Renovated 8-Unit Apartment
For Sale
$2,250,000
1132 NW 3rd St, Miami, FL 33128
Updated interiors and exteriors are complemented by completed Miami-Dade 40-year recertification.
Property Size4,948 SF
Days on Market94
Property Features for 1132 NW 3rd St
General Information
Standard status
Active
Size
4,948 SF
Property subtype
Income/MultiFamily
Units
Unit Mix
7 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$25,000
Building Details
Building Size
4,948 SF
Year Built
1925
Year Renovated
2022
Listing Agency:
The Agency Florida LLC
(786) 239-8013
Listed By:
Regulo Pachano · License #3275079
Source:
Relinkre
Added: May 5
Changed: Aug 5
Last Checked: Aug 5 at 6:37AM
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.
Built in 1925, this 8-unit apartment property received comprehensive interior and exterior renovations in 2022. The unit mix includes seven 1-bedroom, 1-bath residences and one 2-bedroom, 1-bath residence. Interior features include quartz countertops, stainless steel appliances, two-tone cabinetry, porcelain tile bathrooms, and LVP flooring. Each unit is equipped with an individual mini-split A/C system. Miami-Dade's mandatory 40-year recertification was completed in 2025.
The property is located in Little Havana near Brickell, Downtown Miami, and Jackson Memorial Hospital. Its proximity to major employment centers and its unit configuration support multifamily housing use.
The property is located in Little Havana near Brickell, Downtown Miami, and Jackson Memorial Hospital. Its proximity to major employment centers and its unit configuration support multifamily housing use.
Key Highlights
- 8‑unit apartment property built in 1925
- Seven 1BR/1BA units and one 2BR/1BA unit
- Interior and exterior renovations completed in 2022
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 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.34M
$2.92M – $3.90M
NOI $233,795 @ 7.0% cap · market cap 10.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
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 - Updated interiors and exteriors are complemented by completed Miami-Dade 40-year recertification.
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 $2,250,000.
What are key features of this property?
This property features: 8‑unit apartment property built in 1925; Seven 1BR/1BA units and one 2BR/1BA unit; Interior and exterior renovations completed in 2022
