15-Unit Apartment
New
For Sale
$1,400,000
537 SW 6th Avenue, Homestead, FL 33030
Fully occupied property with month-to-month tenancy and an active boarding house license.
Property Size2,854 SF
Price / SF$490.54
Days on Market3
Property Features for 537 SW 6th Avenue
General Information
Standard status
Active
Size
2,854 SF
Total Parking Spaces
1
Property subtype
Residential Income
Zoning
9400
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
needs some TLC
Additional Details
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$3,906
Building Details
Building Size
2,854 SF
Year Built
1953
Stories
1
Listing Agency:
Lifestyle International Realty
Listed By:
Yisenia Miyares · License #3601243
(786) 286-0402
Source:
Laerrealty
Added: Sep 5
Changed: Sep 6
Last Checked: Sep 7 at 5:02AM
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 Lifestyle International Realty
Investment Insights
Based on property information with market context.
This 15-unit apartment building was constructed in 1953 and is currently fully occupied. Residents are on month-to-month leases, providing an established tenancy profile. The property is identified as a boarding house and includes a boarding house license. Some TLC is needed, offering a clearly defined improvement component for a new owner.
The property is located at 537 SW 6th Avenue in Homestead, Florida, and carries zoning designation 9400. Reported property size is 2,854, with the building’s 15-unit configuration providing the primary operating profile.
The property is located at 537 SW 6th Avenue in Homestead, Florida, and carries zoning designation 9400. Reported property size is 2,854, with the building’s 15-unit configuration providing the primary operating profile.
Key Highlights
- 15‑unit apartment building
- Fully occupied with month‑to‑month leases
- Boarding house license in place
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
$43,893
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
3.14%
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%
$877,860
$877.9K
Cap Rate 7%
$627,043
$627.0K
Cap Rate 9%
$487,700
$487.7K
Market Conditions
NOI Build-Up for 2,854 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
$83.6K $29.28/SF
− Vacancy
−$3.8K −$1.32/SF
EGI
$79.8K $27.96/SF
− OpEx
−$35.9K −$12.58/SF
NOI
$43.9K $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%
$877,860
Cap Rate 7%
$627,043
Cap Rate 9%
$487,700
Alternative Uses
Best Use
Apartment 5plus
$627.0K
$548.7K – $731.6K
NOI $43,893 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,357 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,715
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied property with month-to-month tenancy and an active boarding house license.
Where is this apartment building located?
The property is located at 537 SW 6th Avenue Homestead, FL.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 15‑unit apartment building; Fully occupied with month‑to‑month leases; Boarding house license in place
