| 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 | 2005-08-26 |
| Transaction Price | $2,483,900 |
| Buyer | KIET INVESTMENT INC |
| Seller | VISTA RIO PARTNERS LLC |
624 SW 1st St Miami Multifamily Opportunity
Renter demand in this Urban Core location is supported by a high neighborhood renter-occupied share and dense amenities, according to WDSuite’s CRE market data, while occupancy trends warrant careful lease management. This mix positions the asset for stable throughput with prudent underwriting and attention to pricing power.
Situated in Miami’s Urban Core, the area scores B+ and ranks 161 out of 449 metro neighborhoods, placing it above the metro median. Dining access is a standout with restaurant density in the top quartile nationally, and park access is similarly strong, supporting day-to-day livability that helps with leasing and resident retention.
The neighborhood skews heavily renter-occupied (high relative to peers), indicating a deep tenant base for multifamily. At the same time, reported neighborhood occupancy runs below the metro median, so investors should plan for active leasing strategies and amenity positioning to sustain absorption and renewals.
Ownership costs in the area are elevated versus national norms, which tends to sustain reliance on multifamily housing and can support pricing power. However, the rent-to-income profile signals affordability pressure in parts of the renter pool, making renewal management and targeted concessions important tools for retention without eroding long-term rent rolls.
The asset’s 2009 vintage is newer than the neighborhood’s average construction year (1982), offering relative competitiveness versus older stock. Investors should still budget for system modernization and light repositioning typical of assets of this age to maintain appeal against recent deliveries.
Within a 3-mile radius, population and household counts have grown and are projected to continue increasing, with household sizes trending smaller. This points to renter pool expansion and demand for professionally managed units. These dynamics, based on CRE market data from WDSuite, compare favorably to many urban submarkets and support sustained leasing velocity for well-operated properties.
Safety trends are mixed compared with broader benchmarks. The neighborhood ranks 352 out of 449 across the metro, indicating crime levels above the metro average, while national positioning is below the median. That said, recent year-over-year data show improvement in violent offenses, suggesting conditions have been easing rather than worsening.
For underwriting, this argues for proven on-site management practices (access control, lighting, and resident engagement) and close monitoring of submarket trends. As always, investors should review property-level history and surrounding-block conditions alongside neighborhood metrics to calibrate risk.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience for residents. Key names include Mosaic, World Fuel Services, Lennar, Johnson & Johnson, and Ryder System.
- Mosaic — corporate office (5.8 miles)
- World Fuel Services — energy logistics (9.7 miles) — HQ
- Lennar — homebuilding (10.3 miles) — HQ
- Johnson & Johnson — healthcare (10.7 miles)
- Ryder System — logistics & transportation (13.0 miles) — HQ
This 2009-vintage, 60-unit asset competes well against an older neighborhood stock base and sits in a renter-heavy Urban Core pocket of Miami. Strong restaurant and park density bolster livability, while elevated ownership costs in the area tend to sustain rental demand. According to CRE market data from WDSuite, neighborhood occupancy trends trail the metro median, so stable performance hinges on disciplined leasing, renewals, and selective upgrades that keep the property competitive.
Within a 3-mile radius, recent and projected growth in population and households, alongside smaller household sizes, point to a larger tenant base and continued demand for professionally managed rentals. Income gains have supported higher asking rents over time, but parts of the renter base show affordability pressure, making targeted concessions and resident services useful for retention without sacrificing long-term NOI.
- Renter-heavy neighborhood supports depth of demand and leasing velocity.
- 2009 vintage offers relative competitiveness versus older local stock with manageable modernization needs.
- Strong dining and park access enhance resident appeal and renewal potential.
- Underwriting focus: neighborhood occupancy below metro median requires active leasing and pricing discipline.
- Affordability pressures in parts of the renter pool present retention risk; use targeted concessions and service differentiation.