Zoned Multi-Family Development
For Sale
$1,150,000
Pending
120 NW 32, Miami, FL 33127
Residential Income, Miami, FL
Property Size1,654 SF
Lot Size0.17 Acres
Days on Market91
Property Features for 120 NW 32
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
3900
Bedrooms
5
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 2, Bedroom 5, Bathroom 4, Bedroom 1, Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 1, Bathroom 3
Parking
4
Subdivision
PRICES ADDN TO ST JAMES P
Lot features
1/4 to 1/2 Acre Lot
Standard status
Pending
APN
01-31-25-027-0290
Size
1,654 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PRICES ADD TO ST JAMES PARK PB 4-47 LOT 3 BLK B LOT SIZE 50.000 X 144 OR 19340-3014 10 2000 1
Tax Annual Amount
24521
Legal Description
PRICES ADD TO ST JAMES PARK PB 4-47 LOT 3 BLK B LOT SIZE 50.000 X 144 OR 19340-3014 10 2000 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1957
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
CBS (Concrete Block Structure), Block
Roof type
Tile, Flat
Listing Agency:
Julies Realty, LLC
(305) 751-6400
Listed By:
Milady Naranjo · License #3392187
(786) 449-0023
Added: Jul 18
Changed: Oct 14
Last Checked: Oct 16 at 5:06PM
MLS# A11960545
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.
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Investment Insights
Based on property information with market context.
This offering is a development parcel suitable for multi-family redevelopment, totaling 1,654 square feet. The property is described as zoned T4-R with an NRD-2 overlay under Miami21. The listing notes the potential to develop up to 25 units across 3 stories, subject to applicable requirements, including off-site parking to be confirmed with the City of Miami per NRD guidelines.
The site is located in Wynwood Norte and is presented as being within a short walk to Midtown Shops, dining, and entertainment. The property falls under the Neighborhood Revitalization District (NRD) framework referenced in the remarks.
For developers evaluating multi-family feasibility under the T4-R/NRD-2 framework, this parcel provides a clearly identified zoning basis and a stated unit-massing potential of up to 25 units across three stories. Prospective buyers should plan to verify final site constraints and parking obligations with the City of Miami, as the listing specifies that off-site parking details require buyer confirmation.
The site is located in Wynwood Norte and is presented as being within a short walk to Midtown Shops, dining, and entertainment. The property falls under the Neighborhood Revitalization District (NRD) framework referenced in the remarks.
For developers evaluating multi-family feasibility under the T4-R/NRD-2 framework, this parcel provides a clearly identified zoning basis and a stated unit-massing potential of up to 25 units across three stories. Prospective buyers should plan to verify final site constraints and parking obligations with the City of Miami, as the listing specifies that off-site parking details require buyer confirmation.
Key Highlights
- 7,200 SF lot zoned T4‑R with NRD‑2 overlay under Miami21
- Redevelopment site in Miami’s Neighborhood Revitalization District (NRD) per provided remarks
- Off‑site parking referenced as per NRD guidelines (buyer to verify with the City of Miami)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$33,172
Cap Rate
2.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$663,440
$663.4K
Cap Rate 7%
$473,886
$473.9K
Cap Rate 9%
$368,578
$368.6K
Market Conditions
NOI Build-Up for 1,654 SF
Gross rent
$50.6K $30.60/SF
− Vacancy
−$3.2K −$1.95/SF
EGI
$47.4K $28.65/SF
− OpEx
−$14.2K −$8.60/SF
NOI
$33.2K $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 Rate 5%
$663,440
Cap Rate 7%
$473,886
Cap Rate 9%
$368,578
Alternative Uses
Best Use
Multifamily LT 5
$473.9K
$414.7K – $552.9K
NOI $33,172 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$436.5K
$381.9K – $509.3K
NOI $30,555 @ 7.0% cap · market cap 2.66%
Theoretical Best
Specialty Retail
$1.12M
$976.9K – $1.30M
NOI $78,152 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
7,612
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Residential land & home lot - Multi-family development parcel zoned T4-R with an NRD-2 overlay under Miami21 provisions.
Where is this residential land & home lot located?
The property is located at 120 NW 32 Miami, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 7,200 SF lot zoned T4‑R with NRD‑2 overlay under Miami21; Redevelopment site in Miami’s Neighborhood Revitalization District (NRD) per provided remarks; Off‑site parking referenced as per NRD guidelines (buyer to verify with the City of Miami)
