Allapattah Multifamily Property For
For Sale
$950,000
3126 NW 28th St, Miami, FL 33142
Four renovated units with rental upside in Allapattah.
Property Size2,409 SF
Price / SF$394.35
Days on Market108
Property Features for 3126 NW 28th St
General Information
Standard status
Active
Size
2,409 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$10,668
Building Details
Building Size
2,409 SF
Year Built
1966
Listing Agency:
Compass Florida, LLC
(305) 766-1864
Listed By:
Javier Ubeda · License #3358462
Source:
Casacollectiongroup
Added: May 15
Changed: Aug 23
Last Checked: Aug 29 at 3:51PM
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 Compass Florida, LLC
Investment Insights
Based on property information with market context.
Located in Allapattah, this multifamily property contains four units. The unit mix includes two 2-bedroom units, one 1-bedroom unit, and one studio. All four units have been renovated, offering rental upside. There are eight parking spaces available. The 40/50 years recertification was completed in 2026.
Key Highlights
- Renovated units with rental upside
- Located in Allapattah
- 4 units (2 x 2‑bedroom, 1 x 1‑bedroom, 1 x studio)
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
$48,314
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
5.09%
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%
$966,280
$966.3K
Cap Rate 7%
$690,200
$690.2K
Cap Rate 9%
$536,822
$536.8K
Market Conditions
NOI Build-Up for 2,409 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
$73.7K $30.60/SF
− Vacancy
−$4.7K −$1.95/SF
EGI
$69.0K $28.65/SF
− OpEx
−$20.7K −$8.60/SF
NOI
$48.3K $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%
$966,280
Cap Rate 7%
$690,200
Cap Rate 9%
$536,822
Alternative Uses
Best Use
Multifamily LT 5
$690.2K
$603.9K – $805.2K
NOI $48,314 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$635.7K
$556.3K – $741.7K
NOI $44,502 @ 7.0% cap · market cap 4.68%
Theoretical Best
Specialty Retail
$1.63M
$1.42M – $1.90M
NOI $113,826 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four renovated units with rental upside in Allapattah.
Where is this quadplex located?
The property is located at 3126 NW 28th St 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: Renovated units with rental upside; Located in Allapattah; 4 units (2 x 2‑bedroom, 1 x 1‑bedroom, 1 x studio)
