Stabilized 12-Unit Apartment
For Sale
$1,985,000
651 SW 4th Ave, Homestead, FL 33030
MULTI_FAMILY - Other - Homestead, FL
Property Size5,856 SF
Lot Size0.34 Acres
Price / SF$338.97
Days on Market92
Property Features for 651 SW 4th Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
9400
Bedrooms
1
Full bathrooms
1
Rooms
Bathroom 1, Bedroom 1
Parking
12
Subdivision
TATUMS COLORED TOWN ADDN T
Lot features
1/4 to 1/2 Acre Lot
Directions
Please use GPS
Standard status
Active
APN
10-78-13-052-0090
Size
5,856 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TATUMS COLORED TOWN ADD TO HMST PB 9-62 LOTS 4 TO 11 INC BLK 2 LOT SIZE IRREGULAR OR 12724-308 0884 1
Tax Annual Amount
17635
Legal Description
TATUMS COLORED TOWN ADD TO HMST PB 9-62 LOTS 4 TO 11 INC BLK 2 LOT SIZE IRREGULAR OR 12724-308 0884 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Electric, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Flooring type
Tile
Building materials
Block
Roof type
Concrete
Architectural style
Other
Listing Agency:
South Florida Real Estate Grp
(305) 254-4545
Listed By:
Valentina Verdia · License #3512870
(954) 817-9381
Added: May 27
Changed: Aug 2
Last Checked: Aug 26 at 11:06AM
MLS# A12021697
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Stabilized 12-unit apartment building presented across three buildings, offering renovated one-bedroom, one-bath units. Interiors include quartz countertops, white shaker-style kitchens, tile flooring, and updated bathrooms. The building is constructed with block materials and features a concrete roof. Electric heating and electric cooling via wall/window and window units support year-round comfort, with tile flooring throughout.
The property is supported by city-provided public water and public sewer, and electric is separately metered for each unit. Cable is available, and ample on-site parking is included to support daily resident and tenant operations. The location in Homestead places the community near major roadways, transit, shopping, and Historic Downtown Homestead.
This configuration provides an in-place income opportunity with updated interiors designed for long-term ownership in an expanding South Miami-Dade market.
The property is supported by city-provided public water and public sewer, and electric is separately metered for each unit. Cable is available, and ample on-site parking is included to support daily resident and tenant operations. The location in Homestead places the community near major roadways, transit, shopping, and Historic Downtown Homestead.
This configuration provides an in-place income opportunity with updated interiors designed for long-term ownership in an expanding South Miami-Dade market.
Key Highlights
- 12‑unit apartment community across three buildings
- Renovated 1BR/1BA units with quartz countertops, white shaker‑style kitchens, tile flooring, and updated bathrooms
- Separately metered electric
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
$90,061
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
4.54%
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%
$1,801,220
$1.8M
Cap Rate 7%
$1,286,586
$1.3M
Cap Rate 9%
$1,000,678
$1.0M
Market Conditions
NOI Build-Up for 5,856 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
$171.5K $29.28/SF
− Vacancy
−$7.7K −$1.32/SF
EGI
$163.7K $27.96/SF
− OpEx
−$73.7K −$12.58/SF
NOI
$90.1K $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%
$1,801,220
Cap Rate 7%
$1,286,586
Cap Rate 9%
$1,000,678
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,061 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.97M
$2.60M – $3.47M
NOI $207,970 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Three-building apartment community with renovated 1BR/1BA units, separately metered electric, and public water/sewer.
Where is this apartment building located?
The property is located at 651 SW 4th Ave Homestead, FL.
What is the asking price?
The asking price for this property is $1,985,000.
What are key features of this property?
This property features: 12‑unit apartment community across three buildings; Renovated 1BR/1BA units with quartz countertops, white shaker‑style kitchens, tile flooring, and updated bathrooms; Separately metered electric
