Mixed-Use Development
For Sale
$15,000,000
3700 SW 28th St, Miami, FL 33134
Seven side-by-side parcels total 42,000 sq. ft., authorized for an 8-story mixed-use development with approved floor plans.
Property Size121,789 SF
Price / SF$357.14
Days on Market164
Property Features for 3700 SW 28th St
General Information
Standard status
Active
Size
121,789 SF
Property subtype
Mixed Use
Zoning
T5-0 +3
Additional Details
Road Access
Yes
Building Details
Building Size
121,789 SF
Year Built
1956
Listing Agency:
Realty Group of Miami, LLC
Listed By:
Roger Pardo · License #3120916
(786) 200-4509
Source:
Vanessafrankmiami
Added: Mar 29
Changed: Sep 4
Last Checked: Sep 7 at 8:03AM
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 Realty Group of Miami, LLC
Investment Insights
Based on property information with market context.
This for-sale development portfolio includes seven side-by-side properties with an aggregate area of 42,000 sq. ft. The offering is described as authorized for 8 stories under zoning T5-0 +3. Included in the sale are approved floor plans for an 8-story mixed-use building, consisting of 3 stories of parking and 5 stories containing 135 condo apartments.
The properties are positioned on Douglas Rd as assembled corner lots with large frontage, with “Douglas Park” described as renovated across Douglas Rd. The portfolio is located between Coral Gables and Coconut Grove, with Miami International Airport noted as nearby.
Also included in the portfolio are the following parcels: 3700 SW 28th St, 2810 SW 37th Ave, 2814 SW 37th Ave, 2816 SW 37th Ave, 2824 SW 37th Ave, 2828 SW 37th Ave, and 2828 SW 37th Ave.
The properties are positioned on Douglas Rd as assembled corner lots with large frontage, with “Douglas Park” described as renovated across Douglas Rd. The portfolio is located between Coral Gables and Coconut Grove, with Miami International Airport noted as nearby.
Also included in the portfolio are the following parcels: 3700 SW 28th St, 2810 SW 37th Ave, 2814 SW 37th Ave, 2816 SW 37th Ave, 2824 SW 37th Ave, 2828 SW 37th Ave, and 2828 SW 37th Ave.
Key Highlights
- Portfolio of 7 side‑by‑side parcels totaling 42,000 sq. ft.
- T5‑0 +3 zoning authorizes an 8‑story mixed‑use development.
- Approved floor plans included for an 8‑story building: 3 stories of parking and 5 stories of 135 condo apartments.
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
$992,250
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
6.62%
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%
$19,845,000
$19.8M
Cap Rate 7%
$14,175,000
$14.2M
Cap Rate 9%
$11,025,000
$11.0M
Market Conditions
NOI Build-Up for 42,000 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
$1.76M $42.00/SF
− Vacancy
−$176.4K −$4.20/SF
EGI
$1.59M $37.80/SF
− OpEx
−$595.4K −$14.18/SF
NOI
$992.3K $23.63/SF
Area
Miami, FL
Vacancy
10.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
37.50%
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%
$19,845,000
Cap Rate 7%
$14,175,000
Cap Rate 9%
$11,025,000
Alternative Uses
Best Use
Mixed Use
$14.17M
$12.40M – $16.54M
NOI $992,250 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$11.08M
$9.70M – $12.93M
NOI $775,883 @ 7.0% cap · market cap 5.17%
Theoretical Best
Specialty Retail
$28.35M
$24.81M – $33.08M
NOI $1,984,519 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,488
Businesses Nearby
Explore this area
Business Placement
Demographics for 33134, FL
38,739
Population
18,136
Households
2.1
Avg Household Size
46
Median Age
54%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
7,450
Density / Sq Mi
$92,009
Median Household Income
$56,392
Median Earnings
$1,818
Median Rent
$660,200
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?
Mixed-use property - Seven side-by-side parcels total 42,000 sq. ft., authorized for an 8-story mixed-use development with approved floor plans.
Where is this mixed-use property located?
The property is located at 3700 SW 28th St Miami, FL.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: Portfolio of 7 side‑by‑side parcels totaling 42,000 sq. ft.; T5‑0 +3 zoning authorizes an 8‑story mixed‑use development.; Approved floor plans included for an 8‑story building: 3 stories of parking and 5 stories of 135 condo apartments.
