| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 77th | Best |
| Demographics | 89th | Best |
| Amenities | 98th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 615 NE 22nd St, Miami, FL, 33137, US |
| Region / Metro | Miami |
| Year of Construction | 2003 |
| Units | 104 |
| Transaction Date | --- |
| Transaction Price | $196,000 |
| Buyer | MENTAL HEALTH ASSOCIATION OF DADE C |
| Seller | FELICIA FINANCIAL INC |
615 NE 22nd St Miami Urban-Core Multifamily
Strong renter concentration and deep amenity access in the neighborhood point to durable demand, according to WDSuite’s CRE market data. Neighborhood occupancy trends can be variable, so asset performance will lean on leasing execution and product positioning.
Located at 615 NE 22nd St in Miami’s Urban Core, the property sits in an A+ rated neighborhood that ranks 2 out of 449 metro neighborhoods. Amenity density is a clear strength: restaurants and groceries rank in the top national percentiles, and parks and pharmacies are similarly abundant, supporting day-to-day convenience and resident retention.
Renter-occupied housing accounts for a higher share of neighborhood units than most areas (above the 90th percentile nationally). For investors, that depth of the tenant base supports leasing velocity and renewal potential, even as the neighborhood 7s overall occupancy level has shown variability versus national norms. Median contract rents are elevated relative to many U.S. neighborhoods, which can enhance revenue potential; at the same time, a rent-to-income profile near 0.28 suggests selective affordability pressure that calls for thoughtful lease management.
Within a 3-mile radius, demographics indicate a growing renter pool: recent years show population and households expanding, with forecasts calling for continued household growth and smaller average household sizes. These trends typically translate to more single- and couple-tenant demand, supporting occupancy stability for well-positioned product.
The building 7s 2003 vintage is slightly older than the neighborhood average construction year (2005). Investors should expect periodic modernization or system updates to maintain competitive positioning against newer deliveries, while potentially capturing value-add upside through targeted renovations.
Home values in the neighborhood sit at elevated levels compared with many U.S. areas. In practice, a high-cost ownership market can reinforce reliance on multifamily housing, which can support pricing power when paired with strong amenities and commute access.
Safety indicators are mixed and should be considered in underwriting. The neighborhood ranks 423 out of 449 in the metro on crime, placing it below the metro average and in lower national percentiles for safety compared with neighborhoods nationwide. Recent year-over-year changes show property offenses trending slightly higher and violent offenses largely stable, underscoring the importance of security features, lighting, and resident engagement in asset plans.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience for residents. The employers below represent regional headquarters and major offices within a practical commuting radius.
- Mosaic — corporate offices (4.1 miles)
- Johnson & Johnson — corporate offices (10.0 miles)
- World Fuel Services — corporate offices (10.6 miles) — HQ
- Lennar — corporate offices (11.6 miles) — HQ
- Ryder System — corporate offices (13.3 miles) — HQ
This 104-unit, 2003-vintage asset benefits from a high-amenity Urban Core location and a neighborhood with a strong renter-occupied share, supporting steady demand from professionals seeking convenience. Within a 3-mile radius, population and household growth point to a larger tenant base ahead, while elevated neighborhood home values tend to sustain reliance on multifamily housing. Based on CRE market data from WDSuite, rents and amenity density compare favorably to national averages, positioning renovated units to compete effectively.
Counterbalancing strengths are neighborhood occupancy variability and below-average safety rankings versus the metro, which warrant proactive operations, security enhancements, and thoughtful pricing. The 2003 vintage suggests targeted modernization can drive value-add returns relative to newer deliveries.
- Urban Core location with top-tier amenity access supports leasing and renewals
- High renter-occupied share indicates depth of tenant base for multifamily demand
- 2003 vintage presents value-add potential through selective modernization
- 3-mile household and population growth expand the renter pool and support occupancy
- Risks: neighborhood safety ranks below metro average and occupancy can be variable; underwrite security and leasing strategy accordingly