Well-Maintained Multifamily
229 NE 32 Street Miami, FL 33137
For Sale
$1,850,000
Pending
Two-story, 8-unit building with 4 studios and four 1-bedroom units plus gated parking for 10 cars.
Property Size4,940 SF
Days on Market2409
Property Features for 229 NE 32 Street
General Information
Standard status
Pending
Size
4,940 SF
Property subtype
General Commercial
Building Details
Year Built
1925
Listing Agency:
Keller Williams Eagle Realty
(305) 776-6505
Listed By:
Kevin Veilleux
(305) 776-6505
Source:
Xome
Added: Dec 24, 2019
Changed: Jul 26
Last Checked: Jul 26 at 7:31PM
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 Keller Williams Eagle Realty
Investment Insights
Based on property information with market context.
This well-maintained two-story multifamily building offers 8 total units, including four studio units and four one-bedroom units. The property also includes a gated parking area for up to 10 cars.
The building is described as being in Midtown Miami, minutes from restaurants, highways, Downtown, and Miami International Airport, with the remarks noting it is a few blocks from Wynwood and the Design District.
Offered for sale, the configuration provides a mix of studio and one-bedroom layouts within a single, compact apartment building.
The building is described as being in Midtown Miami, minutes from restaurants, highways, Downtown, and Miami International Airport, with the remarks noting it is a few blocks from Wynwood and the Design District.
Offered for sale, the configuration provides a mix of studio and one-bedroom layouts within a single, compact apartment building.
Key Highlights
- 2‑story, 8‑unit building built in 1925
- Unit mix: 4 studios and 4 one‑bedroom units
- Gated parking area with 10 parking spaces
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $177.8k | $36.00 |
| − Vacancy | −$11.9k | −$2.41 |
| EGI | $165.9k | $33.59 |
| − OpEx | −$74.7k | −$15.11 |
| NOI | $91.3k | $18.47 |
4,940 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.30M
$1.14M – $1.52M
NOI $91,259 @ 7.0% cap · market cap 4.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.33M
$2.92M – $3.89M
NOI $233,417 @ 7.0% cap · market cap 12.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Two-story, 8-unit building with 4 studios and four 1-bedroom units plus gated parking for 10 cars.
Where is this apartment building located?
The property is located at 229 NE 32 Street Miami, FL.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 2‑story, 8‑unit building built in 1925; Unit mix: 4 studios and 4 one‑bedroom units; Gated parking area with 10 parking spaces
