Apartment Building
For Sale
$10,000,000
690 NW 3rd St, Miami, FL 33128
Existing residential units occupy a five-parcel assemblage governed by T-6-8 zoning under Miami 21.
Property Size29,039 SF
Lot Size1.03 Acres
Days on Market51
Property Features for 690 NW 3rd St
General Information
Standard status
Active
Size
29,039 SF
Lot size
1.03 Acres
Property subtype
Income/MultiFamily
Zoning
T-6-8
Site & Location
Neighborhood
Little Managua
Additional Details
Land Use
residential
Multifamily Units
47
Building Details
Building Size
29,039 SF
Year Built
1971
Listing Agency:
Eleventrust LLC
Listed By:
David Fermoselle · License #3306806
(305) 791-7324
Source:
Marcelosteinmander
Added: Sep 16
Changed: Oct 31
Last Checked: Nov 4 at 6:42PM
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 Eleventrust LLC
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Investment Insights
Based on property information with market context.
This multifamily assemblage combines five contiguous parcels with a total site area exceeding 45,000 SF. The property includes 47 residential units and was built in 1971, providing an existing apartment operation within a larger redevelopment framework. T-6-8 zoning under Miami 21 supports high-density multifamily, hotel, and mixed-use development potential.
The property is located at 690 NW 3rd St in Miami, within the Miami River district and near Brickell, Downtown, and the Health District. Its location connects an operating residential asset with a substantial urban site and multiple potential future development directions.
The property is located at 690 NW 3rd St in Miami, within the Miami River district and near Brickell, Downtown, and the Health District. Its location connects an operating residential asset with a substantial urban site and multiple potential future development directions.
Key Highlights
- 45,000+ SF assemblage spanning 5 contiguous parcels
- 47 residential units with a diverse unit mix
- T‑6‑8 zoning under Miami 21
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$536,449
Cap Rate
5.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$10,728,980
$10.7M
Cap Rate 7%
$7,663,557
$7.7M
Cap Rate 9%
$5,960,544
$6.0M
Market Conditions
NOI Build-Up for 29,039 SF
Gross rent
$1.05M $36.00/SF
− Vacancy
−$70.0K −$2.41/SF
EGI
$975.4K $33.59/SF
− OpEx
−$438.9K −$15.11/SF
NOI
$536.4K $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 Rate 5%
$10,728,980
Cap Rate 7%
$7,663,557
Cap Rate 9%
$5,960,544
Alternative Uses
Best Use
Apartment 5plus
$7.66M
$6.71M – $8.94M
NOI $536,449 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$19.60M
$17.15M – $22.87M
NOI $1,372,106 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
47
Residential units
Location Intelligence
Trade Area within ½ mile
3,582
Businesses Nearby
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Business Placement
Demographics for 33128, FL
8,213
Population
4,533
Households
1.8
Avg Household Size
41
Median Age
22%
College-Educated
66%
High-School Grad
0.4 sq mi
ZIP Area
20,533
Density / Sq Mi
$36,308
Median Household Income
$32,082
Median Earnings
$1,316
Median Rent
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Existing residential units occupy a five-parcel assemblage governed by T-6-8 zoning under Miami 21.
Where is this apartment building located?
The property is located at 690 NW 3rd St Miami, FL.
What is the asking price?
The asking price for this property is $10,000,000.
What are key features of this property?
This property features: 45,000+ SF assemblage spanning 5 contiguous parcels; 47 residential units with a diverse unit mix; T‑6‑8 zoning under Miami 21
