Building Details

Building Size 5,800 SF

Year Built 2025

Construction garden

Listing Agency: Keyes Commercial Coral Gables

Listed By: Carlos Villanueva · License #0638148 Show Phone

Source: Thebrokerlist

Added: Feb 18 Changed: Oct 12 Last Checked: Oct 16 at 5:45AM

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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.

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 / Yr

$89,200

Cap Rate

5.95%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,784,000 $1.8M

Cap Rate 7%

$1,274,286 $1.3M

Cap Rate 9%

$991,111 $991.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,800 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $205,981 @ 7.0% cap · market cap 13.73%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Spa & Massage Center Dental Office Skin Care Clinic Hair Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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