| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 19th | Poor |
| Amenities | 59th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 655 NW 56th St, Miami, FL, 33127, US |
| Region / Metro | Miami |
| Year of Construction | 1994 |
| Units | 60 |
| Transaction Date | 2015-12-17 |
| Transaction Price | $4,266,100 |
| Buyer | EDISON TERRACES LLC |
| Seller | EDISON TERRACES II LTD |
655 NW 56th St Miami 60-Unit Multifamily Opportunity
Renter demand is supported by a high neighborhood renter concentration and a high-cost ownership market, according to CRE market data from WDSuite, while current occupancy levels in the area suggest careful lease management and pricing discipline.
Situated in Miami's Urban Core, the property benefits from neighborhood dynamics that favor multifamily demand. The surrounding area shows a high share of renter-occupied housing units (neighborhood metric), indicating depth in the tenant base and support for leasing velocity and retention. Neighborhood occupancy trends are softer than the metro median, so consistent leasing efforts and renewal strategies matter for stability.
Local amenities skew practical. Grocery and park access are strong (both in the upper national percentiles), and restaurant density is competitive among 449 Miami-Miami Beach-Kendall neighborhoods, while cafes and pharmacies are limited nearby. Average school ratings track below national norms, which may shape the tenant mix toward households prioritizing urban access, employment proximity, and price point over school quality.
Property positioning: Built in 1994, the asset is newer than the neighborhood's average vintage. That generally supports competitive positioning versus older stock and may temper near-term capital needs; however, investors should still plan for modernization of building systems and interiors as part of a value strategy.
Demand and affordability context: Within a 3-mile radius, demographics point to population growth and a notable increase in households, expanding the renter pool. Median contract rents in the neighborhood sit mid-range nationally with solid five-year growth, while elevated home values relative to incomes at the neighborhood level reinforce renter reliance on multifamily housing. At the same time, higher rent-to-income levels imply affordability pressure for some households, making measured rent increases and renewal incentives important for retention.
Safety indicators for the neighborhood track below national averages (higher national percentiles indicate safer areas), but recent data show meaningful year-over-year improvement in both property and violent offenses. Relative to 449 Miami-Miami Beach-Kendall neighborhoods, the area trends around the metro middle, with direction improving rather than deteriorating.
For investors, this suggests continued emphasis on lighting, access control, and community standards to support resident comfort and retention, while monitoring neighborhood-level trends for further improvement.
The location serves a broad corporate employment base within roughly 12 miles, supporting workforce housing demand and commute convenience. Nearby employers include Mosaic, Johnson & Johnson, World Fuel Services, Lennar, and Ryder System.
- Mosaic — corporate offices (5.4 miles)
- Johnson & Johnson — corporate offices (7.7 miles)
- World Fuel Services — corporate offices (9.3 miles) — HQ
- Lennar — corporate offices (10.7 miles) — HQ
- Ryder System — corporate offices (11.5 miles) — HQ
This 60-unit asset provides exposure to Miami's Urban Core with a renter-heavy neighborhood and proximity to diversified corporate employers. Based on CRE market data from WDSuite, neighborhood occupancy trails the metro median, but a deep renter base and growth in households within a 3-mile radius support long-run tenant demand and leasing stability.
Constructed in 1994, the property is newer than much of the surrounding stock, which can be advantageous versus older assets; investors should still budget for targeted system upgrades and interior modernization. Elevated ownership costs in the neighborhood context support sustained reliance on rentals, while higher rent-to-income levels underscore the need for disciplined rent setting and renewal management.
- Renter-heavy neighborhood supports demand depth and renewal potential
- 1994 vintage offers competitive positioning versus older local stock with focused capex
- Strong everyday amenities (grocery, parks, restaurants) enhance livability and retention
- Demographic growth within 3 miles expands the renter pool and supports occupancy
- Risk: Softer neighborhood occupancy and affordability pressure require careful pricing and lease management