Five-Unit Apartment
For Sale
$1,500,000
1515 N Redland Rd, Homestead, FL 33034
New construction with a consistent three-bedroom, two-bathroom unit mix and lease-up positioning.
Property Size5,800 SF
Days on Market197
Property Features for 1515 N Redland Rd
General Information
Standard status
Active
Size
5,800 SF
Property subtype
MultiFamily Apartments
Units
Unit Mix
5 x 3BR/2BA
Multifamily Units
5
Additional Details
Highway Access
Yes
Building Details
Building Size
5,800 SF
Year Built
2025
Construction
garden
Listing Agency:
Keyes Commercial Coral Gables
Listed By:
Carlos Villanueva · License #0638148
(305) 772-3897
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 31
Last Checked: Aug 31 at 2:55AM
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 Keyes Commercial Coral Gables
Investment Insights
Based on property information with market context.
This apartment building contains five units, each configured with three bedrooms and two bathrooms. The property is identified as new construction and presents a consistent low-rise multifamily layout suited to residential leasing.
Located at 1515 N Redland Rd in Homestead, the property is positioned in South Miami-Dade near major highways, schools, shopping centers, medical facilities, dining, entertainment, and historic downtown Homestead. Everglades National Park and Biscayne National Park are also identified among the surrounding recreational destinations.
Located at 1515 N Redland Rd in Homestead, the property is positioned in South Miami-Dade near major highways, schools, shopping centers, medical facilities, dining, entertainment, and historic downtown Homestead. Everglades National Park and Biscayne National Park are also identified among the surrounding recreational destinations.
Key Highlights
- Five‑unit apartment building
- All five units offer 3 bedrooms and 2 bathrooms
- New construction multifamily property
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
$89,200
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
5.95%
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%
$1,784,000
$1.8M
Cap Rate 7%
$1,274,286
$1.3M
Cap Rate 9%
$991,111
$991.1K
Market Conditions
NOI Build-Up for 5,800 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
$169.8K $29.28/SF
− Vacancy
−$7.6K −$1.32/SF
EGI
$162.2K $27.96/SF
− OpEx
−$73.0K −$12.58/SF
NOI
$89.2K $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 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%
$1,784,000
Cap Rate 7%
$1,274,286
Cap Rate 9%
$991,111
Alternative Uses
Best Use
Apartment 5plus
$1.27M
$1.12M – $1.49M
NOI $89,200 @ 7.0% cap · market cap 5.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.94M
$2.57M – $3.43M
NOI $205,981 @ 7.0% cap · market cap 13.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
489
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?
Apartment building - New construction with a consistent three-bedroom, two-bathroom unit mix and lease-up positioning.
Where is this apartment building located?
The property is located at 1515 N Redland Rd Homestead, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Five‑unit apartment building; All five units offer 3 bedrooms and 2 bathrooms; New construction multifamily property
