Four-Unit Quadplex Near
For Sale
$890,000
426 Northeast 28th Street, Miami, FL 33137
Income-producing residential property with a varied unit mix and T6-36A-L zoning near the Bayfront.
Property Size2,417 SF
Lot Size0.13 Acres
Price / SF$368.23
Days on Market2518
Property Features for 426 Northeast 28th Street
General Information
Standard status
Active
Size
2,417 SF
Lot size
0.13 Acres
Property subtype
Commercial/Industrial / Income/Multi Family
Zoning
T6-36A-L
Units
Unit Mix
2 x 1BR/1BA, 1 x studio, 1 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,554
Building Details
Year Built
1929
Listing Agency:
Global Investments Realty
(305) 635-3005
Listed By:
Joel Rodriguez · License #0545697
(305) 635-3005
Source:
Compass
Added: Oct 11, 2019
Changed: Aug 31
Last Checked: Aug 31 at 10:14PM
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 Global Investments Realty
Investment Insights
Based on property information with market context.
Built in 1929, this quadplex contains four residential units: two one-bedroom, one-bath apartments, one studio, and one two-bedroom, one-bath apartment. The building measures 2,417 square feet and sits on a 5,500-square-foot lot, providing an established multifamily configuration for continued residential income use.
The property is located at 426 Northeast 28th Street in Miami, Florida, near the Bayfront and one house from Icon Bay Park. T6-36A-L zoning further identifies the site's applicable development designation. The combination of a four-unit layout, varied floor plans, and an established building supports a range of residential occupancy needs.
The property is located at 426 Northeast 28th Street in Miami, Florida, near the Bayfront and one house from Icon Bay Park. T6-36A-L zoning further identifies the site's applicable development designation. The combination of a four-unit layout, varied floor plans, and an established building supports a range of residential occupancy needs.
Key Highlights
- Four‑unit configuration with two 1 bed / 1 bath units, one studio, and one 2 bed / 1 bath unit
- 2,417 SF building on a 5,500 SF lot
- T6‑36A‑L zoning
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
$48,474
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
5.45%
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%
$969,480
$969.5K
Cap Rate 7%
$692,486
$692.5K
Cap Rate 9%
$538,600
$538.6K
Market Conditions
NOI Build-Up for 2,417 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
$74.0K $30.60/SF
− Vacancy
−$4.7K −$1.95/SF
EGI
$69.2K $28.65/SF
− OpEx
−$20.8K −$8.60/SF
NOI
$48.5K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
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%
$969,480
Cap Rate 7%
$692,486
Cap Rate 9%
$538,600
Alternative Uses
Best Use
Multifamily LT 5
$692.5K
$605.9K – $807.9K
NOI $48,474 @ 7.0% cap · market cap 5.45%
Second Best
Apartment 5plus
$637.9K
$558.1K – $744.2K
NOI $44,650 @ 7.0% cap · market cap 5.02%
Theoretical Best
Specialty Retail
$1.63M
$1.43M – $1.90M
NOI $114,204 @ 7.0% cap · market cap 12.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,335
Businesses Nearby
Explore this area
Business Placement
Demographics for 33137, FL
25,763
Population
15,237
Households
1.7
Avg Household Size
37
Median Age
51%
College-Educated
90%
High-School Grad
2.0 sq mi
ZIP Area
12,882
Density / Sq Mi
$82,798
Median Household Income
$53,519
Median Earnings
$2,338
Median Rent
$532,900
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Income-producing residential property with a varied unit mix and T6-36A-L zoning near the Bayfront.
Where is this quadplex located?
The property is located at 426 Northeast 28th Street Miami, FL.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: Four‑unit configuration with two 1 bed / 1 bath units, one studio, and one 2 bed / 1 bath unit; 2,417 SF building on a 5,500 SF lot; T6‑36A‑L zoning
