CBS
For Sale
$1,350,000
650 NW 28th St, Miami, FL 33127
Built in 1972, the property sits in Allapattah near the Rubell Museum, Wynwood Arts District, and NW 29th Street corridor.
Property Size3,204 SF
Days on Market99
Property Features for 650 NW 28th St
General Information
Standard status
Active
Size
3,204 SF
Property subtype
Quadruplex
Taxes and HOA fees
Annual Taxes
$13,567
Building Details
Building Size
3,204 SF
Year Built
1972
Construction
concrete block
Listing Agency:
Fausto Commercial Realty Consultants Inc
(305) 443-7423
Listed By:
Miguel Fuentes · License #3403804
Source:
Miamibrokersgroup
Added: May 1
Changed: Aug 2
Last Checked: Aug 7 at 1:11AM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This four-unit residential income property is constructed with CBS materials and was built in 1972. The building is located at 650 NW 28th St in Miami’s Allapattah area, within the district identified as WOW, or West of Wynwood.
The property is positioned near the Rubell Museum and Wynwood Arts District, with access to the NW 29th Street corridor. Its four-unit configuration provides a defined multifamily format within an established Miami neighborhood and places the asset near surrounding retail, dining, and creative office activity described for the corridor.
The property is positioned near the Rubell Museum and Wynwood Arts District, with access to the NW 29th Street corridor. Its four-unit configuration provides a defined multifamily format within an established Miami neighborhood and places the asset near surrounding retail, dining, and creative office activity described for the corridor.
Key Highlights
- Four‑unit residential income property
- CBS construction
- Built in 1972
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
$64,258
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
4.76%
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%
$1,285,160
$1.3M
Cap Rate 7%
$917,971
$918.0K
Cap Rate 9%
$713,978
$714.0K
Market Conditions
NOI Build-Up for 3,204 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
$98.0K $30.60/SF
− Vacancy
−$6.2K −$1.95/SF
EGI
$91.8K $28.65/SF
− OpEx
−$27.5K −$8.60/SF
NOI
$64.3K $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%
$1,285,160
Cap Rate 7%
$917,971
Cap Rate 9%
$713,978
Alternative Uses
Best Use
Multifamily LT 5
$918.0K
$803.2K – $1.07M
NOI $64,258 @ 7.0% cap · market cap 4.76%
Second Best
Apartment 5plus
$845.6K
$739.9K – $986.5K
NOI $59,189 @ 7.0% cap · market cap 4.38%
Theoretical Best
Specialty Retail
$2.16M
$1.89M – $2.52M
NOI $151,390 @ 7.0% cap · market cap 11.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,803
Businesses Nearby
Explore this area
Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
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 - Built in 1972, the property sits in Allapattah near the Rubell Museum, Wynwood Arts District, and NW 29th Street corridor.
Where is this quadplex located?
The property is located at 650 NW 28th St 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: Four‑unit residential income property; CBS construction; Built in 1972
