| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 68th | Fair |
| Demographics | 29th | Fair |
| Amenities | 28th | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 2523 Opa Locka Blvd, Opa Locka, FL, 33054, US |
| Region / Metro | Opa Locka |
| Year of Construction | 1972 |
| Units | 63 |
| Transaction Date | 2003-07-22 |
| Transaction Price | $3,000,000 |
| Buyer | GRANADA GARDENS ASSOCIATES LLC |
| Seller | OPA LOCKA ASSOCIATES LTD |
2523 Opa Locka Blvd Opa Locka Multifamily Investment
Neighborhood renter-occupied share is elevated, supporting a deeper tenant base and pricing resilience relative to older stock, according to WDSuite’s CRE market data. Occupancy is measured at the neighborhood level rather than the property.
Situated in Miami-Dade’s inner suburbs, the property benefits from a renter-oriented neighborhood profile: renter-occupied housing accounts for a substantial share of units (top quartile among 449 metro neighborhoods), which supports depth of demand and reduces leasing volatility for multifamily assets. Neighborhood occupancy trends are solid in a national context, aiding baseline stability; note these occupancy figures reflect the neighborhood, not the property.
The 1972 vintage is slightly newer than the neighborhood’s average construction year (1966). For investors, this suggests competitive positioning versus older local stock, while still warranting capital planning for aging systems and selective modernization to drive rent trade-outs and retention.
Local livability signals are mixed. Restaurant density is comparatively strong (nationally above average), but everyday conveniences such as groceries, pharmacies, parks, and cafes are thinner within the immediate neighborhood. Average school ratings trail national norms, which can influence household preferences; investors should calibrate unit mix and amenity strategy accordingly.
Within a 3-mile radius, households increased over the past five years while average household size declined, indicating more households forming even amid modest population contraction. Forward-looking projections call for a notable increase in households by 2028, which supports a larger tenant base and sustained demand for rental units. Median home values sit above national medians and value-to-income measures are high for the area, a high-cost ownership environment that tends to reinforce reliance on multifamily rentals and can support occupancy stability.
Affordability management remains important: neighborhood rent-to-income levels imply some affordability pressure relative to national benchmarks. This calls for careful lease management, unit renovations that drive value without overextending effective rents, and considered amenity investments to bolster retention.
Safety indicators, measured at the neighborhood level, point to improvement and comparatively favorable standing in national terms. Estimated violent and property offense rates declined sharply year over year, and national percentiles indicate safer conditions than many neighborhoods nationwide. As always, conditions can vary by block and over time; investors should pair this directional view with on-the-ground diligence and recent comparables.
The surrounding employment base mixes healthcare, logistics, energy services, and homebuilding corporate offices, offering diverse job nodes that support renter demand and commute convenience for workforce tenants.
- Johnson & Johnson — healthcare products offices (3.5 miles)
- Ryder System — logistics & fleet management (9.2 miles) — HQ
- World Fuel Services — energy services (9.3 miles) — HQ
- Mosaic — agriculture & chemicals offices (9.5 miles)
- Lennar — homebuilding (11.7 miles) — HQ
This 63-unit, 1972-vintage asset sits in a renter-heavy Miami-Dade neighborhood where neighborhood-level occupancy trends are steady in a national context and the renter-occupied share is high, supporting demand depth. According to CRE market data from WDSuite, elevated ownership costs in the area help sustain reliance on rentals, while recent safety indicators show year-over-year improvement. The vintage presents a practical value-add path—targeted system upgrades and common-area refreshes can enhance competitiveness against older local stock.
Within a 3-mile radius, recent growth in households alongside smaller average household sizes, plus projections for further household expansion by 2028, point to a larger tenant pool over time. Rent-to-income metrics suggest affordability pressure, so investors should balance renovation scope with achievable effective rents to support retention and occupancy stability.
- Renter-heavy neighborhood supports demand depth and leasing stability at the submarket level.
- 1972 vintage offers value-add potential via targeted system and interior upgrades.
- Elevated home values vs. local incomes reinforce reliance on rentals, supporting occupancy durability.
- 3-mile household growth and projected increases expand the prospective tenant base over time.
- Risk: Affordability pressure and mixed nearby amenities require disciplined lease and capex strategy.