Triplex Investment
For Sale
Contact for pricing
2168 NW 28 Street, Miami, FL 33142
Triplex with one 5-bedroom unit and two 3-bedroom units, featuring impact windows and a 2009 roof.
Property Size2,822 SF
Price / SF$336.64
Days on Market189
Property Features for 2168 NW 28 Street
General Information
Standard status
Active
Size
2,822 SF
Property subtype
Multifamily
Zoning
3900
Building Details
Year Built
1936
Stories
2
Units
3
Listing Agency:
LoKation
(954) 545-5583
Listed By:
Lisa Feltrinelli · License #3231741
Source:
Crexi
Added: Feb 5
Changed: Aug 12
Last Checked: Aug 12 at 12:21PM
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 LoKation
Investment Insights
Based on property information with market context.
This for-sale triplex includes one larger unit and two smaller units, offering a practical mix for rental housing. The unit mix consists of one 5BD/3BA configured as a 4BD/2BA plus studio, along with two 3BD/1BA units. Improvements include impact windows installed in December 2023 and a 2009 asphalt shingle/roll-up roof.
The property is centrally located in a Miami submarket near Wynwood and the Miami Design District. Access is described as convenient to major roadways including I-95 and SR 836, with Miami International Airport minutes away.
Zoned T4-R, the site allows for flexibility for higher-density redevelopment or repositioning, depending on the buyer’s operating strategy and plans. With the current unit configuration and the stated projected market rents of $9,900 per month ($118,800 annually), the property is positioned for investors seeking income through both existing operations and potential unit upgrades. Showings are by appointment only, and tenants should not be disturbed.
The property is centrally located in a Miami submarket near Wynwood and the Miami Design District. Access is described as convenient to major roadways including I-95 and SR 836, with Miami International Airport minutes away.
Zoned T4-R, the site allows for flexibility for higher-density redevelopment or repositioning, depending on the buyer’s operating strategy and plans. With the current unit configuration and the stated projected market rents of $9,900 per month ($118,800 annually), the property is positioned for investors seeking income through both existing operations and potential unit upgrades. Showings are by appointment only, and tenants should not be disturbed.
Key Highlights
- Triplex built in 1936 with one 5BD/3BA (configured as 4BD/2BA plus studio) and two 3BD/1BA units
- Impact windows installed Dec 2023
- 2009 asphalt shingle/roll‑up roof
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
$56,597
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
5.96%
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%
$1,131,940
$1.1M
Cap Rate 7%
$808,529
$808.5K
Cap Rate 9%
$628,856
$628.9K
Market Conditions
NOI Build-Up for 2,822 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
$86.4K $30.60/SF
− Vacancy
−$5.5K −$1.95/SF
EGI
$80.9K $28.65/SF
− OpEx
−$24.3K −$8.60/SF
NOI
$56.6K $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%
$1,131,940
Cap Rate 7%
$808,529
Cap Rate 9%
$628,856
Alternative Uses
Best Use
Multifamily LT 5
$808.5K
$707.5K – $943.3K
NOI $56,597 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$744.7K
$651.7K – $868.9K
NOI $52,132 @ 7.0% cap · market cap 5.49%
Theoretical Best
Specialty Retail
$1.90M
$1.67M – $2.22M
NOI $133,341 @ 7.0% cap · market cap 14.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex with one 5-bedroom unit and two 3-bedroom units, featuring impact windows and a 2009 roof.
Where is this triplex located?
The property is located at 2168 NW 28 Street Miami, FL.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Triplex built in 1936 with one 5BD/3BA (configured as 4BD/2BA plus studio) and two 3BD/1BA units; Impact windows installed Dec 2023; 2009 asphalt shingle/roll‑up roof
