32-Unit Apartment
For Sale
Contact for pricing
320 SW 11 AVE, Homestead, FL 33030
Six-building multifamily portfolio with one- and two-bedroom apartments in Homestead, Florida.
Property Size16,992 SF
Lot Size1.18 Acres
Price / SF$376.65
Days on Market65
Property Features for 320 SW 11 AVE
General Information
Standard status
Active
Size
16,992 SF
Net Rentable
16,992 SF
Total Parking Spaces
48
Lot size
1.18 Acres
Property subtype
Multifamily
Zoning
SWPUN-TMF
Occupancy
98%
Investment Type
Stabilized
Net Operating Income
$388,168
Additional Details
Highway Access
Yes
Multifamily Units
32
Building Details
Year Built
1959
Buildings
6
Units
32
Listing Agency:
Premier Properties
(786) 953-2173
Listed By:
Jorge Ruiz · License #3220355
Source:
Crexi
Added: Jun 30
Changed: Aug 30
Last Checked: Aug 30 at 10:37AM
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 Premier Properties
Investment Insights
Based on property information with market context.
Homestead Six comprises 32 apartment units across six buildings, with approximately 16,992 rentable square feet on 1.18 acres. The unit mix includes one-bedroom and two-bedroom apartments, and the improvements date to 1959. The property is zoned SWPUN-TMF.
The portfolio is located at 320 SW 11 AVE in Homestead, Florida, near employment centers, shopping, schools, and the Florida Turnpike. In-place rents are below market, creating an opportunity to adjust rents as leases renew while preserving occupancy. The six-building configuration provides a multifamily acquisition with multiple residential structures and an established one- and two-bedroom unit mix.
The portfolio is located at 320 SW 11 AVE in Homestead, Florida, near employment centers, shopping, schools, and the Florida Turnpike. In-place rents are below market, creating an opportunity to adjust rents as leases renew while preserving occupancy. The six-building configuration provides a multifamily acquisition with multiple residential structures and an established one- and two-bedroom unit mix.
Key Highlights
- 32 apartment units across six buildings
- Approximately 16,992 rentable square feet on 1.18 acres
- One‑bedroom and two‑bedroom apartment mix
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
$261,325
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
4.08%
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%
$5,226,500
$5.2M
Cap Rate 7%
$3,733,214
$3.7M
Cap Rate 9%
$2,903,611
$2.9M
Market Conditions
NOI Build-Up for 16,992 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
$497.5K $29.28/SF
− Vacancy
−$22.4K −$1.32/SF
EGI
$475.1K $27.96/SF
− OpEx
−$213.8K −$12.58/SF
NOI
$261.3K $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%
$5,226,500
Cap Rate 7%
$3,733,214
Cap Rate 9%
$2,903,611
Alternative Uses
Best Use
Apartment 5plus
$3.73M
$3.27M – $4.36M
NOI $261,325 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.62M
$7.54M – $10.06M
NOI $603,453 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
760
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 - Six-building multifamily portfolio with one- and two-bedroom apartments in Homestead, Florida.
Where is this apartment building located?
The property is located at 320 SW 11 AVE Homestead, FL.
What is the asking price?
The asking price for this property is $6,400,000.
What are key features of this property?
This property features: 32 apartment units across six buildings; Approximately 16,992 rentable square feet on 1.18 acres; One‑bedroom and two‑bedroom apartment mix
