Two-Unit Residential Income
For Sale
Contact for pricing
611 SW 8th Ave, Homestead, FL 33030
Duplex with two 2-bedroom, 1-bath units, each with its own water and electric meters.
Property Size1,562 SF
Price / SF$284.89
Days on Market148
Property Features for 611 SW 8th Ave
General Information
Standard status
Active
Size
1,562 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
1900
Additional Details
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1966
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
MSP Group
Listed By:
Deme Mekras · License #0704134
(786) 671-0149
Source:
Crexi
Added: Apr 13
Changed: Aug 31
Last Checked: Sep 6 at 8:56AM
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 MSP Group
Investment Insights
Based on property information with market context.
This duplex offers two separate 2-bedroom, 1-bath units, each with approximately 713 square feet of living space. Both units include a formal living area and a kitchen equipped with a refrigerator, stovetop, oven, and an over-the-range microwave. Each unit is supported by wall A/C units and features shuttered windows, alongside concrete roofs.
The property is located near US 1 and the Florida Turnpike, Miami-Dade County’s major north/south thoroughfares. It is also minutes from Downtown Homestead, an area seeing public and commercial investment including a new Police Station, City Hall, the reopening of the historic Seminole Theatre, and the Homestead Station development described as including a movie theatre, bowling alley, arcade, dining, and retail. The area continues to develop with single-family homes, duplexes, and larger multifamily properties.
For utilities, the duplex has individual meters for water and electricity, which can help lower operating costs for the owner.
The property is located near US 1 and the Florida Turnpike, Miami-Dade County’s major north/south thoroughfares. It is also minutes from Downtown Homestead, an area seeing public and commercial investment including a new Police Station, City Hall, the reopening of the historic Seminole Theatre, and the Homestead Station development described as including a movie theatre, bowling alley, arcade, dining, and retail. The area continues to develop with single-family homes, duplexes, and larger multifamily properties.
For utilities, the duplex has individual meters for water and electricity, which can help lower operating costs for the owner.
Key Highlights
- Duplex built in 1966 with two 2‑bedroom, 1‑bath units.
- Each unit has approximately 713 SF, including a formal living area and kitchen.
- Units include wall A/C and shuttered windows; concrete roofs are noted in the remarks.
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
$26,038
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
5.85%
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%
$520,760
$520.8K
Cap Rate 7%
$371,971
$372.0K
Cap Rate 9%
$289,311
$289.3K
Market Conditions
NOI Build-Up for 1,562 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
$39.4K $25.20/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$37.2K $23.81/SF
− OpEx
−$11.2K −$7.14/SF
NOI
$26.0K $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%
$520,760
Cap Rate 7%
$371,971
Cap Rate 9%
$289,311
Alternative Uses
Best Use
Multifamily LT 5
$372.0K
$325.5K – $434.0K
NOI $26,038 @ 7.0% cap · market cap 5.85%
Second Best
Apartment 5plus
$343.2K
$300.3K – $400.4K
NOI $24,022 @ 7.0% cap · market cap 5.40%
Theoretical Best
Office A
$792.5K
$693.4K – $924.6K
NOI $55,473 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,296
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?
Duplex - Duplex with two 2-bedroom, 1-bath units, each with its own water and electric meters.
Where is this duplex located?
The property is located at 611 SW 8th Ave Homestead, FL.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Duplex built in 1966 with two 2‑bedroom, 1‑bath units.; Each unit has approximately 713 SF, including a formal living area and kitchen.; Units include wall A/C and shuttered windows; concrete roofs are noted in the remarks.
