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Green Village Apartments 63 NE 10th St 12 Unit Apartment Building $1,650,000 ($137,500/Unit) 2.67% Cap Rate Homestead, FL 33030
Investment Highlights
- Value-Add Opportunity with in-place rents approximately 40% below market
- Onsite Parking
- Offered Below Replacement Cost, providing downside protection
- Updated Electrical Systems and building recertification in place, reducing near-term capital expenditures
- Central Air Conditioning & Heating throughout the property
- Pro-Forma Cap Rate 6.7%
Executive Summary
The Green Village Apartments is a 12 unit apartment building located in the heart of Homestead, Florida at 63 NE 10th Street. It is made up of 12 large one-bedroom & one-bathroom units that average about 715 SF. This opportunity is a true value add deal through mild renovations and implementing proper management. The property has a current 40/10 year recertification, the electric has been updated, select units have updated interiors and there is ample off-street parking.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$127,800
|
$9.42
|
| Other Income |
$2,868
|
$0.21
|
| Vacancy Loss |
$6,390
|
$0.47
|
| Effective Gross Income |
$124,278
|
$9.16
|
| Taxes |
$26,606
|
$1.96
|
| Operating Expenses |
$53,673
|
$3.95
|
| Total Expenses |
$80,279
|
$5.91
|
| Net Operating Income |
$43,999
|
$3.24
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $127,800 |
| Annual Per SF | $9.42 |
| Other Income | |
|---|---|
| Annual | $2,868 |
| Annual Per SF | $0.21 |
| Vacancy Loss | |
|---|---|
| Annual | $6,390 |
| Annual Per SF | $0.47 |
| Effective Gross Income | |
|---|---|
| Annual | $124,278 |
| Annual Per SF | $9.16 |
| Taxes | |
|---|---|
| Annual | $26,606 |
| Annual Per SF | $1.96 |
| Operating Expenses | |
|---|---|
| Annual | $53,673 |
| Annual Per SF | $3.95 |
| Total Expenses | |
|---|---|
| Annual | $80,279 |
| Annual Per SF | $5.91 |
| Net Operating Income | |
|---|---|
| Annual | $43,999 |
| Annual Per SF | $3.24 |
Property Facts Under Contract
| Price | $1,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $137,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 2.67% | Building Size | 8,582 SF |
| Gross Rent Multiplier | 12.91 | No. Stories | 2 |
| No. Units | 12 | Year Built | 1972 |
| Property Type | Multifamily | Parking Ratio | 1.28/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R-3 | ||
| Price | $1,650,000 |
| Price Per Unit | $137,500 |
| Sale Type | Investment |
| Cap Rate | 2.67% |
| Gross Rent Multiplier | 12.91 |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 8,582 SF |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.28/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 |
Amenities
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $888.00 | 715 |
1 1
Moderately walkable
60/100
Moderately drivable
60/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 10-7907-033-0080 | Total Assessment | $850,348 |
| Land Assessment | $0 | Annual Taxes | $26,606 ($3.10/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
Property Taxes
Parcel Number
10-7907-033-0080
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$850,348
Annual Taxes
$26,606 ($3.10/SF)
Tax Year
2025
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Green Village Apartments | 63 NE 10th St
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