Why Allapattah

Allapattah is one of Miami’s most dynamic emerging submarkets, sitting just west of Wynwood and Downtown. Historically an industrial and working-class neighborhood, Allapattah is now attracting attention from multifamily investors and developers seeking affordable land, zoning flexibility, and strong rental demand.

Known for its mix of older apartment buildings, workforce housing, and redevelopment sites, Allapattah offers both cash-flow opportunities and value-add potential. Proximity to the Health District, Wynwood, and Downtown makes it a strategic location for growth.

Market Snapshot (Q2 2025)

• Rents: Average $1,800–$2,400/month, affordable compared to neighboring Wynwood or Downtown.

• Cap Rates: Attractive, ranging from 5–6%, higher than Edgewater/Brickell.

• Vacancy: Tight (~3–4%) due to strong workforce demand and limited new supply.

• Investment Angle: Assemblages + redevelopment plays, with rising interest from developers priced out of Wynwood.

• Trends: Infill multifamily construction, repositioning of older stock, and adaptive reuse projects.

Types of Multifamily in Allapattah

• Small-to-mid-size buildings (10–50 units): workforce rentals with stable occupancy.

• Garden-style apartments: value-add potential with renovations.

• Assemblages for redevelopment: land + apartments acquired for mid-rise projects.

• Mixed-use projects: beginning to appear near Wynwood borders.

Location Advantages

• Proximity to Wynwood: spillover effect from arts-driven demand.

• Near Health District: tenant demand from medical staff + professionals.

• Affordable land basis: relative to core markets like Brickell or Edgewater.

• Emerging hotspot: investors moving west from Wynwood in search of yield.

For Investors

• Opportunities in workforce housing with strong yields.

• Access to assemblages for redevelopment.

• Advisory on value-add repositioning strategies.

• Insight into zoning changes + emerging corridors.

For Owners

• Valuations for exit, refinance, or repositioning.

• Access to buyers seeking emerging-market deals.

• Advisory on renovations to elevate rents + NOI.

• Marketing properties as redevelopment sites.

Key Corridors in Allapattah

• NW 20th St / 27th Ave: industrial-to-multifamily conversions.

• Near Health District (NW 14th–20th St): demand from hospital workforce.

• Wynwood adjacency (east Allapattah): boutique mixed-use development.

• NW 36th St: larger redevelopment opportunities.

Listings & Tours

VIVA provides access to on-market and off-market multifamily opportunities in Allapattah — from small apartment buildings to redevelopment assemblages.

• Search Multifamily Listings

• Ask for Off-Market Deals

FAQs

Q1: What are typical rents in Allapattah?

A: Around $1,800–$2,400/month, below neighboring Wynwood/Downtown.

Q2: What cap rates are common in Allapattah?

A: Typically 5–6%, offering higher yields than prime luxury submarkets.

Q3: Why is Allapattah attractive for investors?

A: Affordable land, strong workforce demand, and proximity to Wynwood + Health District.

Q4: What’s the redevelopment outlook?

A: Strong — assemblages are increasingly being acquired for mid-rise apartments and mixed-use projects.