| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 65th | Poor |
| Demographics | 16th | Poor |
| Amenities | 41st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 13605 NE 3rd Ct, North Miami, FL, 33161, US |
| Region / Metro | North Miami |
| Year of Construction | 1972 |
| Units | 57 |
| Transaction Date | 2022-07-01 |
| Transaction Price | $11,500,000 |
| Buyer | MVP-57 LLC |
| Seller | 1050 NW HAVANA LLP |
13605 NE 3rd Ct North Miami Value-Add Multifamily
Renter demand is supported by a high share of renter-occupied housing and a high-cost ownership market, according to WDSuite’s CRE market data.
Located in North Miami’s Urban Core, the asset sits in a renter-heavy neighborhood where roughly two-thirds of housing units are renter-occupied. For investors, that concentration points to a deep tenant base and supports leasing continuity even as pricing cycles shift.
Neighborhood amenities are mixed: cafes, parks, and pharmacies score well above the national average (top quartile nationally), while grocery and restaurant density is thinner within the immediate neighborhood, suggesting residents may rely on nearby commercial corridors for daily needs. School rating data is limited for this area; investors should underwrite based on broader metro education options rather than neighborhood-specific scores.
Neighborhood multifamily occupancy has trended near the 90% mark in recent years and has edged higher over the past five years, which can help stabilize cash flow, based on CRE market data from WDSuite. Median home values in the neighborhood are elevated relative to many U.S. areas, which tends to sustain rental reliance and can bolster renewal capture when managed thoughtfully.
Within a 3-mile radius, households have increased over the past five years even as average household size has declined, effectively expanding the renter pool. Forward-looking projections indicate additional growth in households and incomes through the next five years, which supports demand for rental units and reinforces occupancy stability.
Vintage and asset positioning: Built in 1972, the property is slightly older than the area’s average vintage. Investors should plan for targeted capital improvements and consider value-add renovations to enhance competitive positioning against newer inventory while maintaining prudent expense controls.
Safety indicators for the neighborhood trend below national medians, with overall and violent offense measures landing in lower national percentiles compared with neighborhoods nationwide, per WDSuite. This suggests investors should incorporate practical security measures and supportive property operations in underwriting and asset plans.
Recent year-over-year readings indicate some uptick in reported violent offenses at the neighborhood level. Framing this in portfolio terms, prudent assumptions around insurance, security enhancements, and resident engagement can help manage risk without over-relying on aggressive rent projections.
The area draws from a diversified employment base that supports renter demand and commute convenience, including healthcare products, chemicals and agriculture, energy and logistics, transportation and logistics, and homebuilding corporate offices listed below.
- Johnson & Johnson — healthcare products (6.6 miles)
- Mosaic — chemicals & agriculture (7.5 miles)
- World Fuel Services — energy & logistics (11.9 miles) — HQ
- Ryder System — transportation & logistics (12.3 miles) — HQ
- Lennar — homebuilding (14.0 miles) — HQ
This mid-sized North Miami asset benefits from a renter-oriented neighborhood, proximity to diversified employment nodes, and a high-cost ownership landscape that supports sustained rental demand. According to CRE market data from WDSuite, neighborhood occupancy has held near the 90% range with modest improvement in recent years, reinforcing the case for cash flow stability under disciplined operations.
Built in 1972, the property presents identifiable value-add potential through unit and common-area upgrades and selective systems modernization. Within a 3-mile radius, households have grown and are projected to expand further alongside rising incomes, indicating a larger tenant base and support for rent levels when paired with thoughtful affordability management.
- Renter-heavy neighborhood supports a deep tenant base and steady leasing.
- Occupancy near 90% at the neighborhood level underpins income stability.
- 1972 vintage offers practical value-add levers and capex-driven repositioning.
- Diversified nearby employers (healthcare, logistics, homebuilding) support retention.
- Risks: below-median safety readings and rent-to-income pressure require conservative underwriting and active asset management.