| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 22nd | Poor |
| Amenities | 75th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 7320 NW 2nd Ave, Miami, FL, 33150, US |
| Region / Metro | Miami |
| Year of Construction | 1972 |
| Units | 28 |
| Transaction Date | 2018-07-30 |
| Transaction Price | $3,150,000 |
| Buyer | LRMF OWNER LLC |
| Seller | 7289 NW 2ND AVENUE LLC |
7320 NW 2nd Ave Miami Multifamily Investment
Positioned in an Urban Core pocket with a deep renter base, the asset benefits from a high-cost ownership market that supports sustained rental demand, according to WDSuite’s CRE market data.
The immediate area around 7320 NW 2nd Ave sits within Miami’s Urban Core and carries a B- neighborhood rating (ranked 225 among 449 metro neighborhoods). Cafés, groceries, and pharmacies are dense by national standards, while park access is limited—an amenity mix that favors daily convenience over recreation.
Renter-occupied share in the neighborhood is high at 72.7%, indicating a sizable tenant pool and depth for multifamily demand. Neighborhood occupancy trends sit below national norms, so execution around leasing, renewals, and turn management remains important to stabilize cash flow.
Vintage matters for competitive positioning. Built in 1972, the property is newer than the neighborhood’s average 1962 construction year, which can support leasing versus older stock; investors should still plan for system modernization and selective value-add to meet current renter expectations.
Within a 3-mile radius, population and households have expanded and are projected to continue growing, pointing to renter pool expansion and support for occupancy stability. Median contract rents in the neighborhood have risen over the past five years and are projected to continue increasing, but a high rent-to-income environment suggests tighter affordability and the need for careful lease management rather than aggressive push strategies.
Home values in the neighborhood sit at higher levels relative to local incomes (a top national percentile value-to-income ratio), reinforcing reliance on rental housing and supporting demand resilience for well-managed multifamily assets.
Safety indicators for this neighborhood trend weaker than national averages, with crime measures positioned in lower national percentiles; however, year-over-year estimates show meaningful declines in both violent and property offenses, suggesting improvement in recent periods based on CRE market data from WDSuite. These are neighborhood-level trends and may not reflect conditions on any specific block.
Compared with other parts of the Miami-Miami Beach-Kendall metro, the neighborhood sits below the metro median on safety. Investors typically account for this through property-level security measures, lighting, access control, and community engagement to support retention and asset performance over time.
The location is within commuting distance of several corporate employers that help underpin renter demand and retention, including Mosaic, Johnson & Johnson, World Fuel Services, Lennar, and Ryder System.
- Mosaic — corporate offices (5.3 miles)
- Johnson & Johnson — corporate offices (7.3 miles)
- World Fuel Services — corporate offices (9.8 miles) — HQ
- Lennar — corporate offices (11.5 miles) — HQ
- Ryder System — corporate offices (11.6 miles) — HQ
This 28-unit, 1972-vintage asset offers exposure to Miami’s Urban Core with a large renter base and daily conveniences that support leasing. The property’s vintage is newer than the neighborhood average, suggesting competitive positioning versus older buildings, while targeted capital projects can unlock value-add upside and improve tenant experience. According to commercial real estate analysis from WDSuite, the neighborhood displays rising rents and strong ownership costs relative to incomes—factors that reinforce reliance on multifamily housing.
Near-term operations should emphasize resident retention and smart pricing given neighborhood occupancy sits below national norms and affordability pressure is elevated. Longer term, 3-mile radius growth in population and households points to a larger tenant base and durable demand for well-managed units.
- Urban Core location with strong renter-occupied concentration supporting tenant demand depth
- 1972 construction is newer than neighborhood average, with clear pathways for value-add and system modernization
- High-cost ownership market supports rental reliance and pricing power with prudent lease management
- 3-mile radius growth in population and households supports occupancy stability over time
- Risks: below-median neighborhood safety and tighter affordability require focused operations, security, and renewal strategies