Zoned Multi-Family Development
For Sale
$1,150,000
120 NW 32, Miami, FL 33127
Residential Income, Miami, FL
Property Size1,654 SF
Lot Size0.17 Acres
Price / SF$695.28
Days on Market46
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
Bathroom 3, Bathroom 2, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 5, Bedroom 1
Parking
4
Subdivision
PRICES ADDN TO ST JAMES P
Lot features
1/4 to 1/2 Acre Lot
Standard status
Active
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
Block
Roof type
Flat, Tile
Listing Agency:
Julies Realty, LLC
(305) 751-6400
Listed By:
Milady Naranjo · License #3392187
(786) 449-0023
Added: Jul 18
Changed: Aug 26
Last Checked: Sep 1 at 1:06AM
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.
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 = 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
$33,172
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
2.88%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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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)
