| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 55th | Good |
| Amenities | 48th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 642 NW 5th Ave, Miami, FL, 33136, US |
| Region / Metro | Miami |
| Year of Construction | 2010 |
| Units | 120 |
| Transaction Date | --- |
| Transaction Price | --- |
| Buyer | --- |
| Seller | --- |
642 NW 5th Ave, Miami — Multifamily Investor Snapshot
Renter concentration in the surrounding neighborhood is high and homeownership costs are elevated, supporting durable multifamily demand even as local occupancy trends run softer than the metro, according to WDSuite’s CRE market data.
The property sits in Miami’s Urban Core (neighborhood rating: B+), which is competitive among Miami-Miami Beach-Kendall neighborhoods (ranked 161 out of 449). Restaurants and parks index strongly at the neighborhood level (both top quartile in the metro), while cafes, groceries, and pharmacies are thinner locally, steering residents to nearby areas for daily needs. These are neighborhood-level metrics, not property operations.
At the neighborhood level, renter-occupied housing is prevalent (near the top of the metro distribution), indicating a deep tenant pool and consistent leasing velocity for multifamily assets. By contrast, neighborhood occupancy is below the metro median, so owners should underwrite active leasing and renewal management to sustain performance.
Construction in the immediate area skews older (average 1982). A 2010 vintage gives this asset a competitive position versus older stock, with potential to capture demand from residents prioritizing more contemporary buildings; investors should still plan for mid-life systems and selective modernization to maintain positioning.
Neighborhood income and housing indicators point to sustained renter reliance. Median home values sit in a high-cost ownership market (nationally high percentile), reinforcing rental demand and supporting pricing power for well-operated assets. NOI per unit at the neighborhood level ranks in the top quartile locally, signaling that comparable assets can achieve healthy operating margins with disciplined expense control. For multifamily property research, these signals provide context for rent setting and capital planning.
Within a 3-mile radius, population and households have grown over the last five years with further growth forecast, alongside declining average household size. This implies a larger renter base with more one- to two-person households entering the market, supporting demand depth for smaller floor plans and stabilizing occupancy over time.
Neighborhood safety metrics are mixed relative to the region and nation. Compared with other Miami-Miami Beach-Kendall neighborhoods (449 total), this area ranks in the lower half for safety. Nationally, it sits below average on safety percentiles, though recent trends show improvement with year-over-year declines in both violent and property offense estimates. These are neighborhood-level indicators intended for directional context rather than property-specific risk.
Investors should incorporate these trends into underwriting through realistic marketing timelines, attentive on-site management, and resident retention strategies, while monitoring whether the recent improvement persists over the next leasing cycles.
Proximity to a diversified base of corporate offices supports commuter demand and retention for workforce and professional renters. Notable employers within a commutable radius include Mosaic, World Fuel Services, Johnson & Johnson, Lennar, and Ryder System — all referenced here as corporate offices consistent with the surrounding employment base.
- Mosaic — corporate offices (5.5 miles)
- World Fuel Services — corporate offices (9.7 miles) — HQ
- Johnson & Johnson — corporate offices (10.3 miles)
- Lennar — corporate offices (10.4 miles) — HQ
- Ryder System — corporate offices (12.9 miles) — HQ
This 120-unit, 2010-vintage asset benefits from a renter-heavy Urban Core location where elevated ownership costs sustain reliance on multifamily housing. Neighborhood occupancy trends are softer than the metro, but the depth of renter-occupied units and strong restaurant and park access underpin day-to-day livability and leasing appeal. Based on CRE market data from WDSuite, neighborhood NOI per unit ranks in the top quartile locally, suggesting comparable assets can operate efficiently when managed proactively.
Demographic momentum within a 3-mile radius — growth in population and households and a shift toward smaller household sizes — supports a larger tenant base over the medium term. The 2010 construction year positions the property competitively versus older nearby stock, with a clear plan for mid-life capital items and selective renovations to protect rent positioning and renewal capture. Key risks to underwrite include below-metro neighborhood occupancy, affordability pressure (high rent-to-income at the neighborhood level), and safety metrics that, while improving, remain below national averages.
- 2010 vintage competes well against older local stock; plan for mid-life systems and targeted modernization.
- Renter-heavy neighborhood and high-cost ownership market support demand depth and renewal potential.
- Neighborhood NOI per unit ranks top quartile locally, indicating attainable operating efficiency with disciplined management.
- 3-mile population and household growth with smaller household sizes expands the renter pool for smaller formats.
- Risks: neighborhood occupancy below metro levels, affordability pressure, and safety metrics that warrant ongoing monitoring.