Leased Fourplex with Section
For Sale
$1,000,090
515 SW 3rd Avenue, Homestead, FL 33030
Two-story fourplex with four 2-bedroom, 1-bath units, each including a family room and currently leased with Section 8.
Property Size2,414 SF
Price / SF$414.29
Days on Market36
Property Features for 515 SW 3rd Avenue
General Information
Standard status
Active
Size
2,414 SF
Property subtype
Quadruplex
Additional Details
Multifamily Units
4
Building Details
Year Built
1961
Stories
2
Tenancy
Multi
Listing Agency:
Elite Sales Group
(305) 498-0203
Listed By:
Maria Esther Garcia · License #R11165434
(305) 498-0203
Source:
Lehmannflorida
Added: Jul 6
Changed: Aug 9
Last Checked: Aug 9 at 4:54AM
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 Elite Sales Group
Investment Insights
Based on property information with market context.
This two-story fourplex is being offered for sale as a residential income property. It consists of four units, and each unit features two bedrooms, one bathroom, and a family room. The property is currently leased with Section 8, and tenants are in place.
The building is located in the growing Homestead area. Please do not disturb tenants.
The asset is configured as a four-unit rental structure with consistent unit layouts across the property.
The building is located in the growing Homestead area. Please do not disturb tenants.
The asset is configured as a four-unit rental structure with consistent unit layouts across the property.
Key Highlights
- Two‑story fourplex built in 1961
- Four total units: each unit has 2 bedrooms and 1 bathroom
- Each unit includes a family room
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
$40,241
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
4.02%
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%
$804,820
$804.8K
Cap Rate 7%
$574,871
$574.9K
Cap Rate 9%
$447,122
$447.1K
Market Conditions
NOI Build-Up for 2,414 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
$60.8K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$57.5K $23.81/SF
− OpEx
−$17.2K −$7.14/SF
NOI
$40.2K $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%
$804,820
Cap Rate 7%
$574,871
Cap Rate 9%
$447,122
Alternative Uses
Best Use
Multifamily LT 5
$574.9K
$503.0K – $670.7K
NOI $40,241 @ 7.0% cap · market cap 4.02%
Second Best
Apartment 5plus
$530.4K
$464.1K – $618.8K
NOI $37,126 @ 7.0% cap · market cap 3.71%
Theoretical Best
Office A
$1.22M
$1.07M – $1.43M
NOI $85,731 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,653
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?
Quadplex - Two-story fourplex with four 2-bedroom, 1-bath units, each including a family room and currently leased with Section 8.
Where is this quadplex located?
The property is located at 515 SW 3rd Avenue Homestead, FL.
What is the asking price?
The asking price for this property is $1,000,090.
What are key features of this property?
This property features: Two‑story fourplex built in 1961; Four total units: each unit has 2 bedrooms and 1 bathroom; Each unit includes a family room
