Allapattah Mixed-Use Development
For Sale
$6,800,000
1628 NW 28th St, Miami, FL 33142
Two Allapattah properties near Wynwood Art District, ideal for development.
Property Size2 SF
Lot Size0.62 Acres
Price / SF$425.32
Days on Market189
Property Features for 1628 NW 28th St
General Information
Standard status
Active
Size
2 SF
Lot size
0.62 Acres
Property subtype
Industrial
Taxes and HOA fees
Annual Taxes
$32,148
Building Details
Building Size
2 SF
Year Built
1940
Stories
1
Listed By:
Anel Ruano
(305) 989-0225
Source:
Elliman
Added: Mar 11
Changed: Sep 11
Last Checked: Sep 14 at 9:12AM
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 Anel Ruano
Investment Insights
Based on property information with market context.
Located in Miami's Allapattah neighborhood, this offering includes two properties situated within a designated Pedestrian-Oriented Zoning Area under Miami 21, near the Wynwood Art District. The primary property features a 12,995-square-foot building on a 14,040-square-foot lot. The sale also includes an adjacent retail building with 2,993 square feet of construction on a 12,916-square-foot lot, identified by PID# 01-3126-020-0010 and located at 2795 NW 17 AVE, Miami, FL 33142, where a restaurant and a strip store currently operate. Combined, the two properties offer a total of 26,956 square feet of land zoned T5-O & T6-8-O. The location is across from Juan Pablo Duarte Park, providing outdoor recreation and nature. The property is suitable for various art-related businesses, including art galleries, artists' studios, restaurants, theaters, cultural centers, and community centers.
Key Highlights
- Owner financing available with attractive terms (6.9% interest‑only, 5‑year balloon).
- Located in a designated Pedestrian‑Oriented Zoning Area by Miami 21, near Wynwood Art District.
- Suitable for various Art Venue businesses (Art Galleries, Studios, Restaurants, Theater, etc.).
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
$521,619
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
7.67%
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%
$10,432,380
$10.4M
Cap Rate 7%
$7,451,700
$7.5M
Cap Rate 9%
$5,795,767
$5.8M
Market Conditions
NOI Build-Up for 15,988 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
$830.7K $51.96/SF
− Vacancy
−$85.6K −$5.35/SF
EGI
$745.2K $46.61/SF
− OpEx
−$223.6K −$13.98/SF
NOI
$521.6K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /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%
$10,432,380
Cap Rate 7%
$7,451,700
Cap Rate 9%
$5,795,767
Alternative Uses
Best Use
Specialty Retail
$10.79M
$9.44M – $12.59M
NOI $755,440 @ 7.0% cap · market cap 11.11%
Second Best
Retail
$7.45M
$6.52M – $8.69M
NOI $521,619 @ 7.0% cap · market cap 7.67%
Theoretical Best
—
—
same as Best Use
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
2,567
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Miami, FL
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two Allapattah properties near Wynwood Art District, ideal for development.
Where is this mixed-use property located?
The property is located at 1628 NW 28th St Miami, FL.
What is the asking price?
The asking price for this property is $6,800,000.
What are key features of this property?
This property features: Owner financing available with attractive terms (6.9% interest‑only, 5‑year balloon).; Located in a designated Pedestrian‑Oriented Zoning Area by Miami 21, near Wynwood Art District.; Suitable for various Art Venue businesses (Art Galleries, Studios, Restaurants, Theater, etc.).
