| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 37th | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1485 NE 121st St, North Miami, FL, 33161, US |
| Region / Metro | North Miami |
| Year of Construction | 1986 |
| Units | 66 |
| Transaction Date | 2017-01-27 |
| Transaction Price | $61,750,100 |
| Buyer | 1490 NORTH 123RD LLC |
| Seller | WRPV XI WATERMARKE MIAMI LLC |
1485 NE 121st St, North Miami Multifamily Investment
Positioned in a renter-heavy urban pocket of North Miami, the asset benefits from steady neighborhood occupancy and a high-cost ownership market that supports durable rental demand, according to WDSuite’s CRE market data.
The property sits in an Urban Core neighborhood rated A- and competitive among Miami-Miami Beach-Kendall neighborhoods (ranked 104 of 449). Amenity access is a clear strength: cafes, restaurants, groceries, parks, and pharmacies all index in the upper national percentiles, which supports day-to-day convenience and helps with leasing appeal and retention.
Neighborhood renter-occupied share is elevated (roughly two-thirds), indicating a deep tenant base for multifamily. Occupancy in the area has held around the low 90s in recent years, signaling stable absorption and tenant retention at the neighborhood level. Median neighborhood rents track in the mid-$1,400s, suggesting attainable price points relative to the Miami metro while still allowing for professional management to optimize revenue.
Within a 3-mile radius, households have grown even as population edged lower, pointing to smaller household sizes and more households entering the market — dynamics that typically expand the renter pool. Forward-looking data through 2028 indicates continued growth in households alongside higher incomes, which can support occupancy stability and measured rent growth when paired with disciplined lease management.
Vintage matters for competitive positioning: built in 1986, the asset is newer than the neighborhood’s average construction year (1966). That generally helps versus older stock, while investors should still plan for systems modernization or selective renovations to sustain competitive standing and capture value-add upside.
Neighborhood safety trends are directionally favorable. Recent data shows notable year-over-year declines in both property and violent offense rates in the area, and on a national basis the neighborhood sits above the median for safety (mid-60s percentile), according to CRE market data from WDSuite. As always, investors should evaluate block-by-block conditions during diligence and consider standard security measures to support resident comfort.
The location offers access to a diversified employment base, supporting workforce housing demand and commute convenience for residents. Nearby corporate offices include Mosaic, Johnson & Johnson, and several headquarters such as World Fuel Services, Ryder System, and Lennar.
- Mosaic — corporate offices (6.0 miles)
- Johnson & Johnson — corporate offices (8.12 miles)
- World Fuel Services — corporate offices (12.8 miles) — HQ
- Ryder System — corporate offices (13.6 miles) — HQ
- Lennar — corporate offices (14.75 miles) — HQ
This 66-unit, 1986-vintage property aligns with renter-driven fundamentals in North Miami. The neighborhood’s high renter concentration and amenity depth support leasing performance, while a high-cost ownership landscape (elevated home values) reinforces reliance on multifamily housing. Based on commercial real estate analysis from WDSuite, occupancy at the neighborhood level has remained around the low 90s, and median rents remain attainable relative to the broader metro — a practical backdrop for steady operations and targeted upgrades.
Demographic trends within a 3-mile radius point to a larger tenant base over time: households have grown and are projected to continue rising through 2028 alongside higher incomes, which can underpin retention and pricing power when paired with prudent lease management. Being newer than the area’s average vintage, the asset should compete well versus older stock; selective modernization can further differentiate units and common areas to capture value-add upside.
- Renter-heavy neighborhood and attainable rent levels support demand depth and occupancy stability.
- 1986 vintage is newer than local average, offering competitive positioning with room for targeted renovations.
- Amenity-rich Urban Core location (top quartile nationally for several categories) enhances leasing appeal and retention.
- 3-mile household growth and rising incomes through 2028 expand the renter pool and support measured rent growth.
- Risks: affordability pressure typical of Miami (rent-to-income management), and metro-relative crime variability warrant active asset management.