| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 25th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 605 NW 177th St, Miami, FL, 33169, US |
| Region / Metro | Miami |
| Year of Construction | 1972 |
| Units | 90 |
| Transaction Date | --- |
| Transaction Price | $2,670,000 |
| Buyer | DANCEA PROPERTIES INC |
| Seller | TACOLCY ECONOMIC DEVELOPMENT CORP |
605 NW 177th St Miami Multifamily Value-Add Opportunity
Positioned in Miami s urban core, this 90-unit asset benefits from a sizable renter base and steady neighborhood occupancy, according to WDSuite s CRE market data. Investors may find durable demand supported by nearby employment nodes and an ownership market that tends to keep households in rental housing.
The immediate neighborhood is rated B- within the Miami-Miami Beach-Kendall metro and classified as Urban Core, indicating established density and service coverage. Grocery and dining access test well versus national peers, helping day-to-day livability and supporting leasing visibility for workforce-oriented product.
Neighborhood occupancy is 90.6%, placing performance close to the metro middle. Renter-occupied housing accounts for roughly 49% of units, signaling a deep tenant pool and demand consistency for multifamily. The property s 1972 vintage is older than the local average construction year (1981), which points to potential value-add upside through unit and systems upgrades and selective amenity refreshes.
Within a 3-mile radius, population has grown in recent years and households have expanded meaningfully, with additional increases projected over the next five years. That trajectory suggests a larger tenant base and supports occupancy stability, with incomes also trending upward. In the same 3-mile radius, median contract rents have risen historically and are forecast to continue growing, per commercial real estate analysis sourced from WDSuite, reinforcing prospects for rent positioning subject to affordability management.
Home values in the neighborhood index above many U.S. areas, and the value-to-income ratio ranks in the top decile nationally. This is a high-cost ownership environment relative to incomes, which typically sustains reliance on rental housing and can aid lease retention and pricing power for well-maintained, competitively renovated product.
Safety indicators are mixed but generally competitive relative to national comparisons. The neighborhood s overall crime rank sits near the metro midpack (249 of 449), and national comparisons land around the middle as well. Property-related offenses benchmark in the stronger range nationally (top quartile), while violent-offense comparisons are also better than many U.S. neighborhoods.
Year-over-year change data indicate some recent uptick in violent incidents, which investors should monitor alongside local policing and community initiatives. Framed at the metro scale, this submarket remains competitive among Miami neighborhoods, but underwriting should incorporate prudent assumptions and ongoing trend checks.
Nearby corporate offices contribute to a diversified employment base and commuter demand, supporting renter retention and day-to-day leasing. Notable employers within practical drive times include Johnson & Johnson, Mosaic, Ryder System, World Fuel Services, and AutoNation.
- Johnson & Johnson corporate offices (5.9 miles)
- Mosaic corporate offices (10.3 miles)
- Ryder System corporate offices (11.9 miles) HQ
- World Fuel Services corporate offices (12.5 miles) HQ
- AutoNation corporate offices (13.2 miles) HQ
This 90-unit asset at 605 NW 177th St sits in a renter-heavy pocket of Miami with neighborhood occupancy around the metro median and amenity access that supports day-to-day convenience. The 1972 construction is older than nearby stock, providing a clear path for value-add through interior upgrades and modernization to enhance competitive positioning against newer deliveries.
In a 3-mile radius, population and household expansion indicate a growing renter pool, while an ownership market with elevated value-to-income dynamics tends to sustain rental demand. According to CRE market data from WDSuite, neighborhood rent levels and contract rent trends support thoughtful repositioning, with underwriting attention to affordability pressure and measured lease management.
- Deep renter base and neighborhood occupancy near metro median supports leasing stability
- 1972 vintage presents value-add potential via unit renovations and system upgrades
- Strong amenity access and proximity to major employers help retention and absorption
- High-cost ownership context underpins rental reliance and pricing power for competitive product
- Risks: affordability pressure and mixed safety trends warrant conservative rent growth and active management