| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 25th | Poor |
| Amenities | 62nd | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 674 NW 177th St, Miami, FL, 33169, US |
| Region / Metro | Miami |
| Year of Construction | 1978 |
| Units | 38 |
| Transaction Date | --- |
| Transaction Price | $850,000 |
| Buyer | MIAMI GARDENS REALTY LLC |
| Seller | LA BELLE PROPERTIES INC |
674 NW 177th St Miami Multifamily Investment
Neighborhood occupancy and renter concentration point to a stable tenant base, according to WDSuite’s CRE market data, with pricing power influenced by a high-cost ownership landscape nearby.
Situated in Miami’s Urban Core, the property benefits from neighborhood fundamentals that support multifamily demand. The share of housing units that are renter-occupied is substantial at the neighborhood level (near half), indicating depth in the tenant base and consistent leasing velocity. Neighborhood occupancy trends sit around the metro middle, suggesting steady but competitive absorption for well-positioned assets.
Amenity access is a relative strength: restaurants, groceries, cafes, and childcare are dense by national standards, aiding resident retention and day-to-day convenience. However, park access within the immediate neighborhood is limited, which investors should weigh against the area’s strong retail and service coverage.
Construction vintage in the area averages early-1980s; this asset’s 1978 delivery is slightly older, which can create value-add potential through targeted renovations and capital planning while competing against nearby 1980s stock. As part of a balanced investment thesis, this positioning supports a practical upgrade strategy rather than a full repositioning.
Within a 3-mile radius, demographics show modest population growth and a notable increase in households, pointing to a larger tenant base over time. Rising incomes in the radius and continued household formation bolster demand for quality rentals; yet elevated rent-to-income dynamics in the neighborhood suggest careful lease management and renewal strategies. These patterns align with broader commercial real estate analysis of Miami’s infill submarkets, based on market indicators reported by WDSuite.
Home values rank above many U.S. neighborhoods and outpace local incomes, reflecting a high-cost ownership market that tends to sustain reliance on multifamily housing. For investors, this typically supports demand depth and lease retention, though it can also concentrate sensitivity to rental affordability during renewals.
Safety signals are mixed and should be monitored over time. Compared with Miami’s 449 neighborhoods, this area trends above the metro average for crime exposure (lower rank indicates higher crime), but national percentiles for estimated property and violent offense rates place the neighborhood in an above-average position versus many U.S. areas. Recent year-over-year estimates indicate an uptick in violent offenses, reinforcing the importance of ongoing monitoring and property-level safety measures.
Nearby corporate offices provide a diversified employment base that supports renter demand and commute convenience, with a mix of healthcare, logistics, energy, and consumer sectors represented below.
- Johnson & Johnson — healthcare (5.8 miles)
- Mosaic — diversified industry offices (10.2 miles)
- Ryder System — logistics & transportation (11.8 miles) — HQ
- World Fuel Services — energy services (12.4 miles) — HQ
- AutoNation — automotive retail (13.4 miles) — HQ
This 38-unit asset at 674 NW 177th St sits in a renter-heavy Miami neighborhood where amenity density supports retention and the ownership market remains comparatively expensive. According to CRE market data from WDSuite, neighborhood occupancy is steady around the metro midpoint and the share of renter-occupied housing units is substantial, indicating a reliable tenant pipeline for well-maintained product.
Built in 1978, the property is slightly older than the neighborhood’s early-1980s average, creating clear value-add angles through selective renovations, system updates, and curb-appeal improvements. Within a 3-mile radius, modest population growth and increasing household counts point to a larger tenant base over time, while elevated rent-to-income dynamics call for disciplined pricing, renewal strategies, and expense control.
- Balanced tenant base: substantial renter-occupied share supports ongoing leasing and retention.
- Amenity-rich location: dense access to dining, groceries, and services underpins livability.
- 1978 vintage: targeted upgrades can enhance competitiveness versus nearby early-1980s stock.
- Demand drivers: modest population and household growth within 3 miles expand the renter pool.
- Risks: affordability pressure (rent-to-income) and mixed safety trends warrant prudent operations and underwriting.