| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 22nd | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 690 NW 60th St, Miami, FL, 33127, US |
| Region / Metro | Miami |
| Year of Construction | 1983 |
| Units | 101 |
| Transaction Date | 2010-12-15 |
| Transaction Price | $4,700,000 |
| Buyer | NEW HORIZONS PRESERVATION ASSOCIATES LLL |
| Seller | POAH NEW HORIZONS LLC |
690 NW 60th St Miami Multifamily Investment
High renter concentration in the surrounding neighborhood supports demand, while occupancy trends suggest active asset management can add value, according to WDSuite’s CRE market data. Position near core Miami job centers offers durable leasing fundamentals for a 101-unit asset.
This Urban Core location in Miami-Dade offers everyday convenience that supports renter retention. Amenity access is competitive among Miami-Miami Beach-Kendall neighborhoods, with cafes and grocery options ranking 90th and 96th among 449 neighborhoods, respectively, and both scoring in the top decile nationally. Pharmacies also score well (49th of 449), while park access is limited (449th of 449), an operational consideration for resident lifestyle programming.
Neighborhood housing stock skews older than this property (average 1962), positioning a 1983 vintage asset as relatively newer compared with local peers. That typically supports rentability versus older buildings, though investors should still plan for system updates or selective common-area and unit refreshes to remain competitive.
Renter-occupied housing makes up a large share of neighborhood units (ranked 31st of 449; 98th percentile nationally), indicating a deep tenant base for multifamily. By contrast, the neighborhood occupancy rate ranks 385th of 449 (below the metro median), signaling room for hands-on leasing strategy and amenity positioning to stabilize.
Within a 3-mile radius, demographics point to a larger tenant base over time. Recent years show modest population growth and a meaningful increase in households, with forecasts through 2028 indicating additional population gains, a sizable rise in household counts, and slightly smaller average household sizes. These shifts typically expand the renter pool and can support occupancy stability and lease-up velocity, based on CRE market data from WDSuite.
Ownership costs are elevated relative to local incomes (high value-to-income metrics at the neighborhood level), which tends to reinforce reliance on rental housing and can support pricing power. That said, rent-to-income figures suggest affordability pressure for some renter cohorts, so revenue management and renewal strategies should be calibrated to retention risk.
School ratings in the surrounding area trend below national norms, which may be less critical for studio/one-bedroom demand but should be considered in unit-mix strategy and marketing. Overall, the location’s amenity depth and renter concentration align with workforce housing demand, while operational execution remains a key driver given sub-metro occupancy rankings.
Neighborhood safety indicators track below national and metro averages, with ranks and national percentiles suggesting higher incident rates than many Miami sub-areas. However, recent year-over-year trends show improvement, with both violent and property offense rates declining, placing those improvements above many neighborhoods nationwide. For context, the neighborhood’s crime rank is 286th among 449 metro neighborhoods (weaker relative position), while the pace of improvement is competitive nationally.
Investors should frame safety as a manageable operational consideration rather than a fixed attribute: lighting, access control, and community engagement commonly support resident experience and retention. Comparisons should be drawn at the neighborhood scale rather than the property level, and monitoring updated local data can inform security planning and marketing narratives over the hold period.
Proximity to major corporate offices underpins renter demand through commute convenience and a diversified employment base. Notable nearby employers include Mosaic, Johnson & Johnson, World Fuel Services, Lennar, and Ryder System — a mix of corporate offices that supports steady leasing fundamentals.
- Mosaic — corporate offices (5.4 miles)
- Johnson & Johnson — corporate offices (7.5 miles)
- World Fuel Services — corporate offices (9.3 miles) — HQ
- Lennar — corporate offices (10.8 miles) — HQ
- Ryder System — corporate offices (11.4 miles) — HQ
Positioned within Miami’s Urban Core, 690 NW 60th St benefits from a high concentration of renter-occupied housing at the neighborhood level, which supports a deep tenant base. While neighborhood occupancy ranks below the metro median, proximity to employment centers and amenity depth offer levers for stabilization and rentability. According to CRE market data from WDSuite, ownership costs in the area remain elevated relative to incomes, a backdrop that generally sustains rental demand and can aid pricing power with thoughtful revenue management.
Built in 1983, the asset is newer than much of the surrounding housing stock, providing a competitive edge versus older properties. Investors should still plan for targeted capital to modernize building systems and refresh interiors to meet renter expectations. Forward-looking neighborhood demographics within a 3-mile radius indicate growth in population and households with slightly smaller average household sizes — trends that typically expand the renter pool and support occupancy stability — while rent-to-income dynamics warrant careful lease management to balance growth with retention.
- Deep neighborhood renter base supports sustained multifamily demand
- 1983 vintage is newer than local average, aiding competitiveness with selective upgrades
- Amenity access and proximity to major employers bolster lease-up and retention
- Risks: below-metro occupancy rankings and affordability pressure require disciplined revenue and capex planning