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
Price / SF$454.73
Days on Market139
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
Listed By:
Regulo Pachano · License #3275079
(786) 239-8013
Source:
Allyandaj
Added: May 5
Changed: Sep 16
Last Checked: Sep 20 at 10:50AM
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
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
$91,406
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
4.06%
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%
$1,828,120
$1.8M
Cap Rate 7%
$1,305,800
$1.3M
Cap Rate 9%
$1,015,622
$1.0M
Market Conditions
NOI Build-Up for 4,948 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
$178.1K $36.00/SF
− Vacancy
−$11.9K −$2.41/SF
EGI
$166.2K $33.59/SF
− OpEx
−$74.8K −$15.11/SF
NOI
$91.4K $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%
$1,828,120
Cap Rate 7%
$1,305,800
Cap Rate 9%
$1,015,622
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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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
