| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 63rd | Poor |
| Demographics | 28th | Poor |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 6445 NW 2nd Ave, Miami, FL, 33150, US |
| Region / Metro | Miami |
| Year of Construction | 1972 |
| Units | 21 |
| Transaction Date | 2017-04-20 |
| Transaction Price | $1,000,000 |
| Buyer | LITTLE RIVER TRUST |
| Seller | PAUL BUILDING ASSOCIATES LLC |
6445 NW 2nd Ave Miami Multifamily Investment
Stabilized renter demand in an Urban Core setting supported by strong neighborhood amenity density and a high share of renter-occupied units, according to WDSuite’s CRE market data. Vintage suggests value-add potential while nearby employment and household growth support leasing durability.
Situated in Miami’s Urban Core, the area around 6445 NW 2nd Ave offers dense daily needs and lifestyle amenities. Restaurant and café concentrations rank in the top tier nationally, with parks and childcare access also strong, positioning the location to attract working households seeking convenience and shorter trips to services.
The neighborhood skews heavily renter-occupied at 72.6% of housing units, indicating a deep tenant base for multifamily. Neighborhood occupancy is in the mid-80s and has eased versus five years ago, so competitive pricing and asset differentiation can support retention. Median household incomes in the neighborhood trail metro leaders, and the rent-to-income ratio near 0.31 points to some affordability pressure—an important lease management consideration for operators.
Home values are elevated for the area and value-to-income is high, which tends to reinforce reliance on rental housing and can support renter demand depth. Average school ratings within the neighborhood are below metro norms; investors targeting family renters may plan positioning and amenities accordingly.
Within a 3-mile radius, demographics show recent population growth with faster household formation and further gains forecast, expanding the prospective renter pool. These trends, based on CRE market data from WDSuite, suggest a larger tenant base over the next cycle, while the neighborhood’s older building stock (average vintage mid-1950s) means a 1972 asset can compete well after targeted modernization.
Safety conditions are mixed relative to national comparisons. The neighborhood sits below national averages for safety on WDSuite benchmarks, with violent offense levels around the 19th percentile and property offenses near the 8th percentile nationally. However, both categories show meaningful year-over-year improvement, with violent offenses down roughly 41% and property offenses down about 25%, indicating a favorable recent trend rather than a guarantee of future conditions.
Investors typically account for security measures, lighting, and tenant communication in operating plans in areas with below-average safety readings. Monitoring ongoing trends and coordinating with local resources can help sustain leasing and retention.
Proximity to a diversified employment base supports renter demand and commuting convenience, including corporate offices for Mosaic, Johnson & Johnson, World Fuel Services, Lennar, and Ryder System.
- Mosaic — corporate offices (5.1 miles)
- Johnson & Johnson — healthcare products corporate offices (7.7 miles)
- World Fuel Services — energy logistics (9.8 miles) — HQ
- Lennar — homebuilding (11.3 miles) — HQ
- Ryder System — logistics (11.7 miles) — HQ
This 21-unit, 1972-vintage property sits in an amenity-rich Urban Core neighborhood with a high concentration of renter-occupied housing, supporting a durable tenant base. Elevated home values in the area reinforce reliance on rentals, while recent household growth within a 3-mile radius expands the pool of prospective renters. Neighborhood occupancy has softened compared with five years ago, so a value-forward, operations-focused strategy can help sustain leasing performance.
The 1972 vintage suggests targeted capital planning—systems upgrades and unit renovations—to strengthen competitiveness versus older local stock from the 1950s. According to commercial real estate analysis from WDSuite, the surrounding area’s improving crime trend and dense amenity fabric provide support, while affordability pressures and school quality call for careful positioning and tenant retention strategies.
- Urban Core location with top-tier amenity density that attracts renters and supports leasing
- High renter-occupied share indicates depth of tenant demand for multifamily units
- 1972 vintage offers value-add potential to out-compete older neighborhood stock
- Expanding households within 3 miles point to a growing renter pool over the next cycle
- Risks: below-average safety readings, affordability pressure, and softer neighborhood occupancy require attentive operations