Two-Unit
For Sale
Contact for pricing
Pending
1126 NW 3rd St, Miami, FL 33128
Well-maintained duplex with two three-bedroom, two-bathroom residences in Miami’s Riverside area.
Property Size2,977 SF
Days on Market162
Property Features for 1126 NW 3rd St
General Information
Standard status
Pending
Size
2,977 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
8000
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
2003
Units
2
Listing Agency:
Keller Williams Miami Eagle Realty
Listed By:
Ronald Sadaka · License #0267577
(305) 961-1179
Source:
Crexi
Added: Mar 27
Changed: Aug 31
Last Checked: Aug 31 at 1:51AM
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 Keller Williams Miami Eagle Realty
Investment Insights
Based on property information with market context.
Built in 2003, this 2,977-square-foot duplex contains two residences, each configured with three bedrooms and two bathrooms. The property is described as well maintained and positioned as a two-unit residential asset.
The property is located at 1124 NW 3rd St in Miami’s Riverside area, also known as Little Havana. Marlins Stadium, public transit, and employment hubs are within minutes, with the stadium and transit access described as walkable. Zoning is identified as 8000 and supports redevelopment to higher density within a transit zone where parking is not required.
The property is located at 1124 NW 3rd St in Miami’s Riverside area, also known as Little Havana. Marlins Stadium, public transit, and employment hubs are within minutes, with the stadium and transit access described as walkable. Zoning is identified as 8000 and supports redevelopment to higher density within a transit zone where parking is not required.
Key Highlights
- Two‑unit duplex with two 3/2 residences
- 2,977 SF property built in 2003
- Well‑maintained condition
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
$59,705
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
6.67%
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%
$1,194,100
$1.2M
Cap Rate 7%
$852,929
$852.9K
Cap Rate 9%
$663,389
$663.4K
Market Conditions
NOI Build-Up for 2,977 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
$91.1K $30.60/SF
− Vacancy
−$5.8K −$1.95/SF
EGI
$85.3K $28.65/SF
− OpEx
−$25.6K −$8.60/SF
NOI
$59.7K $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%
$1,194,100
Cap Rate 7%
$852,929
Cap Rate 9%
$663,389
Alternative Uses
Best Use
Multifamily LT 5
$852.9K
$746.3K – $995.1K
NOI $59,705 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$785.6K
$687.4K – $916.6K
NOI $54,995 @ 7.0% cap · market cap 6.14%
Theoretical Best
Specialty Retail
$2.01M
$1.76M – $2.34M
NOI $140,665 @ 7.0% cap · market cap 15.72%
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
3,773
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?
Duplex - Well-maintained duplex with two three-bedroom, two-bathroom residences in Miami’s Riverside area.
Where is this duplex located?
The property is located at 1126 NW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two‑unit duplex with two 3/2 residences; 2,977 SF property built in 2003; Well‑maintained condition
