Renovated Duplex with Separate
New
For Sale
$799,999
21 NW 32nd Court, Miami, FL 33125
Two tenant-occupied units include private laundry rooms, storage areas, and stainless-steel appliances.
Property Size1,896 SF
Price / SF$476.19
Days on Market7
Property Features for 21 NW 32nd Court
General Information
Standard status
Active
Size
1,896 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
5700
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Gross Income
$60,528
Taxes and HOA fees
Annual Taxes
$8,120
Amenities
impact-resistant windows
stainless-steel appliances
private laundry room
dedicated storage room
separate electric meter
parking
Building Details
Building Size
1,896 SF
Year Built
1960
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
A + International Realty Inc
(786) 271-2127
Listed By:
Sandra Pereira
(786) 271-2127
Source:
Laerrealty
Added: Aug 17
Changed: Aug 21
Last Checked: Aug 23 at 2:51AM
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 A + International Realty Inc
Investment Insights
Based on property information with market context.
This 1,680-square-foot duplex, built in 1960, contains two renovated units, each with 2 bedrooms and 1 bath. Both residences are tenant-occupied through the Section 8 Housing Choice Voucher Program. Interior features include impact-resistant windows, stainless-steel appliances, private laundry rooms with washers and dryers, dedicated storage rooms, and separate electric meters for each unit. Parking accommodates at least two vehicles per unit.
The property is located at 21 NW 32nd Court in Miami, with access to major roads, shopping, employment centers, Brickell, and Downtown Miami. The property is identified with zoning designation 5700. Showings require coordination because the units are occupied.
The property is located at 21 NW 32nd Court in Miami, with access to major roads, shopping, employment centers, Brickell, and Downtown Miami. The property is identified with zoning designation 5700. Showings require coordination because the units are occupied.
Key Highlights
- Two renovated 2‑bedroom, 1‑bath units
- 1,680 SF duplex built in 1960
- Both units tenant‑occupied through the Section 8 Housing Choice Voucher Program
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
$33,693
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
4.21%
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%
$673,860
$673.9K
Cap Rate 7%
$481,329
$481.3K
Cap Rate 9%
$374,367
$374.4K
Market Conditions
NOI Build-Up for 1,680 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
$51.4K $30.60/SF
− Vacancy
−$3.3K −$1.95/SF
EGI
$48.1K $28.65/SF
− OpEx
−$14.4K −$8.60/SF
NOI
$33.7K $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%
$673,860
Cap Rate 7%
$481,329
Cap Rate 9%
$374,367
Alternative Uses
Best Use
Multifamily LT 5
$481.3K
$421.2K – $561.6K
NOI $33,693 @ 7.0% cap · market cap 4.21%
Second Best
Apartment 5plus
$443.4K
$387.9K – $517.3K
NOI $31,035 @ 7.0% cap · market cap 3.88%
Theoretical Best
Specialty Retail
$1.13M
$992.3K – $1.32M
NOI $79,381 @ 7.0% cap · market cap 9.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,207
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
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?
Duplex - Two tenant-occupied units include private laundry rooms, storage areas, and stainless-steel appliances.
Where is this duplex located?
The property is located at 21 NW 32nd Court Miami, FL.
What is the asking price?
The asking price for this property is $799,999.
What are key features of this property?
This property features: Two renovated 2‑bedroom, 1‑bath units; 1,680 SF duplex built in 1960; Both units tenant‑occupied through the Section 8 Housing Choice Voucher Program
