| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 79th | Best |
| Demographics | 56th | Good |
| Amenities | 76th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 8970 SW 122nd Pl, Miami, FL, 33186, US |
| Region / Metro | Miami |
| Year of Construction | 1989 |
| Units | 24 |
| Transaction Date | 2002-12-28 |
| Transaction Price | $8,050,700 |
| Buyer | WATERFORD POINT LLC |
| Seller | FISHER JEROME M |
8970 SW 122nd Pl Miami, FL Multifamily Investment
Inner-suburb location with high neighborhood occupancy and a deep renter base supports stable leasing, according to WDSuite s CRE market data.
This Inner Suburb neighborhood of the Miami-Miami Beach-Kendall metro is competitive among local submarkets, ranking 47th of 449 neighborhoods and carrying an A neighborhood rating. WDSuite s CRE market data points to strong occupancy at the neighborhood level and solid household fundamentals that underpin multifamily demand.
Neighborhood occupancy is high, with recent readings in the top decile nationally, indicating resilient renter demand and low downtime between turns. The renter-occupied share sits at the neighborhood level above most areas nationwide (51.2% and in the upper national percentiles), which signals a larger tenant pool for a 24-unit property and supports leasing continuity through cycles.
Within a 3-mile radius, households have increased while average household size has trended lower, pointing to a larger number of potential renters per square mile and a sustained need for multifamily options. Forward-looking estimates within the same 3-mile radius show additional growth in household count, which can expand the local renter pool and help support occupancy stability over time.
Amenities are a relative strength: restaurant and cafe density ranks in the top national quartile, and grocery and pharmacy access are above average. Park access is limited nearby, which may be an amenity gap to consider for positioning and on-site enhancements. Construction year for the property is 1989, slightly newer than the neighborhood average vintage (mid-1980s), which can be competitive versus older stock, while still warranting targeted updates to aging systems as part of capital planning.
Home values in the neighborhood are elevated relative to local incomes (high national value-to-income percentile), which typically reinforces reliance on rental housing and can support pricing power and retention for well-managed multifamily assets. At the same time, lease management should monitor rent-to-income levels to balance renewal health with steady cash flow.
Safety metrics for the neighborhood are mixed compared with national benchmarks. Overall crime indicators align below the national median (around the 41st percentile nationally), placing the area somewhat less safe than the typical U.S. neighborhood. Property-related offenses benchmark lower, around the 24th percentile nationally, while violent offense indicators are nearer the 32nd percentile.
Recent trend data shows improvement in estimated property offense rates year over year, with declines that place the neighborhood above average on improvement pace nationally. Investors should underwrite with conservative assumptions, incorporate standard security measures, and weigh these dynamics against the area s strong occupancy and renter demand.
Proximity to major employers supports commuter convenience and broad renter demand, with nearby roles spanning homebuilding, energy distribution, logistics, and life sciences. The employers below reflect the closest concentration likely to influence leasing and retention.
- Lennar homebuilding (6.5 miles) HQ
- World Fuel Services energy distribution (9.1 miles) HQ
- Ryder System logistics (12.7 miles) HQ
- Johnson & Johnson pharmaceuticals (16.3 miles)
- Mosaic fertilizers/chemicals (19.1 miles)
The property s 1989 vintage in an A-rated, inner-suburban Miami neighborhood benefits from strong, top-decile neighborhood occupancy and a renter-occupied housing base that supports depth of demand. Elevated home values relative to income reinforce reliance on rental housing, which can aid pricing power and retention for well-managed assets. According to CRE market data from WDSuite, amenity access (restaurants, cafes, daily-needs retail) outperforms national benchmarks, while park access is limited and should be offset by on-site features or nearby alternatives.
Within a 3-mile radius, households have increased and are projected to grow further even as average household size trends down, implying a larger tenant base over time and potential support for occupancy stability. Key underwriting considerations include monitoring rent-to-income levels and accounting for neighborhood safety being below the national median, alongside routine capital planning for systems typical of a late-1980s asset.
- High neighborhood occupancy and sizable renter base support stable leasing
- 1989 vintage offers competitive positioning versus older stock with targeted upgrades
- Elevated ownership costs in the area reinforce multifamily rental demand
- Amenity-rich locale (food, cafes, daily needs) aids tenant retention
- Risks: affordability pressure (rent-to-income), below-median safety, limited park access