| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 53rd | Good |
| Amenities | 61st | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8187 NW 8th St, Miami, FL, 33126, US |
| Region / Metro | Miami |
| Year of Construction | 2000 |
| Units | 48 |
| Transaction Date | 2009-10-30 |
| Transaction Price | $5,900,000 |
| Buyer | MECO APARTMENTS LLC |
| Seller | ANABAH INVESTMENT CORPORATION INC |
8187 NW 8th St Miami Multifamily Opportunity
Renter-occupied housing is prevalent in the surrounding neighborhood, and occupancy has been steady, according to WDSuite’s CRE market data. This points to durable tenant demand and leasing stability for well-managed assets in this Miami submarket during typical cycles of commercial real estate analysis.
The property is positioned in Miami’s Urban Core near daily needs and employment, with neighborhood rents sitting in the upper national percentiles and vacancy trends indicating above-median occupancy for the metro, based on WDSuite’s CRE market data. The area’s average construction year skews older than this asset (1984 vs. 2000), suggesting the property holds a competitive edge versus aging stock while still benefiting from selective modernization to meet current renter expectations.
Livability inputs are mixed but serviceable for workforce renters: strong access to restaurants and pharmacies, solid grocery coverage, but limited parks and café density. Average school ratings around 3.0 out of 5 signal baseline family appeal among Miami neighborhoods. Home values are elevated relative to incomes in national context, which tends to sustain reliance on rental housing and support retention for competitively priced multifamily assets.
Tenure patterns show a high share of renter-occupied units at the neighborhood level, indicating a deep tenant base for multifamily operators. Neighborhood NOI per unit trends modestly above the national median, reinforcing the case for operational consistency rather than outsized volatility.
Within a 3-mile radius, demographics show a slight population contraction but a notable increase in household counts alongside smaller average household sizes. This shift generally points to more households competing for units, supporting occupancy stability and ongoing demand for well-located apartments. Rising household incomes in this radius further underpin rent levels, while elevated rent-to-income ratios suggest prudent lease management and renewals will matter for retention.
Safety indicators for the neighborhood are above the metro median among 449 Miami-Miami Beach-Kendall neighborhoods, per WDSuite. Compared with neighborhoods nationwide, the area sits below mid-pack on several measures, but recent trends show improvement: estimated violent offense and property offense rates both declined year over year, signaling directional progress. Investors should evaluate property-level security practices and lighting, but the broader trajectory supports stable operations rather than outsized risk.
Proximity to major corporate employers anchors a sizable commuter workforce, supporting weekday occupancy and lease retention. Nearby offices include Lennar, World Fuel Services, Ryder System, Johnson & Johnson, and Mosaic.
- Lennar — homebuilding (2.6 miles) — HQ
- World Fuel Services — energy & logistics (2.7 miles) — HQ
- Ryder System — transport & leasing (7.1 miles) — HQ
- Johnson & Johnson — healthcare & pharma (8.8 miles)
- Mosaic — crop nutrition (13.0 miles)
Built in 2000, the property is newer than the neighborhood’s average vintage, offering a competitive position versus older stock while leaving room for targeted upgrades that can enhance renter appeal. Renter-occupied share is high at the neighborhood level, and occupancy metrics are above the metro median, supporting a thesis of steady demand for well-managed units. According to CRE market data from WDSuite, neighborhood rents benchmark in the upper national percentiles, suggesting pricing power for quality product, though operators should calibrate renewals given rent-to-income pressure.
Within a 3-mile radius, household counts are rising even as population edges down, pointing to smaller household sizes and a broader tenant base. Coupled with strong nearby employment nodes and limited new-park/café amenities, the setup favors practical, convenience-led operations: maintain service quality, address modernization selectively, and manage renewals to support occupancy stability.
- Newer 2000 vintage relative to local stock, offering competitive positioning with targeted upgrade potential
- Renter-heavy neighborhood and above-median metro occupancy support stable leasing
- Household growth within 3 miles and strong employer proximity deepen the tenant base
- Elevated ownership costs reinforce rental demand, aiding retention for well-priced units
- Risk: higher rent-to-income levels and limited park/café amenities call for careful renewal and resident experience strategies