expands the renter pool and supports occupancy stability for smaller unit mixes. Median incomes have advanced while the income distribution remains mixed, reinforcing the need for product-market fit across unit types.
Elevated ownership costs relative to local incomes (high home values and value-to-income ratios) reinforce reliance on rental housing, which can bolster leasing velocity and pricing power for well-positioned multifamily assets. School options in the immediate area rate at the lower end of regional comparisons, which may matter less for studios and one-bedroom demand but is relevant for family-oriented unit strategies.
Safety conditions are a consideration. The neighborhood ranks 373 out of 449 within the Miami metro, indicating below-metro-average safety and placing it below national norms. Nationally benchmarked indicators align with this view; however, recent year-over-year declines in both property and violent offense estimates suggest some improvement momentum. Investors should factor this into underwriting through security, lighting, and resident-experience planning.
Nearby corporate offices provide a broad white-collar employment base that supports renter demand and commute convenience, including Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic — corporate offices (5.9 miles)
- World Fuel Services — energy & logistics (9.2 miles) — HQ
- Lennar — homebuilding (9.9 miles) — HQ
- Johnson & Johnson — healthcare products (10.1 miles)
- Ryder System — transportation & logistics (12.5 miles) — HQ
600 NW South River Dr sits in a renter-heavy, amenity-rich pocket of Miami’s Urban Core. Neighborhood occupancy is around the metro median, while the concentration of renter-occupied units points to a deep tenant base for smaller formats. Within a 3-mile radius, modest population growth paired with notable household growth and a trend toward smaller household sizes supports ongoing multifamily demand and lease-up resilience. Elevated ownership costs in the area further sustain reliance on rentals, aiding pricing power for well-positioned assets.
Operationally, investors should balance rent growth aspirations with local rent-to-income dynamics to protect retention. Proximity to diversified employers underpins weekday demand, while limited park access and below-metro-average safety call for targeted property-level amenities and security investments. According to CRE market data from WDSuite, these fundamentals generally align with steady neighborhood NOI performance relative to broader national trends.
- Renter-heavy neighborhood provides depth of tenant demand and supports occupancy stability
- Amenity-dense urban location and employer proximity bolster leasing and retention
- Household growth within 3 miles and smaller household sizes expand the renter pool
- Elevated ownership costs support sustained reliance on multifamily housing
- Risks: below-metro-average safety and affordability pressure require prudent lease and CapEx planning