| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 25th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 651 NW 177th St, Miami, FL, 33169, US |
| Region / Metro | Miami |
| Year of Construction | 1972 |
| Units | 48 |
| Transaction Date | --- |
| Transaction Price | $1,500,000 |
| Buyer | MILLER BARBARA L |
| Seller | CASSUTO JOSEPH I |
651 NW 177th St Miami Multifamily Investment Opportunity
Positioned in Miami Miami-Dade this 48-unit asset sits in a renter-heavy urban pocket where daily-needs amenities support steady tenant demand, according to WDSuite s CRE market data.
The surrounding Urban Core neighborhood rates B- and is above the metro median (ranked 249 among 449 Miami-Miami Beach-Kendall neighborhoods). Food and daily-needs coverage is a strength: cafes and grocery density sit in the top decile nationally, with restaurants also well above national norms. Park and pharmacy access are limited, so on-site or nearby private amenities can be a competitive differentiator.
Renter concentration is substantial, with roughly half of housing units renter-occupied. For investors, that depth of the tenant base supports leasing velocity and reduces dependence on any one segment. Neighborhood occupancy trends are around national averages, suggesting stable but competitive conditions for lease-up and renewals.
Within a 3-mile radius, population has grown in recent years and households have expanded at a faster pace, indicating smaller household sizes and a broader renter pool. Forecasts point to further increases in residents and households over the next five years, which generally supports occupancy stability and sustained multifamily demand.
Homeownership costs in the area are elevated relative to incomes (nationally top decile for value-to-income), which tends to reinforce reliance on rental housing and can sustain pricing power for well-positioned properties. Neighborhood median contract rents benchmark in the top quartile nationally, underscoring a market that rewards quality operations and unit finishes.
The asset s 1972 vintage is older than the neighborhood s average construction year (1981). That age profile typically requires capital planning for systems and common areas, while also offering value-add potential through targeted renovations and amenity upgrades to compete against newer supply.
Safety indicators are mixed. Overall crime levels track near the national midpoint, while recent measures show property and violent offense rates comparing favorably versus many U.S. neighborhoods (higher national safety percentiles). At the same time, year-over-year violent incident estimates indicate a worsening trend relative to peers (low national percentile for improvement), so investors should underwrite with current data and monitor changes at the neighborhood scale rather than block level.
Proximity to diverse corporate employers supports workforce housing demand and commute convenience for residents. Notable nearby employment nodes include healthcare, logistics, energy, and diversified corporate offices listed below.
- Johnson & Johnson corporate offices (5.8 miles)
- Mosaic corporate offices (10.3 miles)
- Ryder System logistics & transportation (11.8 miles) HQ
- World Fuel Services energy & services (12.5 miles) HQ
- AutoNation automotive retail corporate (13.3 miles) HQ
651 NW 177th St offers exposure to a renter-driven pocket of Miami where amenity density is strong, homeownership is comparatively high-cost, and neighborhood rents benchmark above national norms. According to CRE market data from WDSuite, occupancy in the neighborhood is around the national midpoint, which positions well-kept assets to compete on operations and finish quality rather than deep concessions.
Constructed in 1972, the property presents clear value-add potential through interior upgrades and systems modernization to enhance competitiveness against newer stock. A sizable tenant base, proximity to major employers, and projected household growth within a 3-mile radius support demand durability, while underwriting should account for affordability pressure and local safety trend variability.
- Renter-heavy area with strong daily-needs amenity density supporting leasing and retention
- Neighborhood rents in the national top quartile, favoring well-operated assets
- 1972 vintage offers value-add and capital improvement upside to drive NOI
- Access to major employers across healthcare, logistics, energy, and corporate services
- Risks: affordability pressure and mixed safety trends warrant conservative underwriting