Development Land
For Sale
$3,500,000
660 662 664 NW 29th St, Miami, FL 33127
LAND - Miami, FL
Property Size14,000 SF
Lot Size0.32 Acres
Price / SF$250
Days on Market160
Property Features for 660 662 664 NW 29th St
General Information
Property type
Land
Property subtype
Other
Zoning description
7700
Subdivision
NORTHERN BLVD TRACK
Standard status
Active
APN
01-31-25-024-2420
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
NORTHERN BLVD TR PB 2-29 LOT 9 BLK 15 LOT SIZE 50.000 X 140 OR 19660-3437 04 2001 4 (6)
Tax Annual Amount
11536
Legal Description
NORTHERN BLVD TR PB 2-29 LOT 9 BLK 15 LOT SIZE 50.000 X 140 OR 19660-3437 04 2001 4 (6)
Listing Agency:
One Sotheby's International Realty
(305) 538-9711
Listed By:
Mina Taskiran · License #3252261
(305) 206-4551
Added: Mar 5
Changed: Jun 30
Last Checked: Aug 12 at 1:06PM
MLS# A11766314
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-parcel assemblage totals 14,000 SF and includes a 7-unit duplex along with an office building. The property is currently set up as mixed-use leasable space, providing existing improvements on-site while planning for future development.
The assemblage is located in Allapattah/Wynwood Junction, about one block from Wynwood’s Art & Entertainment District. The area includes nearby office leasing activity, including an Amazon office lease reported in the remarks, and other contemporaneous development noted within walking distance.
Zoned D2, the site supports up to eight floors of new construction and allows for multiple use types listed in the remarks, including retail, hotel/inn, bed and breakfast, and show room and offices. The combination of existing income-producing structures and flexible development capacity can support a range of redevelopment strategies for developers and investors evaluating the Miami market.
The assemblage is located in Allapattah/Wynwood Junction, about one block from Wynwood’s Art & Entertainment District. The area includes nearby office leasing activity, including an Amazon office lease reported in the remarks, and other contemporaneous development noted within walking distance.
Zoned D2, the site supports up to eight floors of new construction and allows for multiple use types listed in the remarks, including retail, hotel/inn, bed and breakfast, and show room and offices. The combination of existing income-producing structures and flexible development capacity can support a range of redevelopment strategies for developers and investors evaluating the Miami market.
Key Highlights
- 14,000 SF three‑parcel assemblage in Allapattah/Wynwood Junction
- Mixed‑use income‑producing setup includes a 7‑unit duplex and an office building
- Zoned D2 with allowance for up to 8 floors of new construction
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
$258,628
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
7.39%
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%
$5,172,560
$5.2M
Cap Rate 7%
$3,694,686
$3.7M
Cap Rate 9%
$2,873,644
$2.9M
Market Conditions
NOI Build-Up for 14,000 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
$504.0K $36.00/SF
− Vacancy
−$33.8K −$2.41/SF
EGI
$470.2K $33.59/SF
− OpEx
−$211.6K −$15.11/SF
NOI
$258.6K $18.47/SF
Area
Miami, FL
Vacancy
6.70%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
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%
$5,172,560
Cap Rate 7%
$3,694,686
Cap Rate 9%
$2,873,644
Alternative Uses
Best Use
Office B
$5.74M
$5.02M – $6.69M
NOI $401,625 @ 7.0% cap · market cap 11.48%
Second Best
Apartment 5plus
$3.69M
$3.23M – $4.31M
NOI $258,628 @ 7.0% cap · market cap 7.39%
Theoretical Best
Specialty Retail
$9.45M
$8.27M – $11.03M
NOI $661,506 @ 7.0% cap · market cap 18.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
7
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,821
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 Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-parcel assemblage with an existing duplex and office building, zoned D2 for up to eight floors.
Where is this apartment building located?
The property is located at 660 662 664 NW 29th St Miami, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 14,000 SF three‑parcel assemblage in Allapattah/Wynwood Junction; Mixed‑use income‑producing setup includes a 7‑unit duplex and an office building; Zoned D2 with allowance for up to 8 floors of new construction
