73-Unit Apartment
New
For Sale
$12,045,000
1200 SW 3rd St, Homestead, FL 33030
Gated community with central air-conditioning, a laundry room, and recent building and site upgrades.
Property Size49,220 SF
Lot Size1.91 Acres
Price / SF$244.72
Days on Market3
Property Features for 1200 SW 3rd St
General Information
Standard status
Active
Size
49,220 SF
Lot size
1.91 Acres
Property subtype
Multifamily
Financials
Asking Price
$12,045,000
Cap Rate
6.09%
Units
Unit Mix
52 x 1BR/1BA, 8 x 1BR+Den/1BA, 6 x 2BR/1BA, 1 x 2BR/2BA, 6 x 3BR/2BA
Multifamily Units
73
Amenities
gated
laundry room
73 Operating Units (Built as 80 Units) Across 10-Buildings and 1.91 Acres
$6,491,000 (54% LTV) Fannie Mae Mortgage @ 3.98%, I/O to 2029, due 2036
Attractive Returns and Low Operating Costs, Insurance Cost at ~$1300/Unit
Exterior: Roofs Replaced, New Asphalt, Fencing, Gutters, Paint in 2025-2026
Interior: All Toilets replaced w/0.8 Gallon Low-Flow, New Cabinet in 20 Units Fire Resistant Full Concrete Construction w/Central AC and Gas Appliances
Located in Opportunity Zone which could create Tax Advantages for Investors
Proximate to Florida Turnpike, Krome Avenue and Homestead Boulevard as well as Downtown Homestead, Miami-Dade College and Baptist Health
Building Details
Building Size
49,220 SF
Year Built
1964
Buildings
10
Stories
2
Units
73
Listing Agency:
Fort Lauderdale Office
(954) 245-3400
Listed By:
Joe Thomas · License #FL: SL3174354
(954) 245-3492
Source:
Marcusmillichap
Added: Oct 20
Changed: Oct 21
Last Checked: Oct 21 at 2:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fort Lauderdale Office
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Investment Insights
Based on property information with market context.
Coral Grove is a 73-unit apartment community in Homestead, arranged across ten two-story buildings constructed in 1964. The property contains 49,220 square feet on an 83,123-square-foot lot. Its current mix comprises 52 one-bedroom/one-bathroom units, eight one-bedroom units with dens, six two-bedroom/one-bathroom units, one two-bedroom/two-bathroom unit, and six three-bedroom/two-bathroom units. Apartments have central air-conditioning, vinyl flooring, and gas ranges. The gated grounds include a large laundry room.
The unit count was reduced from 80 after a prior owner combined 14 apartments into larger two- and three-bedroom layouts. Work completed during 2025–2026 included roof, asphalt, fencing, and gutter replacements, along with exterior painting. Interior work included new toilets in every unit and cabinets in 20 apartments. The property is one block west of Roby George Park, amid multifamily housing, single-family homes, and commercial properties. The reported cap rate is 6.09%.
The unit count was reduced from 80 after a prior owner combined 14 apartments into larger two- and three-bedroom layouts. Work completed during 2025–2026 included roof, asphalt, fencing, and gutter replacements, along with exterior painting. Interior work included new toilets in every unit and cabinets in 20 apartments. The property is one block west of Roby George Park, amid multifamily housing, single-family homes, and commercial properties. The reported cap rate is 6.09%.
Key Highlights
- 73 apartments across ten two‑story buildings; constructed in 1964
- 49,220 square feet on an 83,123‑square‑foot lot
- Unit mix: 52 one‑bedroom/one‑bathroom, 8 one‑bedroom‑plus‑den/one‑bathroom, 6 two‑bedroom/one‑bathroom, 1 two‑bedroom/two‑bathroom, and 6 three‑bedroom/two‑bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$756,970
Cap Rate
6.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,139,400
$15.1M
Cap Rate 7%
$10,813,857
$10.8M
Cap Rate 9%
$8,410,778
$8.4M
Market Conditions
NOI Build-Up for 49,220 SF
Gross rent
$1.44M $29.28/SF
− Vacancy
−$64.9K −$1.32/SF
EGI
$1.38M $27.96/SF
− OpEx
−$619.3K −$12.58/SF
NOI
$757.0K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,139,400
Cap Rate 7%
$10,813,857
Cap Rate 9%
$8,410,778
Alternative Uses
Best Use
Apartment 5plus
$10.81M
$9.46M – $12.62M
NOI $756,970 @ 7.0% cap · market cap 6.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$24.97M
$21.85M – $29.13M
NOI $1,747,997 @ 7.0% cap · market cap 14.51%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
73
Residential units
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Gated community with central air-conditioning, a laundry room, and recent building and site upgrades.
Where is this apartment building located?
The property is located at 1200 SW 3rd St Homestead, FL.
What is the asking price?
The asking price for this property is $12,045,000.
What are key features of this property?
This property features: 73 apartments across ten two‑story buildings; constructed in 1964; 49,220 square feet on an 83,123‑square‑foot lot; Unit mix: 52 one‑bedroom/one‑bathroom, 8 one‑bedroom‑plus‑den/one‑bathroom, 6 two‑bedroom/one‑bathroom, 1 two‑bedroom/two‑bathroom, and 6 three‑bedroom/two‑bathroom
