Six-Unit Downtown Multifamily
For Sale
Contact for pricing
186 Northwest 1st Street, Homestead, FL 33030
Two-story six-unit building with eight parking spaces, plus an adjacent undeveloped parcel for potential expansion.
Property Size3,480 SF
Price / SF$431.03
Days on Market60
Property Features for 186 Northwest 1st Street
General Information
Standard status
Active
Size
3,480 SF
Property subtype
Multifamily
Investment Type
Redevelopment
Net Operating Income
$68,700
Building Details
Year Built
1958
Buildings
1
Stories
2
Units
6
Listing Agency:
Horvath & Tremblay
Listed By:
David Cohen · License #SL3282943
Source:
Crexi
Added: Jun 12
Changed: Aug 8
Last Checked: Jul 16 at 7:24AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
The offering includes a well-maintained, two-story multifamily building containing six residential units. The unit mix consists of one studio unit, four one-bedroom one-bath units, and one two-bedroom one-bath unit. The property is situated on a 0.16-acre parcel and includes 3,480 square feet of living area within 3,480 square feet of total area. Eight on-site parking spaces support resident parking needs.
A second parcel is included in the sale: 194 NW 1st Street, an undeveloped 6,732-square-foot parcel on approximately 0.15 acres. Together, the parcels give an owner optionality to pursue additional multifamily development. The property is located in the heart of Downtown Homestead in a quiet residential enclave, positioned one block from W Mowrey Drive and convenient to Flagler Avenue, Campbell Drive, and US Route 1.
For investors or operators seeking a small-scale multifamily asset with an included development site, this package offers an immediately income-producing building alongside land for potential expansion. The mix of studio and one- and two-bedroom units can support a range of household needs, while the on-site parking and maintained presentation help support day-to-day operations.
A second parcel is included in the sale: 194 NW 1st Street, an undeveloped 6,732-square-foot parcel on approximately 0.15 acres. Together, the parcels give an owner optionality to pursue additional multifamily development. The property is located in the heart of Downtown Homestead in a quiet residential enclave, positioned one block from W Mowrey Drive and convenient to Flagler Avenue, Campbell Drive, and US Route 1.
For investors or operators seeking a small-scale multifamily asset with an included development site, this package offers an immediately income-producing building alongside land for potential expansion. The mix of studio and one- and two-bedroom units can support a range of household needs, while the on-site parking and maintained presentation help support day-to-day operations.
Key Highlights
- Two‑story multifamily at 186 NW 1st Street with 6 total units: 1 studio, 4 one‑bed/1‑bath, and 1 two‑bed/1‑bath.
- 3,480 sq ft living area (3,480 sq ft total area) on a 0.16‑acre parcel.
- Well‑maintained property includes 8 on‑site parking spaces.
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
$53,520
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
3.57%
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%
$1,070,400
$1.1M
Cap Rate 7%
$764,571
$764.6K
Cap Rate 9%
$594,667
$594.7K
Market Conditions
NOI Build-Up for 3,480 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
$101.9K $29.28/SF
− Vacancy
−$4.6K −$1.32/SF
EGI
$97.3K $27.96/SF
− OpEx
−$43.8K −$12.58/SF
NOI
$53.5K $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%
$1,070,400
Cap Rate 7%
$764,571
Cap Rate 9%
$594,667
Alternative Uses
Best Use
Apartment 5plus
$764.6K
$669.0K – $892.0K
NOI $53,520 @ 7.0% cap · market cap 3.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.54M – $2.06M
NOI $123,589 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,011
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?
Apartment building - Two-story six-unit building with eight parking spaces, plus an adjacent undeveloped parcel for potential expansion.
Where is this apartment building located?
The property is located at 186 Northwest 1st Street 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: Two‑story multifamily at 186 NW 1st Street with 6 total units: 1 studio, 4 one‑bed/1‑bath, and 1 two‑bed/1‑bath.; 3,480 sq ft living area (3,480 sq ft total area) on a 0.16‑acre parcel.; Well‑maintained property includes 8 on‑site parking spaces.
