Updated Two-Unit
For Sale
$700,000
3185 NW 28th Street, Miami, FL 33142
Built in 1980, the property includes distinct two-bedroom and three-bedroom residences.
Property Size2,666 SF
Days on Market10
Property Features for 3185 NW 28th Street
General Information
Standard status
Active
Size
2,666 SF
Property subtype
Duplex
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
2
Additional Details
Gross Income
$63,600
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$11,361
Building Details
Building Size
2,666 SF
Year Built
1980
Buildings
1
Listing Agency:
Guillen
Listed By:
Yolymiler Diaz Guillen · License #3288184
(786) 277-6968
Source:
Silverleafrealtygroup
Added: Sep 17
Changed: Sep 25
Last Checked: Sep 24 at 6:57PM
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 Guillen
Investment Insights
Based on property information with market context.
This duplex contains two separate residences: one with 2 bedrooms and 1 bath, and another with 3 bedrooms and 2 baths. The owner has completed upgrades to the property, supporting continued residential use in its existing two-unit configuration. Built in 1980, the asset offers a straightforward setup for an investor or an owner-occupant seeking a second residence on site.
The property is located at 3185 NW 28th Street in Miami, with access to major roadways and proximity to entertainment and employment centers. Tenant occupancy is in place, and showings are available by appointment.
The property is located at 3185 NW 28th Street in Miami, with access to major roadways and proximity to entertainment and employment centers. Tenant occupancy is in place, and showings are available by appointment.
Key Highlights
- Two‑unit duplex with separate residences
- Unit mix includes 2 bedrooms/1 bath and 3 bedrooms/2 baths
- Owner‑completed property upgrades
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
$53,468
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
7.64%
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%
$1,069,360
$1.1M
Cap Rate 7%
$763,829
$763.8K
Cap Rate 9%
$594,089
$594.1K
Market Conditions
NOI Build-Up for 2,666 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
$81.6K $30.60/SF
− Vacancy
−$5.2K −$1.95/SF
EGI
$76.4K $28.65/SF
− OpEx
−$22.9K −$8.60/SF
NOI
$53.5K $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%
$1,069,360
Cap Rate 7%
$763,829
Cap Rate 9%
$594,089
Alternative Uses
Best Use
Multifamily LT 5
$763.8K
$668.4K – $891.1K
NOI $53,468 @ 7.0% cap · market cap 7.64%
Second Best
Apartment 5plus
$703.6K
$615.6K – $820.8K
NOI $49,250 @ 7.0% cap · market cap 7.04%
Theoretical Best
Specialty Retail
$1.80M
$1.57M – $2.10M
NOI $125,970 @ 7.0% cap · market cap 18.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,782
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Built in 1980, the property includes distinct two-bedroom and three-bedroom residences.
Where is this duplex located?
The property is located at 3185 NW 28th Street Miami, FL.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Two‑unit duplex with separate residences; Unit mix includes 2 bedrooms/1 bath and 3 bedrooms/2 baths; Owner‑completed property upgrades
