Renovated 8-Unit Apartment
For Sale
$2,250,000
1132 NW 3rd St, Miami, FL 33128
Residential Income, Miami, FL
Property Size4,948 SF
Price / SF$454.73
Days on Market65
Property Features for 1132 NW 3rd St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
3900
Subdivision
LAWRENCE ESTATE LAND CO
Lot features
< 1/4 Acre
Standard status
Active
APN
01-41-02-005-1760
Size
4,948 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
LAWRENCE ESTATE LAND COS SUB PB 2-46 LOT 5 BLK 10 LOT SIZE 7500 SQUARE FEET OR 19034-2675 03 2000 4
Tax Annual Amount
25000
Legal Description
LAWRENCE ESTATE LAND COS SUB PB 2-46 LOT 5 BLK 10 LOT SIZE 7500 SQUARE FEET OR 19034-2675 03 2000 4
Utilities
Sewer type
Public Sewer
Cooling system
Electric
Building Details
Year built
1925
Floors in Building
2
Flooring type
Laminate
Building materials
Block
Roof type
Flat
Architectural style
Other
Listing Agency:
The Agency Florida LLC
(305) 203-5085
Listed By:
Regulo Pachano · License #3275079
(786) 239-8013
Added: Jul 18
Changed: Sep 2
Last Checked: Sep 20 at 12:06PM
MLS# A12009666
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,948-square-foot apartment building contains eight units: seven 1BR/1BA residences and one 2BR/1BA residence. The property was constructed in 1925 with block construction, a flat roof, electric cooling, and public sewer service. Interior and exterior renovations were completed in 2022, including quartz countertops, stainless steel appliances, two-tone cabinetry, porcelain tile bathrooms, and LVP flooring in the units.
Located at 1132 NW 3rd St in Miami, the property is near Brickell, Downtown Miami, and Jackson Memorial Hospital. The building has also passed Miami-Dade's mandatory 40-year recertification in 2025, providing a documented recent compliance milestone.
Located at 1132 NW 3rd St in Miami, the property is near Brickell, Downtown Miami, and Jackson Memorial Hospital. The building has also passed Miami-Dade's mandatory 40-year recertification in 2025, providing a documented recent compliance milestone.
Key Highlights
- 8‑unit apartment building totaling 4,948 square feet
- Unit mix includes 7 1BR/1BA units and 1 2BR/1BA unit
- Complete interior and exterior renovation 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
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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 - Interior and exterior improvements were completed in 2022, with Miami-Dade 40-year recertification passed in 2025.
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 building totaling 4,948 square feet; Unit mix includes 7 1BR/1BA units and 1 2BR/1BA unit; Complete interior and exterior renovation completed in 2022
