Four-Unit Quadplex with New
New
For Sale
$625,000
1478 NW 2nd Ave, Florida City, FL 33034
Residential Income, Florida City, FL
Property Size2,280 SF
Price / SF$274.12
Days on Market3
Property Features for 1478 NW 2nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3000
Bedrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 1, Bedroom 4, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bathroom 3
Parking
4
Subdivision
CORAL BAY MANOR
Lot features
< 1/4 Acre
Standard status
Active
APN
16-78-24-020-0210
Size
2,280 SF
Taxes and HOA fees
Tax Year
2026
Tax Description
24 57 38 CORAL BAY MANOR PB 57-40 LOT 1 BLK 2 LOT SIZE 60.000 X 100 COC 24684-3087 06 2006 1
Tax Annual Amount
7080
Legal Description
24 57 38 CORAL BAY MANOR PB 57-40 LOT 1 BLK 2 LOT SIZE 60.000 X 100 COC 24684-3087 06 2006 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Building Details
Year built
1956
Floors in Building
1
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Keyes Company
(305) 247-7221
Listed By:
Cinthia Rai · License #3417393
(305) 376-7202
Added: Aug 24
Last Checked: Aug 26 at 10:06AM
MLS# A12076899
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 2,280-square-foot quadplex contains four one-bedroom, one-bath units with open floor plans. Built in 1956, the property features block construction, tile flooring, shingle roofing, and wall or window cooling units. A new roof is in place, with public sewer service and cable availability documented.
Each unit has separate water and electric meters. The property is located near US-1 and the Florida Turnpike, with restaurants, shopping centers, Homestead Outlet Mall, and Downtown Homestead identified nearby. The address is 1478 NW 2nd Ave, Florida City, FL 33034.
Each unit has separate water and electric meters. The property is located near US-1 and the Florida Turnpike, with restaurants, shopping centers, Homestead Outlet Mall, and Downtown Homestead identified nearby. The address is 1478 NW 2nd Ave, Florida City, FL 33034.
Key Highlights
- Four 1‑bedroom, 1‑bath units with open floor plans
- 2,280 square feet of building area
- Separate water and electric meters for each unit
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
$38,007
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
6.08%
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%
$760,140
$760.1K
Cap Rate 7%
$542,957
$543.0K
Cap Rate 9%
$422,300
$422.3K
Market Conditions
NOI Build-Up for 2,280 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
$57.5K $25.20/SF
− Vacancy
−$3.2K −$1.39/SF
EGI
$54.3K $23.81/SF
− OpEx
−$16.3K −$7.14/SF
NOI
$38.0K $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%
$760,140
Cap Rate 7%
$542,957
Cap Rate 9%
$422,300
Alternative Uses
Best Use
Multifamily LT 5
$543.0K
$475.1K – $633.5K
NOI $38,007 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$500.9K
$438.3K – $584.4K
NOI $35,065 @ 7.0% cap · market cap 5.61%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,972 @ 7.0% cap · market cap 12.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,389
Businesses Nearby
Explore this area
Business Placement
Demographics for 33034, FL
22,850
Population
6,631
Households
3.4
Avg Household Size
34
Median Age
9%
College-Educated
65%
High-School Grad
1,173.1 sq mi
ZIP Area
19
Density / Sq Mi
$46,404
Median Household Income
$31,712
Median Earnings
$1,283
Median Rent
$310,700
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 - Block construction with separate water and electric meters serving each residence.
Where is this quadplex located?
The property is located at 1478 NW 2nd Ave Florida City, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units with open floor plans; 2,280 square feet of building area; Separate water and electric meters for each unit
