| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 55th | Good |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 624 SW 1st St, Miami, FL, 33130, US |
| Region / Metro | Miami |
| Year of Construction | 2009 |
| Units | 60 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
624 SW 1st St Miami Multifamily Investment
2009-vintage asset in Miami’s Urban Core with deep renter demand and proximity to job centers, according to WDSuite’s CRE market data. Newer construction versus the area’s older stock supports competitive positioning and operational durability.
Positioned in Miami’s Urban Core, the property benefits from a dense amenity environment with restaurants in the 98th percentile nationally and strong park access also in the 98th percentile. Daycare coverage is comparatively strong, which supports weekday activity and workforce convenience. Neighborhood retail like groceries and pharmacies is limited within the immediate area, so residents may rely on nearby districts for essentials.
The average construction year in the neighborhood is 1982, while this property was built in 2009. The newer vintage provides a competitive edge over older inventory and reduces near-term modernization needs, though investors should still plan for mid‑life system updates as part of capital planning.
Renter-occupied housing is a defining feature here: the renter concentration is very high (top national percentile), indicating a broad tenant base and steady leasing velocity for multifamily. By contrast, the neighborhood s overall occupancy rate ranks below the metro median among 449 Miami-Miami Beach-Kendall neighborhoods, suggesting leasing strategy and unit positioning matter for stability.
Within a 3-mile radius, demographics show recent population growth with further increases expected by 2028, and households are projected to expand meaningfully. This points to a larger tenant base over time and supports occupancy stability. Income profiles have been trending higher, which, alongside elevated home values in the neighborhood (91st percentile nationally), reinforces reliance on multifamily rentals and supports pricing power, balanced against rent-to-income pressures that call for thoughtful lease management based on CRE market data from WDSuite.
Safety indicators for the neighborhood are weaker than national benchmarks, with crime levels placing below the national median. Within the Miami-Miami Beach-Kendall metro, the neighborhood 19s crime rank is in the lower tier compared with 449 neighborhoods, signaling elevated incidents relative to many nearby areas.
Trend-wise, violent offense rates have declined over the past year, and property offenses also edged down, according to WDSuite 19s CRE market data. For investors, this mix suggests prudent security measures and resident communication remain important, while the recent downward trend is a constructive signal to monitor over additional periods.
Nearby corporate employment spans energy, homebuilding, healthcare, pharmaceuticals, and logistics, supporting renter demand through commute convenience and a diversified white-collar and operations workforce. The list below reflects notable employers within a practical commuting radius.
- Mosaic — corporate offices (5.8 miles)
- World Fuel Services — energy & logistics (9.7 miles) — HQ
- Lennar — homebuilding (10.3 miles) — HQ
- Johnson & Johnson — pharmaceuticals (10.7 miles)
- Ryder System — logistics & transportation (13.0 miles) — HQ
This 60-unit, 2009-built property offers a favorable vintage advantage in an Urban Core location where the average building year skews older. High renter concentration supports a deep tenant pool and leasing velocity, while restaurant and park density in the top national percentiles enhances livability. Neighborhood occupancy trails the metro median, so active leasing, finishes, and pricing discipline will be key to sustain performance.
Elevated home values in the neighborhood reinforce reliance on rentals, supporting retention and pricing power. Within a 3-mile radius, population and household growth point to a larger renter pool over time, and income profiles are trending upward. According to CRE market data from WDSuite, crime has shown recent improvement, but remains a factor to underwrite with appropriate security and resident-experience measures.
- 2009 vintage outcompetes older neighborhood stock, with manageable mid-life capex planning
- Deep renter base (among the highest nationally) supports demand and leasing velocity
- Amenity-rich urban setting with restaurants and parks in top national percentiles
- 3-mile demographic growth and rising incomes bolster long-term tenant depth
- Risks: neighborhood occupancy below metro median and safety metrics below national norms; require proactive leasing and property management