Two-Unit Duplex
For Sale
Contact for pricing
1021 NW 28th St, Miami, FL 33127
Two living units support flexible rental or owner-user arrangements in an established Miami residential setting.
Property Size1,648 SF
Lot Size0.14 Acres
Price / SF$333.74
Days on Market8
Property Features for 1021 NW 28th St
General Information
Standard status
Active
Size
1,648 SF
Lot size
0.14 Acres
Property subtype
Multifamily
Zoning
5700
Additional Details
Multifamily Units
2
Building Details
Year Built
1947
Listing Agency:
Beachfront Realty, Inc. Miami Beach
(305) 405-0615
Listed By:
MARILINA APFELBAUM · License #0662372
Source:
Crexi
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 9:38AM
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 Beachfront Realty, Inc. Miami Beach
Investment Insights
Based on property information with market context.
This Miami duplex contains two living units with a combined layout of 4 bedrooms and 2 bathrooms. The property was built in 1947 and occupies a 6,153-square-foot lot at 1021 NW 28th St. Its existing duplex configuration provides separate residential spaces within a compact multifamily asset.
The property is positioned near Allapattah, with surrounding development, employment, dining, shopping, and major transportation corridors identified in the immediate area. Its location in Miami places the asset within an active urban residential and investment context.
The property is positioned near Allapattah, with surrounding development, employment, dining, shopping, and major transportation corridors identified in the immediate area. Its location in Miami places the asset within an active urban residential and investment context.
Key Highlights
- Two‑unit duplex configuration
- 4 bedrooms and 2 bathrooms
- 6,153‑square‑foot lot
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
$33,052
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
6.01%
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%
$661,040
$661.0K
Cap Rate 7%
$472,171
$472.2K
Cap Rate 9%
$367,244
$367.2K
Market Conditions
NOI Build-Up for 1,648 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
$50.4K $30.60/SF
− Vacancy
−$3.2K −$1.95/SF
EGI
$47.2K $28.65/SF
− OpEx
−$14.2K −$8.60/SF
NOI
$33.1K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /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%
$661,040
Cap Rate 7%
$472,171
Cap Rate 9%
$367,244
Alternative Uses
Best Use
Multifamily LT 5
$472.2K
$413.2K – $550.9K
NOI $33,052 @ 7.0% cap · market cap 6.01%
Second Best
Apartment 5plus
$434.9K
$380.6K – $507.4K
NOI $30,444 @ 7.0% cap · market cap 5.54%
Theoretical Best
Specialty Retail
$1.11M
$973.4K – $1.30M
NOI $77,869 @ 7.0% cap · market cap 14.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,478
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
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 - Two living units support flexible rental or owner-user arrangements in an established Miami residential setting.
Where is this duplex located?
The property is located at 1021 NW 28th St Miami, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; 4 bedrooms and 2 bathrooms; 6,153‑square‑foot lot
