Building Details

Building Size 3,200 SF

Year Built 1976

Stories 1

Listing Agency: Douglas Elliman

Listed By: Brandon Sors · License #SL3615541 Show Phone

Source: Elliman

Added: Mar 11 Changed: Oct 14 Last Checked: Oct 19 at 7:05AM

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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

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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 / Yr

$59,115

Cap Rate

4.30%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,182,300 $1.2M

Cap Rate 7%

$844,500 $844.5K

Cap Rate 9%

$656,833 $656.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,200 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $151,201 @ 7.0% cap · market cap 11.00%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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.