Multifamily Property with
For Sale
Contact for pricing
1029 Northwest 3rd Street, Miami, FL 33128
Built in 2020 near Metrorail, Metromover, Metrobus routes, and major Miami-area roadways.
Property Size16,054 SF
Price / SF$249.16
Days on Market131
Property Features for 1029 Northwest 3rd Street
General Information
Standard status
Active
Size
16,054 SF
Total Parking Spaces
12
Property subtype
Multifamily
Net Operating Income
$164,697
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Building Details
Year Built
2020
Buildings
1
Units
12
Listing Agency:
Horvath & Tremblay
Listed By:
Alejandro Gonzalez · License #SL3249949
Source:
Crexi
Added: Apr 27
Changed: Sep 1
Last Checked: Sep 1 at 12:45AM
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 Horvath & Tremblay
Investment Insights
Based on property information with market context.
This multifamily property was completed in 2020 and includes 12 off-street parking spaces. Electricity is separately metered and paid directly by tenants, while the landlord provides and pays for water and sewer service. The property size is reported at 16,054.
Transit connections include nearby Metrorail and Metromover stations, with Metrobus service along NW 3rd Street linking the area to Brickell and Government Center. U.S. 41, I-95, and SR 836 provide regional access to Downtown Miami, Miami International Airport, and South Florida. Brickell, Downtown Miami, the Health District, Little Havana, and LoanDepot Park are identified among the surrounding employment, cultural, retail, and entertainment destinations.
Transit connections include nearby Metrorail and Metromover stations, with Metrobus service along NW 3rd Street linking the area to Brickell and Government Center. U.S. 41, I-95, and SR 836 provide regional access to Downtown Miami, Miami International Airport, and South Florida. Brickell, Downtown Miami, the Health District, Little Havana, and LoanDepot Park are identified among the surrounding employment, cultural, retail, and entertainment destinations.
Key Highlights
- Completed in 2020
- 12 off‑street parking spaces
- 16,054 reported property size
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
$296,572
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
7.41%
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%
$5,931,440
$5.9M
Cap Rate 7%
$4,236,743
$4.2M
Cap Rate 9%
$3,295,244
$3.3M
Market Conditions
NOI Build-Up for 16,054 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
$577.9K $36.00/SF
− Vacancy
−$38.7K −$2.41/SF
EGI
$539.2K $33.59/SF
− OpEx
−$242.6K −$15.11/SF
NOI
$296.6K $18.47/SF
Area
Miami, FL
Vacancy
6.70%
Lease Rate
$36.00 /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%
$5,931,440
Cap Rate 7%
$4,236,743
Cap Rate 9%
$3,295,244
Alternative Uses
Best Use
Apartment 5plus
$4.24M
$3.71M – $4.94M
NOI $296,572 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.84M
$9.48M – $12.64M
NOI $758,559 @ 7.0% cap · market cap 18.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,017
Businesses Nearby
Explore this area
Business Placement
Demographics for 33128, FL
8,213
Population
4,533
Households
1.8
Avg Household Size
41
Median Age
22%
College-Educated
66%
High-School Grad
0.4 sq mi
ZIP Area
20,533
Density / Sq Mi
$36,308
Median Household Income
$32,082
Median Earnings
$1,316
Median Rent
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Built in 2020 near Metrorail, Metromover, Metrobus routes, and major Miami-area roadways.
Where is this multifamily property located?
The property is located at 1029 Northwest 3rd Street Miami, FL.
What is the asking price?
The asking price for this property is $3,999,999.
What are key features of this property?
This property features: Completed in 2020; 12 off‑street parking spaces; 16,054 reported property size
