| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 73rd | Good |
| Demographics | 37th | Fair |
| Amenities | 79th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1555 NE 121st St, North Miami, FL, 33161, US |
| Region / Metro | North Miami |
| Year of Construction | 1989 |
| Units | 66 |
| Transaction Date | 2007-06-13 |
| Transaction Price | $43,000,000 |
| Buyer | 1490 NORTH 123RD LLC |
| Seller | WRPV XI WATERMARKE MIAMI LLC |
1555 NE 121st St North Miami Multifamily Investment
Neighborhood metrics point to durable renter demand supported by high-cost ownership and strong amenity access, according to WDSuite’s CRE market data. Expect steady leasing interest given the area’s renter concentration and competitive location fundamentals.
Located in North Miami’s Urban Core, the property benefits from an amenity-rich neighborhood that is competitive among Miami-Miami Beach-Kendall’s 449 neighborhoods. Dining, grocery, parks, and pharmacy access rank in the top quartile locally and score well nationally, reinforcing day-to-day convenience that supports tenant retention and lease-up.
Rents at the neighborhood level sit above many U.S. peers while occupancy is roughly around the national middle; note that these figures reflect the neighborhood, not the property. A high share of renter-occupied housing (roughly two-thirds) indicates a deep tenant base, which can help sustain occupancy across cycles.
Home values in the neighborhood are elevated relative to national benchmarks, and the value-to-income ratio sits among the highest nationally. In investor terms, this is a high-cost ownership market that tends to reinforce reliance on multifamily housing, supporting pricing power when managed alongside affordability considerations.
Within a 3-mile radius, household counts have expanded even as average household size trends lower, pointing to more households competing for available units. Forward-looking estimates also indicate continued growth in households, which translates to a larger renter pool and supports occupancy stability.
Built in 1989, the asset is newer than the neighborhood’s predominantly 1960s housing stock. That vintage positioning can offer a competitive edge versus older comparables while still warranting selective modernization or system updates to meet current renter preferences.
Safety indicators are mixed in comparison to broader benchmarks. Neighborhood-level crime measures are not top-tier within the Miami metro, yet several national comparisons place the area around the middle of U.S. neighborhoods. Importantly for investors, both violent and property offense estimates have shown notable declines over the past year, which is a constructive directional trend for resident retention and leasing.
These statistics describe the surrounding neighborhood rather than the property itself and should be incorporated into underwriting as part of market positioning, security budgeting, and resident experience planning.
Nearby corporate offices span healthcare, fuel services, logistics, and homebuilding—creating a diversified employment base that supports workforce housing demand and commute convenience for renters. The list below reflects key employers within practical commuting distance that can underpin leasing stability.
- Mosaic — corporate offices (6.0 miles)
- Johnson & Johnson — corporate offices (8.1 miles)
- World Fuel Services — corporate offices (12.8 miles) — HQ
- Ryder System — logistics corporate offices (13.6 miles) — HQ
- Lennar — homebuilding corporate offices (14.8 miles) — HQ
This 66-unit, 1989-vintage property aligns with a neighborhood where renter-occupied housing is substantial and amenity access is top quartile in the Miami metro. Elevated ownership costs in the area support long-run rental demand, while neighborhood occupancy sits around the national middle—suggesting stable performance with thoughtful leasing and renewal management. Based on CRE market data from WDSuite, these dynamics point to durable tenant depth with room to create value through targeted upgrades rather than heavy repositioning.
The asset’s newer-than-neighborhood vintage offers a competitive edge versus older local stock, yet decades-old systems may still benefit from selective modernization to enhance renter appeal. Household growth within a 3-mile radius and a rising income mix further support demand, though investors should plan for affordability-sensitive pricing and ongoing attention to neighborhood safety perceptions.
- Amenity-rich Urban Core location supports tenant retention and leasing velocity.
- High-cost ownership market reinforces multifamily demand and pricing power.
- 1989 construction is competitive versus older local stock, with selective upgrade potential.
- Household growth within 3 miles expands the renter pool, supporting occupancy stability.
- Risks: neighborhood safety perceptions, affordability pressures, and occupancy near the national middle.