Allapattah Multifamily Investment
For Sale
$1,375,000
1864 NW 28th St, Miami, FL 33142
Turnkey 5-unit multifamily property in Allapattah with upside potential.
Property Size3,200 SF
Lot Size0.23 Acres
Days on Market177
Property Features for 1864 NW 28th St
General Information
Standard status
Active
Size
3,200 SF
Lot size
0.23 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$15,719
Building Details
Building Size
3,200 SF
Year Built
1976
Stories
1
Listing Agency:
Douglas Elliman
Listed By:
Brandon Sors · License #SL3615541
(305) 904-0974
Source:
Elliman
Added: Mar 11
Changed: Aug 27
Last Checked: Sep 1 at 9:17PM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
This turnkey multifamily property is located in the rapidly developing Allapattah area. The property features five units, including three one-bedroom units and two two-bedroom units. Situated on a gated 9,975 square foot lot, the property includes on-site parking. The interiors have been upgraded, with recent renovations including new kitchens, new bathrooms, impact windows, and updated interiors. The property also features separate electric meters and on-site laundry. The zoning, T4-R, allows for value-add or redevelopment opportunities. The property is located minutes from Wynwood, Midtown, the Health District, and major highways. This income-producing property presents a strong Section 8 rental potential and upside in rents, making it ideal for buy-and-hold investors, 1031 exchange buyers, or cash-flow seeking operators looking for a Miami multifamily asset.
Key Highlights
- Turnkey 5‑unit multifamily property in the fast‑growing Allapattah area.
- Recent renovations including new kitchens, new bathrooms, impact windows, and updated interiors.
- Gated 9,975 SF lot with on‑site parking.
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
$59,115
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
4.30%
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%
$1,182,300
$1.2M
Cap Rate 7%
$844,500
$844.5K
Cap Rate 9%
$656,833
$656.8K
Market Conditions
NOI Build-Up for 3,200 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
$115.2K $36.00/SF
− Vacancy
−$7.7K −$2.41/SF
EGI
$107.5K $33.59/SF
− OpEx
−$48.4K −$15.11/SF
NOI
$59.1K $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%
$1,182,300
Cap Rate 7%
$844,500
Cap Rate 9%
$656,833
Alternative Uses
Best Use
Apartment 5plus
$844.5K
$738.9K – $985.3K
NOI $59,115 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.16M
$1.89M – $2.52M
NOI $151,201 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,645
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 5-unit multifamily property in Allapattah with upside potential.
Where is this apartment building located?
The property is located at 1864 NW 28th St Miami, FL.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Turnkey 5‑unit multifamily property in the fast‑growing Allapattah area.; Recent renovations including **new kitchens, new bathrooms, impact windows, and updated interiors.**; Gated 9,975 SF lot with on‑site parking.
