| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 37th | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1475 NE 121st St, North Miami, FL, 33161, US |
| Region / Metro | North Miami |
| Year of Construction | 1985 |
| Units | 66 |
| Transaction Date | 2007-06-13 |
| Transaction Price | $43,000,000 |
| Buyer | 1490 NORTH 123RD LLC |
| Seller | WRPV XI WATERMARKE MIAMI LLC |
1475 NE 121st St, North Miami Multifamily Investment
High renter concentration in the surrounding neighborhood supports stable tenant demand and leasing durability, according to WDSuite’s CRE market data. Neighborhood occupancy is around national norms, with location fundamentals doing most of the work for retention.
Located in North Miami’s Urban Core, the property benefits from neighborhood fundamentals that are competitive among the 449 neighborhoods in the Miami-Miami Beach-Kendall metro. Restaurants, cafes, groceries, and parks register in the top quartile nationally, signaling convenient daily-needs access that helps with leasing velocity and retention.
The neighborhood’s renter-occupied share is high (measured for the neighborhood, not the property), indicating a deep tenant base for multifamily. Neighborhood occupancy trends sit near the national midpoint, suggesting steady—but not overheated—conditions that can support consistent renewal activity.
Home values in the area are elevated relative to national benchmarks and the value-to-income ratio ranks among the highest nationally. For investors, this high-cost ownership market tends to reinforce reliance on rental housing, which can support demand depth and pricing power when managed carefully.
The property’s 1985 vintage is newer than the neighborhood’s average construction year. That positioning can offer a competitive edge versus older local stock, while still warranting selective modernization and systems updates to support rent positioning and operating efficiency.
Three-mile demographics show households increasing over the last five years with a modest reduction in average household size—dynamics that generally expand the renter pool and support occupancy stability. Forward-looking projections within the same 3-mile radius indicate additional household growth, which, if realized, would further deepen the addressable tenant base.
Amenity note: while food, parks, and pharmacy access are strong by national comparison, dedicated childcare options in the immediate neighborhood are limited; operators may wish to emphasize on-site convenience and partnerships to mitigate this amenity gap.
Safety indicators for the neighborhood are mixed in a way investors should contextualize. Within the Miami-Miami Beach-Kendall metro, the neighborhood’s crime rank sits in the higher-crime cohort (ranked 38 among 449 neighborhoods). Nationally, however, it performs above average, landing around the 65th percentile compared with neighborhoods nationwide.
Recent trend data points to improvement: both estimated violent and property offense rates have declined year over year, with decreases that outpace many U.S. neighborhoods. While block-level conditions can vary, the directional trend is constructive for long-term operations and resident retention.
Proximity to corporate employers supports a broad commuter tenant base and day-to-day leasing stability. Notable nearby employers include Mosaic, Johnson & Johnson, World Fuel Services, Ryder System, and Lennar.
- Mosaic — corporate offices (6.0 miles)
- Johnson & Johnson — corporate offices (8.1 miles)
- World Fuel Services — energy services (12.8 miles) — HQ
- Ryder System — logistics & transportation (13.6 miles) — HQ
- Lennar — homebuilding (14.7 miles) — HQ
This 66-unit asset at 1475 NE 121st St sits in an Urban Core neighborhood with strong daily-needs access and a deep renter base. According to commercial real estate analysis from WDSuite, neighborhood occupancy is around the national midpoint while renter-occupied share is high, suggesting stable demand with room for operational value creation through renewals and targeted upgrades.
The 1985 construction is newer than much of the surrounding housing stock, offering relative competitiveness versus older assets; selective modernization can further enhance positioning. Elevated home values and a high value-to-income ratio in the neighborhood indicate a high-cost ownership market that supports reliance on rentals. Three-mile demographics point to growing households and rising incomes over time, which can expand the renter pool and support long-run occupancy, though affordability pressure (rent-to-income around 30% at the neighborhood level) warrants attentive lease management.
- High neighborhood renter-occupied share supports tenant demand depth and renewal stability.
- 1985 vintage is newer than local average, with value-add potential via targeted modernization.
- Elevated ownership costs underpin rental reliance, supporting pricing power when managed carefully.
- Three-mile outlook shows household growth and income gains that can support occupancy over time.
- Risks: metro-relative safety rank, limited nearby childcare, and affordability pressure call for proactive operations and resident engagement.