Opa-locka

Opa-locka represents a high-risk, high-reward opportunity in the Miami-Dade multifamily landscape. Entry prices between $100K-$150K per unit are among the lowest in the county, with cap rates of 6.5%-7.5% that reflect both the yield potential and the risk premium the market demands. Rent growth at 3% shows demand is building, but investors should underwrite conservatively.

One of Opa-locka's advantages is its favorable expense profile. Insurance costs are approximately $1,100 per unit annually — well below the county's coastal zones where premiums reach $2,200-$2,800 per unit. The X (Bajo) flood designation keeps insurance risk low, and with a millage rate of 26.5, property taxes come in at $2,800 per unit per year. Operating expenses typically run 46% of gross rent in this submarket.

Opa-locka serves a population of 16,000 with a median household income of $28,000. The walkability score of 40/100 and transit score of 40/100 reflect its suburban character. Crime grade D and school rating C- factor into tenant quality and retention. Vacancy at 7% is within normal range for the submarket.

For multifamily investors evaluating Opa-locka in 2026, the entry point ranges from $100K to $150K per unit. HIGHEST MILLAGE in the county (26.50) — taxes devour the yield. D crime grade. But prices are the lowest ($100K/unit). Ultra high-risk turnaround play. Investors comparing this zone against the broader Miami-Dade market should weigh the 6.5%-7.5% 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.