Allapattah Multifamily Investment
For Sale
$1,100,000
Pending
1499 NW 32nd St, Miami, FL 33142
Four-unit multifamily property in Allapattah with income and redevelopment potential.
Property Size3,665 SF
Days on Market262
Property Features for 1499 NW 32nd St
General Information
Standard status
Pending
Size
3,665 SF
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$4,493
Building Details
Building Size
3,665 SF
Year Built
1930
Stories
2
Units
2
Listing Agency:
Keyes Company Realtors
(786) 704-2729
Listed By:
Faith Johnson · License #3553382
(786) 704-2729
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Jul 23 at 8:03AM
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 Keyes Company Realtors
Investment Insights
Based on property information with market context.
This four-unit multifamily property in the heart of Allapattah presents a rare investment opportunity. The property is being sold as-is. The fully leased building offers strong cash flow and significant upside potential. The property features 5 bedrooms and 4 full bathrooms across four units, including one 2-bedroom, 1-bathroom unit and three 1-bedroom, 1-bathroom units. The building is of solid concrete construction with recent updates. It sits on a 6,950 square foot lot zoned T3-O (Duplex). The property is centrally located near Wynwood, Miami Health District, downtown, and major highways. It is ideal for investors seeking stable income or redevelopment potential in a rapidly growing area.
Key Highlights
- Strong cash flow from a fully leased 4‑unit multifamily property.
- Significant upside potential in a rapidly growing Allapattah area.
- Zoned T3‑O (Duplex) on a 6,950 sq ft lot, offering redevelopment possibilities.
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
$73,504
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
6.68%
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%
$1,470,080
$1.5M
Cap Rate 7%
$1,050,057
$1.1M
Cap Rate 9%
$816,711
$816.7K
Market Conditions
NOI Build-Up for 3,665 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
$112.1K $30.60/SF
− Vacancy
−$7.1K −$1.95/SF
EGI
$105.0K $28.65/SF
− OpEx
−$31.5K −$8.60/SF
NOI
$73.5K $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%
$1,470,080
Cap Rate 7%
$1,050,057
Cap Rate 9%
$816,711
Alternative Uses
Best Use
Multifamily LT 5
$1.05M
$918.8K – $1.23M
NOI $73,504 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$967.2K
$846.3K – $1.13M
NOI $67,705 @ 7.0% cap · market cap 6.16%
Theoretical Best
Specialty Retail
$2.47M
$2.16M – $2.89M
NOI $173,173 @ 7.0% cap · market cap 15.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,512
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
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?
Quadplex - Four-unit multifamily property in Allapattah with income and redevelopment potential.
Where is this quadplex located?
The property is located at 1499 NW 32nd St Miami, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Strong cash flow from a fully leased 4‑unit multifamily property.; Significant upside potential in a rapidly growing Allapattah area.; Zoned T3‑O (Duplex) on a 6,950 sq ft lot, offering redevelopment possibilities.
