Two-Story
For Sale
$1,000,090
515 SW 3rd Ave, Homestead, FL 33030
Residential Income, Homestead, FL
Property Size2,414 SF
Price / SF$414.29
Days on Market53
Property Features for 515 SW 3rd Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
9400
Bedrooms
2
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bathroom 1
Parking
4
Exterior features
Balcony
Subdivision
EWINGS ADDN
Lot features
< 1/4 Acre
Standard status
Active
APN
10-78-13-044-0140
Size
2,414 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
EWINGS ADDN PB 3-136 LOTS 21 & 22 BLK 2 LOT SIZE 50.000 X 75 OR 15887-0681 0291 4 COC 23853-4284 10 2005 5
Tax Annual Amount
9356
Legal Description
EWINGS ADDN PB 3-136 LOTS 21 & 22 BLK 2 LOT SIZE 50.000 X 75 OR 15887-0681 0291 4 COC 23853-4284 10 2005 5
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric
Building Details
Year built
1961
Floors in Building
2
Flooring type
Tile
Building materials
Block
Roof type
Concrete
Architectural style
Other
Listing Agency:
Elite Sales Group
(305) 554-1544
Listed By:
Maria Garcia · License #3358372
(305) 498-0203
Added: Jul 9
Changed: Aug 26
Last Checked: Aug 30 at 12:06PM
MLS# A12048393
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story quadplex contains 2414 square feet and is configured as four residential units. Each unit includes two bedrooms, one bathroom, and a family room. Block construction, tile flooring, a concrete roof, electric heating and cooling, and a balcony are among the property features.
The property is located at 515 SW 3rd Ave in Homestead, Florida, within Miami-Dade County. All four units are leased with Section 8, providing an established occupancy structure. The property also has public sewer service and cable availability.
The property is located at 515 SW 3rd Ave in Homestead, Florida, within Miami-Dade County. All four units are leased with Section 8, providing an established occupancy structure. The property also has public sewer service and cable availability.
Key Highlights
- Four‑unit, two‑story quadplex with 2414 square feet
- Each unit includes 2 bedrooms, 1 bathroom, and a family room
- All units are leased with Section 8
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,241
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$804,820
$804.8K
Cap Rate 7%
$574,871
$574.9K
Cap Rate 9%
$447,122
$447.1K
Market Conditions
NOI Build-Up for 2,414 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.8K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$57.5K $23.81/SF
− OpEx
−$17.2K −$7.14/SF
NOI
$40.2K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$804,820
Cap Rate 7%
$574,871
Cap Rate 9%
$447,122
Alternative Uses
Best Use
Multifamily LT 5
$574.9K
$503.0K – $670.7K
NOI $40,241 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$530.4K
$464.1K – $618.8K
NOI $37,126 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,731 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,653
Businesses Nearby
Explore this area
Business Placement
Demographics for 33030, FL
36,776
Population
11,217
Households
3.3
Avg Household Size
33
Median Age
15%
College-Educated
61%
High-School Grad
17.6 sq mi
ZIP Area
2,090
Density / Sq Mi
$43,231
Median Household Income
$28,214
Median Earnings
$1,307
Median Rent
$382,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Leased four-unit property with two-bedroom layouts, family rooms, tile flooring, and public sewer service.
Where is this quadplex located?
The property is located at 515 SW 3rd Ave Homestead, FL.
What is the asking price?
The asking price for this property is $1,000,090.
What are key features of this property?
This property features: Four‑unit, two‑story quadplex with 2414 square feet; Each unit includes 2 bedrooms, 1 bathroom, and a family room; All units are leased with Section 8
