Renovated Two-Unit
For Sale
$949,000
241 NW 32nd St, Miami, FL 33127
Residential Income, Miami, FL
Property Size1,708 SF
Price / SF$555.62
Days on Market47
Property Features for 241 NW 32nd St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
3900
Bedrooms
4
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2
Parking
6
Patio and Porch features
Patio
Exterior features
Fence, Patio
Fencing
Fenced
Subdivision
WYND WOOD PARK
Lot features
< 1/4 Acre
Directions
SEE GPS
Standard status
Active
APN
01-31-25-019-2960
Size
1,708 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
WYNDWOOD PARK PB 5-23 LOT 20 BLK 15 LOT SIZE 50.000 X 100 OR 16514-2512 0994 1
Tax Annual Amount
15768
Legal Description
WYNDWOOD PARK PB 5-23 LOT 20 BLK 15 LOT SIZE 50.000 X 100 OR 16514-2512 0994 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Ceiling Fan(s), Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1955
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Block
Listing Agency:
Realty One Group Evolution
(786) 477-4715
Listed By:
Marcia Sanchez · License #3154242
(786) 337-3722
Added: Jul 18
Changed: Sep 2
Last Checked: Sep 2 at 9:06PM
MLS# A12041888
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 1,708-square-foot duplex contains two renovated residences, each configured with 2 bedrooms and 1 bathroom. Both units are currently leased, providing established rental occupancy. The property also includes an additional structure, along with ceramic tile flooring, block construction, a fence, and a patio. Cooling is provided by ceiling fans and window or wall units.
Located at 241 NW 32nd St in Miami, the property is near Wynwood Walls, Midtown Miami, the Design District, and Downtown. It carries T4-R zoning with an NRD-2 Overlay. Public water and public sewer serve the property, and cable service is available. Built in 1955, the asset offers a defined two-unit residential configuration with an existing leased-unit profile.
Located at 241 NW 32nd St in Miami, the property is near Wynwood Walls, Midtown Miami, the Design District, and Downtown. It carries T4-R zoning with an NRD-2 Overlay. Public water and public sewer serve the property, and cable service is available. Built in 1955, the asset offers a defined two-unit residential configuration with an existing leased-unit profile.
Key Highlights
- Two renovated 2‑bedroom, 1‑bath units; both are currently leased
- 1,708 square feet on a property built in 1955
- T4‑R zoning with NRD‑2 Overlay
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
$34,255
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
3.61%
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%
$685,100
$685.1K
Cap Rate 7%
$489,357
$489.4K
Cap Rate 9%
$380,611
$380.6K
Market Conditions
NOI Build-Up for 1,708 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
$52.3K $30.60/SF
− Vacancy
−$3.3K −$1.95/SF
EGI
$48.9K $28.65/SF
− OpEx
−$14.7K −$8.60/SF
NOI
$34.3K $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%
$685,100
Cap Rate 7%
$489,357
Cap Rate 9%
$380,611
Alternative Uses
Best Use
Multifamily LT 5
$489.4K
$428.2K – $570.9K
NOI $34,255 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$450.8K
$394.4K – $525.9K
NOI $31,553 @ 7.0% cap · market cap 3.32%
Theoretical Best
Specialty Retail
$1.15M
$1.01M – $1.35M
NOI $80,704 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6,683
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased and feature ceramic tile, window or wall units, ceiling fans, and a fenced patio.
Where is this duplex located?
The property is located at 241 NW 32nd St Miami, FL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: Two renovated 2‑bedroom, 1‑bath units; both are currently leased; 1,708 square feet on a property built in 1955; T4‑R zoning with NRD‑2 Overlay
