The aircraft was a low-wing cantilever monoplane with a similar fuselage to the Bellanca 28-70 and 28-90, but was fitted with three engines, one in the nose, and one in each of two underwing nacelles.

Installed in each wing of the aircraft was a 250-HP (186 kW) Menasco C6S4 Super Buccaneer engine.

The aircraft had a span of 46-ft. 4 in (0.10 m), a length of 28 ft 4 in (8.64 m), and weighed 4,700 pounds (2,100 kg) empty.

In 1938, Bellanca re-registered the aircraft in the United States as NX2433 and entered it in the Bendix Trophy cross-country race.

The aircraft competed in the 1939 Bendix Trophy race, placing second, piloted by Arthur Bussy.

After being sold in South America, the 28-92 ended its days rotting in a small field in Ecuador.