| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 19th | Poor |
| Amenities | 59th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 675 NW 56th St, Miami, FL, 33127, US |
| Region / Metro | Miami |
| Year of Construction | 1993 |
| Units | 60 |
| Transaction Date | 2015-12-17 |
| Transaction Price | $4,395,800 |
| Buyer | EDISON TERRACES LLC |
| Seller | EDISON TERRACES LTD |
675 NW 56th St Miami Multifamily Opportunity
Neighborhood data points to durable renter demand driven by a high share of renter-occupied units and improving crime trends, according to WDSuite’s CRE market data. Investors should underwrite to steady leasing with attention to affordability and renewal management at the neighborhood level.
Location fundamentals and renter demand
This Urban Core neighborhood in Miami shows a renter-occupied housing concentration of 67.0% (neighborhood metric, not property-level), indicating a deep tenant base for multifamily. While neighborhood occupancy runs in the mid-80s, investor focus should be on retention and effective marketing to sustain stability versus stronger-performing sub-areas in the metro.
Livability is supported by everyday conveniences: grocery access and park availability sit in the top quartile nationally, while restaurants are above average. Cafe and pharmacy density are thinner, so on-site amenities and service partnerships can help competitiveness. Average school ratings in the area track below national norms, suggesting that demand skews toward workforce and lifestyle renters rather than school-driven moves.
The asset’s 1993 vintage is newer than the neighborhood’s older housing stock (average year 1962). That positioning can help with leasing versus legacy properties, though selective system upgrades and common-area refreshes may be warranted for modernization and energy performance.
Within a 3-mile radius, population and household counts have grown in recent years and are projected to continue expanding, with smaller average household sizes indicating more households per capita—supportive of a larger tenant base and lease-up velocity. Median home values in the neighborhood are elevated relative to local incomes (high value-to-income positioning), which typically sustains reliance on rental housing; however, rent-to-income indicators point to affordability pressure, so operators should emphasize renewal tactics and value-add scopes that improve perceived worth without overextending rents.
Safety context
Relative to neighborhoods nationwide, this area benchmarks below average on safety, though both violent and property offense rates showed meaningful year-over-year declines, placing the trend of improvement in a stronger national tier. Within the Miami-Miami Beach-Kendall metro’s 449 neighborhoods, the area performs around the metro median, reflecting mixed conditions by block and time of day.
For underwriting, investors commonly emphasize lighting, access control, and community engagement to support resident comfort and retention. Use recent, property-specific security data where available, and track neighborhood trendlines as part of ongoing asset management.
Anchor employers supporting renter demand
Proximity to a diversified set of corporate offices supports commute convenience and leasing resilience. Notable 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
Investment thesis
This 60-unit, 1993-vintage asset benefits from a renter-heavy neighborhood and proximity to established employers, positioning it for steady tenant demand. Elevated ownership costs in the neighborhood reinforce reliance on multifamily, while 3-mile radius projections indicate continued population and household growth—expanding the renter pool and supporting occupancy stability.
According to CRE market data from WDSuite, neighborhood occupancy trends trail national strength, but the combination of high renter concentration and forward household growth supports a stable absorption backdrop. The 1993 vintage suggests a targeted value-add program—interiors, common areas, and select building systems—to sharpen competitiveness against older local stock without overcapitalizing.
- Renter-heavy neighborhood supports a deep tenant base and consistent leasing.
- 1993 vintage offers modernization and value-add potential versus older nearby stock.
- 3-mile radius growth in population and households points to a larger renter pool over time.
- Elevated ownership costs bolster multifamily demand and lease retention potential.
- Risks: neighborhood affordability pressure and below-average school ratings require disciplined pricing, resident experience, and renewal strategies.