Apartment Building
New
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 Market5
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
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) 299-4124
Source:
Marcelosteinmander
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 20 at 11:50AM
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
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 = 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
$536,449
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
5.36%
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%
$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
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
$1.05M $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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
47
Residential units
Location Intelligence
Trade Area within ½ mile
3,582
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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
