Renovated 8-Unit
For Sale
$2,500,000
1132 NW 3rd St, Miami, FL 33128
Renovated 8-unit multifamily with 7 one-bedroom and one two-bedroom homes, each with mini-split A/C.
Property Size4,948 SF
Price / SF$505.25
Days on Market115
Property Features for 1132 NW 3rd St
General Information
Standard status
Active
Size
4,948 SF
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Multifamily Units
8
Building Details
Year Built
1925
Year Renovated
2022
Tenancy
Multi
Listing Agency:
The Agency Florida LLC
(786) 239-8013
Listed By:
Regulo Pachano · License #FL3275079
(786) 239-8013
Source:
Xome
Added: Apr 14
Changed: Jul 10
Last Checked: Aug 5 at 4:25AM
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 The Agency Florida LLC
Investment Insights
Based on property information with market context.
This is a renovated 8-unit multifamily property with a unit mix of 7 one-bedroom/one-bath homes and 1 two-bedroom/one-bath home. The property underwent a complete interior and exterior renovation in 2022, and it has passed Miami-Dade’s mandatory 40-year recertification (2025). Each unit is finished with quartz countertops, stainless steel appliances, modern two-tone cabinetry, porcelain tile bathrooms, and LVP flooring throughout. For comfort and tenant control, each unit has an individual mini-split A/C system, with no central HVAC to maintain.
Located in Little Havana, the property is positioned just minutes from Brickell, Downtown Miami, and Jackson Memorial Hospital. The setting supports day-to-day workforce housing needs given the nearby employment and medical destinations described in the remarks.
For buyers evaluating income property condition and compliance status, this offering provides a straightforward, recently renovated multifamily with completed 40-year recertification. The consistent in-unit finishes and mini-split A/C configuration may appeal to operators seeking uniformity across units, along with reduced reliance on shared mechanical systems.
Located in Little Havana, the property is positioned just minutes from Brickell, Downtown Miami, and Jackson Memorial Hospital. The setting supports day-to-day workforce housing needs given the nearby employment and medical destinations described in the remarks.
For buyers evaluating income property condition and compliance status, this offering provides a straightforward, recently renovated multifamily with completed 40-year recertification. The consistent in-unit finishes and mini-split A/C configuration may appeal to operators seeking uniformity across units, along with reduced reliance on shared mechanical systems.
Key Highlights
- Fully renovated 8‑unit multifamily built in 1925; complete interior and exterior renovation completed in 2022
- Unit mix: 7 × 1BR/1BA and 1 × 2BR/1BA
- Each unit includes individual mini‑split A/C (no central HVAC)
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $178.1k | $36.00 |
| − Vacancy | −$11.9k | −$2.41 |
| EGI | $166.2k | $33.59 |
| − OpEx | −$74.8k | −$15.11 |
| NOI | $91.4k | $18.47 |
4,948 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.31M
$1.14M – $1.52M
NOI $91,406 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.34M
$2.92M – $3.90M
NOI $233,795 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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?
Apartment building - Renovated 8-unit multifamily with 7 one-bedroom and one two-bedroom homes, each with mini-split A/C.
Where is this apartment building located?
The property is located at 1132 NW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Fully renovated 8‑unit multifamily built in 1925; complete interior and exterior renovation completed in 2022; Unit mix: 7 × 1BR/1BA and 1 × 2BR/1BA; Each unit includes individual mini‑split A/C (no central HVAC)
