Three-Unit Multifamily
For Sale
$649,900
3090 Northwest 29th Street, Miami, FL 33142
Corner-lot configuration with private entrances serving each residence.
Property Size1,982 SF
Price / SF$327.90
Days on Market201
Property Features for 3090 Northwest 29th Street
General Information
Standard status
Active
Size
1,982 SF
Property subtype
Multi-Family Income / Duplex
Units
Unit Mix
1 x 3BR/1BA, 2 x 1BR/1BA
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,673
Building Details
Year Built
1951
Buildings
1
Listing Agency:
Tower Team Realty, LLC
(786) 233-4959
Listed By:
Edwin Reyes · License #3265833
(786) 233-4959
Source:
Compass
Added: Feb 10
Changed: Aug 30
Last Checked: Aug 30 at 12:32PM
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 Tower Team Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1951, this 1,982-square-foot triplex contains three residences with separate private entrances. The unit mix includes one three-bedroom, one-bath residence and two one-bedroom, one-bath residences. The building has a flat roof finished with GONANO coating.
The property occupies a corner lot at 3090 Northwest 29th Street in Miami, Florida. MIA Airport and major expressways are located just minutes away, providing access to regional air travel and roadway connections.
The property occupies a corner lot at 3090 Northwest 29th Street in Miami, Florida. MIA Airport and major expressways are located just minutes away, providing access to regional air travel and roadway connections.
Key Highlights
- Three residences totaling 1,982 square feet
- Unit mix includes one 3‑bedroom, 1‑bath residence and two 1‑bedroom, 1‑bath residences
- Private entrance for each unit
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
$39,750
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
6.12%
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%
$795,000
$795.0K
Cap Rate 7%
$567,857
$567.9K
Cap Rate 9%
$441,667
$441.7K
Market Conditions
NOI Build-Up for 1,982 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
$60.6K $30.60/SF
− Vacancy
−$3.9K −$1.95/SF
EGI
$56.8K $28.65/SF
− OpEx
−$17.0K −$8.60/SF
NOI
$39.8K $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%
$795,000
Cap Rate 7%
$567,857
Cap Rate 9%
$441,667
Alternative Uses
Best Use
Multifamily LT 5
$567.9K
$496.9K – $662.5K
NOI $39,750 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$523.1K
$457.7K – $610.2K
NOI $36,614 @ 7.0% cap · market cap 5.63%
Theoretical Best
Specialty Retail
$1.34M
$1.17M – $1.56M
NOI $93,650 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,853
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Corner-lot configuration with private entrances serving each residence.
Where is this triplex located?
The property is located at 3090 Northwest 29th Street Miami, FL.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Three residences totaling 1,982 square feet; Unit mix includes one 3‑bedroom, 1‑bath residence and two 1‑bedroom, 1‑bath residences; Private entrance for each unit
