| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 69th | Fair |
| Demographics | 17th | Poor |
| Amenities | 35th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 13240 Port Said Rd, Opa Locka, FL, 33054, US |
| Region / Metro | Opa Locka |
| Year of Construction | 1972 |
| Units | 24 |
| Transaction Date | 2005-12-22 |
| Transaction Price | $1,440,000 |
| Buyer | IRONCLAD PROPERTY PARTNERS LLC |
| Seller | ORENGO INVESTMENTS I LLC |
13240 Port Said Rd Opa Locka Multifamily Opportunity
Neighborhood occupancy trends are steady and renter demand is deep at the submarket edge, according to WDSuite s CRE market data, supporting durable tenancy for well-managed workforce units.
Located in Opa Locka within Miami-Dade, the property sits in an Inner Suburb setting where neighborhood occupancy is above metro median levels and in the upper tier nationally. Renter-occupied share at the neighborhood level ranks among the highest nationwide, indicating a deep tenant pool that can support leasing continuity for smaller-unit assets.
Amenity access is mixed: cafe density is strong (top quartile nationally), with grocery options above national norms, while parks, pharmacies, and dedicated childcare locations are limited within the immediate neighborhood. This combination tends to favor day-to-day convenience but may require residents to travel a bit farther for green space and certain services.
Within a 3-mile radius, households have grown even as overall population edged down, pointing to smaller household sizes and a shift that can widen the renter base. Forward-looking projections show additional household expansion by 2028, which should enlarge the local tenant pool and support occupancy stability for well-positioned properties.
The asset's 1972 vintage is older than the neighborhood average (late-1970s), which suggests near- to medium-term capital planning and clear value-add potential through targeted renovations and systems upgrades. At the same time, elevated rent-to-income levels in the neighborhood signal affordability pressure that owners should manage carefully to balance pricing power with retention. Based on WDSuite's commercial real estate analysis, median contract rents are competitive for the metro while tenant budgets warrant disciplined lease management.
Safety indicators for the neighborhood track below national medians and fall in the lower tier among the Miami metro's 449 neighborhoods. Property offense estimates declined by about 28% over the past year, according to WDSuite, but overall levels remain elevated relative to national comparisons. Investors typically underwrite for enhanced on-site management, lighting, and access controls to support resident retention.
Nearby employers provide a diversified base of office and corporate roles that support workforce housing demand and commute convenience for renters, including Johnson & Johnson, Ryder System, World Fuel Services, Mosaic, and Lennar.
- Johnson & Johnson — corporate offices (2.8 miles)
- Ryder System — corporate offices (8.4 miles) — HQ
- World Fuel Services — corporate offices (8.6 miles) — HQ
- Mosaic — corporate offices (9.9 miles)
- Lennar — corporate offices (10.9 miles) — HQ
This 24-unit, 1972-vintage asset offers a workforce-oriented play supported by a neighborhood with above-median occupancy and an exceptionally high renter-occupied share. Within a 3-mile radius, household counts have increased and are projected to continue rising, pointing to a larger tenant base and support for lease-up and retention. According to commercial real estate analysis from WDSuite, amenity access skews toward everyday services (cafes, groceries) while limited parks and pharmacies suggest modest trade-offs common to inner-suburban Miami locations.
The vintage creates a clear path for value-add: targeted interior upgrades and modernization of building systems can improve competitive positioning versus newer stock, provided underwriting accounts for affordability pressure signaled by rent-to-income levels. Proximity to diversified corporate employers further underpins demand, but investors should plan for enhanced property management and security given below-median safety benchmarks.
- High renter concentration and above-median neighborhood occupancy support stable leasing
- 1972 vintage offers value-add upside via renovations and systems upgrades
- 3-mile household growth and projected expansion enlarge the local tenant base
- Everyday amenities and nearby employers reinforce workforce housing demand
- Risks: below-median safety and elevated rent-to-income require disciplined operations