Edgewater

Edgewater is one of the most compelling multifamily investment zones in Miami-Dade County heading into 2026. With cap rates ranging from 4.7% to 5.1% and average rents at $3,058 per unit per month, this urban core submarket offers a combination of yield and growth that few other zones in the county can match. Over the past five years, Edgewater has seen 110% appreciation in property values, while rent growth continues at 3.2% year-over-year.

The expense side is where Edgewater demands close attention. Insurance costs run approximately $1,900 per unit annually, rated HIGH risk due to the AE (Moderado) FEMA flood designation. Combined with a millage rate of 21.08 and operating expenses that typically run 34% of gross rent, investors need to model total expenses carefully to avoid overestimating net returns. Property taxes average $4,600 per unit per year in this zone.

Edgewater serves a population of 18,000 with a median household income of $78,000. The walkability score of 87/100 and transit score of 78/100 make it highly accessible without a car. Crime grade B and school rating B factor into tenant quality and retention. Vacancy at 6.5% is within normal range for the submarket.

For multifamily investors evaluating Edgewater in 2026, the entry point ranges from $340K to $420K per unit. Highest appreciation in urban core (+110%). Active waterfront gentrification. Solid rent growth. The Hamilton sold here at $688K/unit — benchmark. Good yield/appreciation ratio. Investors comparing this zone against the broader Miami-Dade market should weigh the 4.7%-5.1% cap rate against the county-wide range of approximately 3.8% (Key Biscayne) to 7.5% (Florida City), and factor in the significant variation in insurance and tax burden across the county's 34 investable zones.