| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 75th | Best |
| Amenities | 94th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 3800 NE 168th St, North Miami Beach, FL, 33160, US |
| Region / Metro | North Miami Beach |
| Year of Construction | 1972 |
| Units | 60 |
| Transaction Date | 2024-07-24 |
| Transaction Price | $9,850,000 |
| Buyer | PARTNERS OF 3800 LLC |
| Seller | ES FUND 37 LLC |
3800 NE 168th St, North Miami Beach Multifamily
Amenity-rich Urban Core location with elevated ownership costs that tend to sustain renter demand, according to WDSuite’s CRE market data. Investor focus centers on durable demand drivers and value-add potential rather than lease-up risk.
The property sits in an A+ rated Urban Core pocket of the Miami-Miami Beach-Kendall metro, where daily conveniences are concentrated. The neighborhood ranks 11th out of 449 metro neighborhoods for overall amenities, placing it among the top performers locally, and it scores in the top national percentiles for restaurants, pharmacies, groceries, and parks. For investors, this density of services supports leasing, retention, and day-to-day livability.
Median home values in the neighborhood are elevated relative to many U.S. areas, and the value-to-income ratio trends high; in a high-cost ownership market, multifamily tends to benefit from deeper renter pools and steadier renewal prospects. Neighborhood rents track in higher national percentiles as well, reinforcing the need for careful pricing and renewal management while still supporting revenue potential.
Construction year for this asset is 1972, older than the neighborhood’s average vintage (1987). That gap points to clear value-add levers and capital planning needs—particularly systems, finishes, and common areas—to keep the property competitive against newer stock while capturing rent premiums supported by location fundamentals.
Within a 3-mile radius, recent population trends were flat to slightly down, but households and families are projected to grow over the next five years. This implies a larger tenant base and supports occupancy stability for well-positioned assets. Renter-occupied share of housing units is expected to increase toward half, signaling durable multifamily demand if product quality and price points align. These dynamics, based on CRE market data from WDSuite, indicate that demand is likely to be driven by a mix of lifestyle renters and households prioritizing commute and amenity access.
Neighborhood-level safety indicators are comparatively favorable versus both metro and national benchmarks. The area’s crime rank is 1st among 449 metro neighborhoods, and national percentiles place the neighborhood in a stronger position than many U.S. areas. Recent trends also point to notable year-over-year declines in both property and violent offenses, suggesting an improving environment.
As with any urban submarket, conditions can vary by block and over time. Investors typically underwrite to neighborhood-level trends and on-site security/operations; here, trend direction and comparative standing are constructive inputs alongside property-specific measures.
Proximity to major corporate offices underpins renter demand by shortening commutes and supporting retention. Nearby employers include Mosaic (corporate offices), Johnson & Johnson (healthcare products), AutoNation (automotive retail), World Fuel Services (energy marketing), and Ryder System (logistics).
- Mosaic — corporate offices (8.5 miles)
- Johnson & Johnson — healthcare products (10.4 miles)
- AutoNation — automotive retail (12.8 miles) — HQ
- World Fuel Services — energy marketing (16.2 miles) — HQ
- Ryder System — logistics (16.3 miles) — HQ
This 60-unit 1972 asset in North Miami Beach benefits from a rare combination of high-amenity urban context and a high-cost ownership market that supports renter reliance on multifamily housing. According to CRE market data from WDSuite, the neighborhood ranks among the strongest amenity concentrations in the Miami-Miami Beach-Kendall metro and sits in upper national percentiles for restaurants, groceries, parks, and pharmacies—factors that typically aid leasing velocity and renewal rates.
Demand fundamentals are further supported by a projected increase in households and a rising renter-occupied share within a 3-mile radius, pointing to a larger tenant base over the medium term. The 1972 vintage creates value-add and capital planning opportunities to sharpen competitive positioning against newer stock. While rent-to-income levels indicate some affordability pressure that warrants disciplined lease management, the combination of location quality, strong neighborhood ratings, and employment access provides a constructive backdrop for long-term operations.
- Amenity-rich Urban Core location supports leasing and renewal performance.
- High-cost ownership market reinforces multifamily demand and pricing power.
- 1972 vintage offers value-add upside with targeted capex and modernization.
- 3-mile outlook shows household growth and an expanding renter pool.
- Risk: rent-to-income pressure requires careful pricing and renewal strategy.