5988 Sw 8 St 1, West Miami
Miami-Dade County Real Estate - Miami
Miami
Miami is Florida's second most populous city. Miami is also the second largest US city with a Spanish speaking majority, which accounts for its nickname of "the capital of Latin America." Industries with the largest influence in Miami include commerce, finance, and international business. Miami is home to the headquarters of many large businesses including Burger King, US Century Bank, Caribbean Cruise Lines, and World Fuel Services. The port of Miami is one of the nation's busiest ports and contributes $18 billion to the city's economy. The largest employers in Miami are Miami-Dade County Public Schools, Miami-Dade County, United States Government, Florida Government, University of Miami, and Baptist Health South Florida.
Miami is in South East Florida. It's population as recorded in the 2010 Census was 399,457.
The median age for residents of Miami is 38.8. Around 27.3% of Miami households include school aged children and 29.9% of households include individuals aged 65 years or over. Census records indicate 72.5% of the Miami population are White, 19.2% are Black or African American, .2% American Indian, .9% Asian and 2.6% are Two or more Races. Miami has a significant Hispanic population. 69.9% (279,456) of Miami residents are of Hispanic or Latino origin. Of these 2.08% are of Mexican origin, 4.57% Puerto Rican, 49.13% Cuban and 44.2% are of other Hispanic or Latino origin.
There are 183,994 housing units in Miami. 25,677 (13.9%) of these were reported as vacant in the 2010 Census. There are 118,493 residential rental units in Miami. 107,131 of them were occupied in 2010 providing a residential rental vacancy rate of 9.2%.
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Miami-Dade County
Miami-Dade County is part of the southeast Florida region along with Indian River, St. Lucie, Martin, Palm Beach, Broward, and Monroe counties. Miami Dade County has 35 cities and incorporates many different geographical areas. The north, central, and east regions are heavily urbanized, with many large skyscrapers and a dense population. The southern region of Miami-Dade County is sparsely populated and is the heart of Miami-Dade's agricultural economy. The western region of the county includes the Everglades National Park and is inhabited only by a tribal village. The county is home to around 2.5 million people, making it the most populous in Florida and number seven in the country.
Major industries for this county are tourism, international trade, international banking, and transportation. Top public employers are Miami-Dade County Public Schools, Miami-Dade County, the Federal Government, Florida State Government, and Jackson Health Systems. Major private employers include the University of Miami, Baptist Health South Florida, Publix Supermarkets, American Airlines, and Precision Response Corporation.
The county's seat and largest city is Miami. Miami's close proximity to Latin America and the Caribbean makes it the center for international trade with those areas. The city?s population is 70% Hispanic. The concentration of Latin American businesses and international banks in the city has given it the nickname ?Capital of Latin America?. PortMiami acts as one of the largest cruise spots in the world. Miami International Airport is one of the busiest ports of entry for foreign travelers and handles the most international air cargo of any airport in the country.
Miami-Dade is also a major tourist destination, especially in the city of Miami Beach. The historic 1920s Art Deco hotels on Ocean Drive are well-known landmarks, many of which have historic designations. Visitors enjoy the warm weather, sandy beaches, and nightlife of South Beach. It is also a major convention destination. The annual Art Basel Miami and its satellite fairs bring the foremost art collectors to South Beach and the Miami neighborhood of Wynwood.
Miami-Dade County is home to numerous large universities including the private University of Miami, public Florida International University, and Catholic Barry University. The county is also home to historically-black Florida Memorial University and Miami Dade College, the second-largest public university in the nation by enrollment. The Miami-Dade County Public School System is the fifth-largest in the nation.
Neighboring Properties
| Address | Type | Sq Ft | Class | |
|---|---|---|---|---|
| 5988 Sw 8 St 3 | Condominium | 1,735 | B |
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| 5988 Sw 8 St 4 | Condominium | 1,735 | B |
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| 5988 Sw 8 St 2 | Condominium | 1,735 | B |
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| 5986 Sw 8 St 4 | Condominium | 1,735 | B |
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| 5984 Sw 8 St 3 | Condominium | 1,735 | B |
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| 5984 Sw 8 St 5 | Condominium | 1,735 | B |
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| 5984 Sw 8 St 2 | Condominium | 1,735 | B |
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| 5986 Sw 8 St 3 | Condominium | 1,735 | B |
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| 5986 Sw 8 St 1 | Condominium | 1,735 | B |
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| 5984 Sw 8 St 4 | Condominium | 1,735 | B |
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| 5984 Sw 8 St 1 | Condominium | 1,735 | B |
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| 5986 Sw 8 St 2 | Condominium | 1,735 | B |
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| 6000 Sw 8 St | Vacant Residential | 0 | L | |
| 5985 Sw 8 St | Store, one story | 6,035 | B |
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| 6002 Sw 8 St 3 | Condominium | 1,735 | B |
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| 6002 Sw 8 St 5 | Condominium | 1,735 | B |
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| 6002 Sw 8 St 1 | Condominium | 1,735 | B |
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| 6002 Sw 8 St 4 | Condominium | 1,735 | B |
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| 6002 Sw 8 St 2 | Condominium | 1,735 | B |
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| 6004 Sw 8 St 4 | Condominium | 1,735 | B |
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| 6006 Sw 8 St 4 | Condominium | 1,735 | B |
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| 6006 Sw 8 St 3 | Condominium | 1,735 | B |
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| 6004 Sw 8 St 2 | Condominium | 1,735 | B |
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| 6006 Sw 8 St 1 | Condominium | 1,735 | B |
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| 6004 Sw 8 St 1 | Condominium | 1,735 | B |
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| 6006 Sw 8 St 2 | Condominium | 1,735 | B |
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| 6004 Sw 8 St 3 | Condominium | 1,735 | B |
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| 5975 Sw 8 St | Professional service building | 5,264 | B |
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| 6001 Sw 8 St | Store, one story | 1,778 | B |
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| 5920 Sw 8 St | Open storage (building supplies, auto wrecking, fuel, equipment or material storage) | 1,105 | B |
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| 5965 Sw 8 St | Office building, non-professional service building, one story | 3,354 | B |
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| 5990 Sw 7 St | Single Family | 1,269 | C |
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| 5980 Sw 7 St | Single Family | 1,548 | C |
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| 6011 Sw 8 St | Store, one story | 3,000 | B |
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| 5970 Sw 7 St | Single Family | 977 | B |
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| 5937 Sw 8 St | Store, one story | 1,371 | B |
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| 720 Sw 60 Ave | Single Family | 1,848 | C |
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| 5960 Sw 7 St | Single Family | 1,012 | C |
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| 6035 Sw 8 St | Store, one story | 2,990 | B |
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| 5931 Sw 8 St | Office building, non-professional service building, one story | 3,081 | B |
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| 5950 Sw 7 St | Multi-family - less than 10 units | 1,549 | C |
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| 710 Sw 60 Ave | Single Family | 1,586 | C |
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| 5900 Sw 8 St | Service station | 5,690 | B |
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| 5940 Sw 7 St | Single Family | 1,162 | C |
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| 6045 Sw 8 St | Mixed use - store and office or store and residential or residential combination | 4,237 | B |
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| 5923 Sw 8 St | Store, one story | 3,366 | B |
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| 704 Sw 60 Ave | Single Family | 2,117 | C |
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| 721 Sw 60 Ct | Single Family | 1,933 | C |
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| 5985 Sw 7 St | Single Family | 815 | C |
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Local Household Income
The median household income in this part of Florida is $77,610. The bottom 10% of the population earn less than $20,775 per year. The top 10% earn more than $310,335 per year. The top 1% earn more than $711,415 per year. Most renters earn between $30,924 (20th percentile) and $55,332 (80th percentile) per year. Someone earning the median household income in this area is likely to qualify for a mortgage between $155,220 and $194,025.
The tax assessed value of this property places it in percentile 13 of all properties in this area. This suggests it would appeal to someone earning around $25,188 per year who should qualify for a mortgage between $50,376 and $62,970.
Source: US Census American Community Survey - 2008-2012 ACS 5-year PUMS estimates
Local Rents
The median monthly rent in this part of Florida is $1,209. Most renters earn between $2,577 and $4,611 per month. They typically spend 38% of their monthly income on rent. Most rents fall in the $947 (20th percentile) to $1,661 (80th percentile) range. The residential vacancy rate is 9%.
This property falls in percentile 13 of all properties in this area. This corresponds to a rent of $877 per month and a monthly household income of $2,409 ($28,908 per year)
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