| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 71st | Fair |
| Demographics | 52nd | Good |
| Amenities | 65th | Good |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2345 NE 135th St, North Miami, FL, 33181, US |
| Region / Metro | North Miami |
| Year of Construction | 1972 |
| Units | 23 |
| Transaction Date | 1995-07-31 |
| Transaction Price | $600,000 |
| Buyer | GHG ON 135 LLC |
| Seller | G S I INC |
2345 NE 135th St North Miami Multifamily Value-Add
Renter demand is supported by a high share of renter-occupied units in the surrounding neighborhood, while current neighborhood occupancy trends call for disciplined lease-up strategy, according to CRE market data from WDSuite.
Located in North Miami’s Inner Suburb, the property sits in a neighborhood rated A- and is competitive among Miami-Miami Beach-Kendall neighborhoods (114 of 449). Food and daily-needs access are solid, with restaurants and cafes comparing favorably to national norms, and park and pharmacy access also scoring above national medians based on WDSuite’s CRE market data.
The local housing stock skews newer than the subject’s 1972 vintage, which points to value-add positioning via common-area refreshes, in-unit updates, and systems planning to stay competitive against 2000-era product. Neighborhood rents trend toward the higher end nationally, which can support revenue potential, but investors should balance this with prudent underwriting on concessions and renewal pricing.
Tenure patterns indicate a high renter concentration at the neighborhood level, reinforcing depth of the tenant base for multifamily. Within a 3-mile radius, households have grown in recent years and are projected to expand further alongside a modest reduction in average household size, a combination that typically supports stable occupancy and lease renewal potential. The area’s home values are elevated relative to many U.S. neighborhoods, which tends to sustain renter reliance on multifamily housing and can bolster pricing power, though it also warrants attention to rent-to-income management.
Schools in the broader area trend below national averages, which some family renters may weigh against the neighborhood’s convenience and amenity access. Overall, the mix of amenity density, renter-heavy tenure, and household growth drivers positions this submarket as serviceable for workforce-through-market-rate demand, with execution risks tied to competitive supply and affordability pressure.
Safety indicators for the neighborhood are mixed. Overall crime levels track below the national median, while specific measures of property and violent offenses sit closer to the national mid-range, according to WDSuite. Within the Miami-Miami Beach-Kendall metro, the area ranks in the lower half for safety (relative to 449 neighborhoods), suggesting investors should underwrite routine security measures and resident screening, especially for common areas and parking.
Recent year-over-year estimates point to some uptick in reported offenses. Framing this comparatively, the neighborhood does not sit among the metro’s top-tier safety cohorts, but it is not an outlier at the national level. Operators typically mitigate through lighting, access control, and community standards to support retention.
Nearby corporate nodes provide a diversified employment base that supports renter demand and commute convenience, including Mosaic, Johnson & Johnson, and several regional headquarters such as World Fuel Services, Ryder System, and AutoNation.
- Mosaic — corporate offices (6.4 miles)
- Johnson & Johnson — corporate offices (9.0 miles)
- World Fuel Services — energy services (14.0 miles) — HQ
- Ryder System — logistics & transportation (14.6 miles) — HQ
- AutoNation — automotive retail (15.1 miles) — HQ
This 23-unit asset, built in 1972, offers a clear value-add angle against a neighborhood where much of the housing stock trends newer. According to CRE market data from WDSuite, the surrounding neighborhood has a high share of renter-occupied units, supporting a deeper tenant base, while current neighborhood occupancy trends suggest careful lease-up execution and renewal management.
Within a 3-mile radius, households have increased and are projected to expand further as average household size edges down, which typically supports a larger renter pool and steadier absorption. Elevated for-sale housing costs in the area tend to reinforce renter reliance on multifamily housing and can sustain pricing power, though rent-to-income dynamics warrant active lease management. Against this backdrop, selective renovations and operational focus on retention can position the property competitively versus newer nearby stock.
- 1972 vintage supports value-add through unit and systems upgrades versus newer neighborhood stock
- High neighborhood renter concentration underpins tenant demand and leasing depth
- Household growth within 3 miles and smaller household sizes support occupancy stability over time
- Risks: softer neighborhood occupancy and affordability pressure require disciplined lease and concession management