Value-Add Multifamily Apartment
For Sale
$7,000,000
1915 NW 28th St, Miami, FL 33142
As-is multifamily property with 24 apartment units on a one-acre site.
Property Size13,818 SF
Price / SF$506.59
Days on Market58
Property Features for 1915 NW 28th St
General Information
Standard status
Active
Size
13,818 SF
Building Details
Year Built
1958
Listing Agency:
Midtown Realty International
Listed By:
Luis Garcia, Miriam Garcia
(786) 346-1716
Source:
Chenoregroup
Added: Jul 20
Changed: Sep 8
Last Checked: Sep 14 at 6:42PM
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 Midtown Realty International
Investment Insights
Based on property information with market context.
This for-sale multifamily apartment building is being offered as-is and includes 24 apartment units on a one-acre property. It presents a value-add, redevelopment-oriented acquisition where existing rental income may help offset carrying costs while a new owner evaluates next steps.
The property is located in the Allapattah submarket and is described as being within close proximity to major employment and transportation corridors, the Health District, Downtown Miami, Wynwood, and Miami International Airport.
Buyers are encouraged to perform their own due diligence regarding zoning, land use, density, redevelopment potential, and required municipal approvals. Showings are by appointment only, and tenants should not be disturbed.
The property is located in the Allapattah submarket and is described as being within close proximity to major employment and transportation corridors, the Health District, Downtown Miami, Wynwood, and Miami International Airport.
Buyers are encouraged to perform their own due diligence regarding zoning, land use, density, redevelopment potential, and required municipal approvals. Showings are by appointment only, and tenants should not be disturbed.
Key Highlights
- As‑is multifamily property with 24 apartment units on a 1‑acre site
- Year built: 1958
- Offered for sale as‑is with showings by appointment only
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
$255,265
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
3.65%
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%
$5,105,300
$5.1M
Cap Rate 7%
$3,646,643
$3.6M
Cap Rate 9%
$2,836,278
$2.8M
Market Conditions
NOI Build-Up for 13,818 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
$497.4K $36.00/SF
− Vacancy
−$33.3K −$2.41/SF
EGI
$464.1K $33.59/SF
− OpEx
−$208.9K −$15.11/SF
NOI
$255.3K $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%
$5,105,300
Cap Rate 7%
$3,646,643
Cap Rate 9%
$2,836,278
Alternative Uses
Best Use
Apartment 5plus
$3.65M
$3.19M – $4.25M
NOI $255,265 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$9.33M
$8.16M – $10.88M
NOI $652,907 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,965
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
Median Home Value
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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 - As-is multifamily property with 24 apartment units on a one-acre site.
Where is this apartment building located?
The property is located at 1915 NW 28th St Miami, FL.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: As‑is multifamily property with 24 apartment units on a 1‑acre site; Year built: 1958; Offered for sale as‑is with showings by appointment only
