Building Details

Building Size 121,789 SF

Year Built 1956

Listing Agency: Realty Group of Miami, LLC

Listed By: Roger Pardo · License #3120916 Show Phone

Source: Vanessafrankmiami

Added: Mar 29 Changed: Oct 14 Last Checked: Oct 24 at 10:25PM

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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

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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.

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 / Yr

$992,250

Cap Rate

6.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$19,845,000 $19.8M

Cap Rate 7%

$14,175,000 $14.2M

Cap Rate 9%

$11,025,000 $11.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 42,000 SF

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 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 (±1% cap)

NOI $992,250 @ 7.0% cap · market cap 6.62%

Second Best

Apartment 5plus

$11.08M

$9.70M – $12.93M (±1% cap)

NOI $775,883 @ 7.0% cap · market cap 5.17%

Theoretical Best

Specialty Retail

$28.35M

$24.81M – $33.08M (±1% cap)

NOI $1,984,519 @ 7.0% cap · market cap 13.23%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Mixed-use properties

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Tanning Salon Butcher Mobile Phone Store Restaurant Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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.