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 Market94
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: Oct 9
Last Checked: Oct 7 at 2:23PM
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
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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 / Yr
$255,265
Cap Rate
3.65%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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
