| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 62nd | Poor |
| Demographics | 14th | Poor |
| Amenities | 43rd | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 650 NW 122nd St, North Miami, FL, 33168, US |
| Region / Metro | North Miami |
| Year of Construction | 1972 |
| Units | 39 |
| Transaction Date | 2012-11-06 |
| Transaction Price | $600,300 |
| Buyer | COINCO INVESTMENT COMPANY INC |
| Seller | PLEBAN RICHARD |
650 NW 122nd St North Miami Multifamily Investment
Neighborhood occupancy remains resilient and renter demand is supported by a high-cost ownership market, according to WDSuite’s CRE market data. Expect steady screening fundamentals with scope for disciplined rent management as lease renewals cycle.
Situated in an inner-suburb pocket of North Miami, the property benefits from a tenant base that skews toward renters, with the surrounding 3-mile area showing roughly half of housing units as renter-occupied. Household counts have risen over the last five years and are projected to climb further by 2028, indicating a larger tenant base and supporting occupancy stability. While population dipped modestly in the prior period, forecasts point to a rebound alongside rising household incomes within the 3-mile radius.
Local livability is anchored by everyday convenience: grocery access ranks in the upper tier of metro options (high national percentile) and restaurants are comparatively plentiful, while parks and cafes are less prevalent. Average school ratings in the neighborhood trail metro and national norms, which can influence tenant mix. These dynamics suggest demand will be driven more by workforce households prioritizing proximity and value than by school-driven moves.
From an investment standpoint, neighborhood occupancy is strong at the area level (measured for the neighborhood, not this property), with the neighborhood ranking above the metro median nationally for occupancy. Median contract rents in the neighborhood have advanced materially over the last five years, and the 3-mile median rent also shows growth with further increases projected, pointing to continued pricing power if units are well-maintained. However, rent-to-income ratios trend elevated for the neighborhood, implying affordability pressure that warrants careful renewal and concession strategies.
In broader market context, median home values in the neighborhood sit in the upper mid-range nationally and the value-to-income ratio is high, indicating a high-cost ownership market that can sustain reliance on multifamily rentals. Compared with the Miami-Miami Beach-Kendall metro, the neighborhood is competitive on basic retail access but less so on amenities like parks and cafes, shaping a renter profile that values convenience and reasonable commute times over lifestyle amenities.
Safety signals are mixed. Relative to 449 Miami-Metro neighborhoods, this area ranks in the lower half for crime, indicating higher incident levels than many parts of the metro. Nationally, the neighborhood sits below the median on safety percentiles, so investors should underwrite with conservative assumptions for security measures and operating protocols.
Trend-wise, estimated violent offense rates have edged down year over year, which is a constructive development, while property offense levels have shown a modest uptick. Taken together, the picture supports prudent onsite management and prevention practices rather than reliance on further improvement.
Proximity to diversified employers supports workforce renter demand and commute convenience, including healthcare, agribusiness, energy logistics, transportation services, and homebuilding. The list below reflects nearby anchors most relevant to leasing stability for this neighborhood.
- Johnson & Johnson — healthcare products (5.6 miles)
- Mosaic — agribusiness (7.5 miles)
- World Fuel Services — energy logistics (10.4 miles) — HQ
- Ryder System — logistics & fleet services (11.0 miles) — HQ
- Lennar — homebuilding (12.5 miles) — HQ
This 39-unit asset offers exposure to a renter-weighted North Miami submarket where neighborhood-level occupancy is healthy and grocery/restaurant access is comparatively strong. Household counts within a 3-mile radius have grown and are forecast to expand further, signaling a larger tenant base and supporting lease-up and renewal stability. Median neighborhood rents have advanced over the past five years and are projected to trend higher in the surrounding area, aligning with potential for operational upside through unit turns and interior refresh programs where appropriate.
At the same time, the neighborhood’s high value-to-income ratio indicates a high-cost ownership landscape that tends to reinforce reliance on multifamily housing. According to commercial real estate analysis from WDSuite, elevated rent-to-income metrics in the neighborhood call for thoughtful pricing and renewal strategies to balance revenue growth with retention. Amenity depth skews toward daily needs rather than parks and cafes, which may influence positioning toward workforce housing and value-focused finishes.
- Renter-weighted 3-mile area with household growth supports a deeper tenant base and occupancy stability.
- Neighborhood occupancy is solid and median rents have risen, creating room for disciplined rent optimization on well-maintained units.
- High-cost ownership conditions favor sustained multifamily demand and potential retention benefits.
- Workforce-friendly location with strong grocery/restaurant access offsets thinner park/cafe amenities.
- Risks: below-median safety relative to metro and elevated rent-to-income ratios require prudent security measures and careful renewal management.