Triplex with Development
3240 Northwest 3rd Avenue Miami, FL 33127
For Sale
$1,350,000
Triplex on a T4-R lot under Miami 21 code, with three existing units and medium-density redevelopment potential.
Property Size1,890 SF
Lot Size0.11 Acres
Price / SF$714.29
Days on Market207
Property Features for 3240 Northwest 3rd Avenue
General Information
- Standard status
- Active
- Size
- 1,890 SF
- Lot size
- 0.11 Acres
- Property subtype
- Multi-Family Income / Duplex
Building Details
- Year Built
- 1968
Listing Agency:
Douglas Elliman
(305) 300-6813
Listed By:
Louis Wintters · License #3482685
(305) 300-6813
Source:
Compass
Added: Dec 29, 2025
Changed: Jul 23
Last Checked: Jul 23 at 3:14AM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
This triplex features three existing residential units generating income while redevelopment plans are pursued. The property is offered with the opportunity to explore future design for additional development, subject to applicable requirements and approvals.
The site is zoned T4-R under the City of Miami’s Miami 21 code, which contemplates medium-density residential development and the potential for a multi-story project. Final development outcomes will depend on design, density calculations, parking requirements, and City approvals.
The property is positioned for buyers evaluating residential redevelopment in the Wynwood area. Any development potential, including allowable density and unit count, should be verified by the buyer with the City of Miami.
The site is zoned T4-R under the City of Miami’s Miami 21 code, which contemplates medium-density residential development and the potential for a multi-story project. Final development outcomes will depend on design, density calculations, parking requirements, and City approvals.
The property is positioned for buyers evaluating residential redevelopment in the Wynwood area. Any development potential, including allowable density and unit count, should be verified by the buyer with the City of Miami.
Key Highlights
- 5,000 SF lot zoned T4‑R under City of Miami Miami 21 code for medium‑density residential development
- Currently includes three existing units that provide income while redevelopment is pursued
- Triplex with Year Built 1968
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $57.8k | $30.60 |
| − Vacancy | −$3.7k | −$1.95 |
| EGI | $54.1k | $28.65 |
| − OpEx | −$16.2k | −$8.60 |
| NOI | $37.9k | $20.06 |
1,890 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$541.5K
$473.8K – $631.8K
NOI $37,905 @ 7.0% cap · market cap 2.81%
Second Best
Apartment 5plus
$498.8K
$436.4K – $581.9K
NOI $34,915 @ 7.0% cap · market cap 2.59%
Theoretical Best
Specialty Retail
$1.28M
$1.12M – $1.49M
NOI $89,303 @ 7.0% cap · market cap 6.62%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Sugary Surprises
Bakery
FAQs
What type of property is this?
Triplex - Triplex on a T4-R lot under Miami 21 code, with three existing units and medium-density redevelopment potential.
Where is this triplex located?
The property is located at 3240 Northwest 3rd Avenue Miami, FL.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 5,000 SF lot zoned T4‑R under City of Miami Miami 21 code for medium‑density residential development; Currently includes three existing units that provide income while redevelopment is pursued; Triplex with Year Built 1968
