Legal Triplex With T4
For Sale
$820,000
145 NW 32nd St, Miami, FL 33127
Residential Income, Miami, FL
Property Size1,788 SF
Lot Size0.10 Acres
Price / SF$458.61
Days on Market50
Property Features for 145 NW 32nd St
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
3900
Bedrooms
4
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Parking
2
Subdivision
WYNDWOOD PARK
Lot features
< 1/4 Acre
Standard status
Active
APN
01-31-25-019-2750
Size
1,788 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WYNDWOOD PARK PB 5-23 E43.5FT LOT 19 BLK 14 LOT SIZE 43.500 X 1 OR 14210-3061 0886 5
Tax Annual Amount
9529
Legal Description
WYNDWOOD PARK PB 5-23 E43.5FT LOT 19 BLK 14 LOT SIZE 43.500 X 1 OR 14210-3061 0886 5
Building Details
Year built
1925
Floors in Building
1
Listing Agency:
Grand Realty of America, Corp.
(305) 931-7878
Listed By:
Angel Cabrera · License #3175102
(786) 200-1097
Added: Jul 28
Changed: Sep 12
Last Checked: Sep 15 at 2:06AM
MLS# A12061208
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.
Built in 1925, this Miami residential income property contains three legal units arranged as one 2-bedroom/1-bath unit and two 1-bedroom/1-bath units. The improvements total 1,788 square feet and are positioned on a 4,350-square-foot lot. Separate electric meters serve the units, while the property requires a full renovation and is being offered as-is for land value.
The property is located at 145 NW 32nd St in Miami’s Wynwood Norte area, with walking access to Wynwood, Midtown, and the Design District. T4 zoning is identified for the site, and the property is described as having no liens or violations.
The property is located at 145 NW 32nd St in Miami’s Wynwood Norte area, with walking access to Wynwood, Midtown, and the Design District. T4 zoning is identified for the site, and the property is described as having no liens or violations.
Key Highlights
- Legal triplex with one 2/1 unit and two 1/1 units
- 1,788 square feet on a 4,350 Sqft lot
- T4 zoning in Wynwood Norte
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
$35,859
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
4.37%
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%
$717,180
$717.2K
Cap Rate 7%
$512,271
$512.3K
Cap Rate 9%
$398,433
$398.4K
Market Conditions
NOI Build-Up for 1,788 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
$54.7K $30.60/SF
− Vacancy
−$3.5K −$1.95/SF
EGI
$51.2K $28.65/SF
− OpEx
−$15.4K −$8.60/SF
NOI
$35.9K $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%
$717,180
Cap Rate 7%
$512,271
Cap Rate 9%
$398,433
Alternative Uses
Best Use
Multifamily LT 5
$512.3K
$448.2K – $597.7K
NOI $35,859 @ 7.0% cap · market cap 4.37%
Second Best
Apartment 5plus
$471.9K
$412.9K – $550.5K
NOI $33,030 @ 7.0% cap · market cap 4.03%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,484 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three residential units with separate electric meters require a complete renovation.
Where is this triplex located?
The property is located at 145 NW 32nd St Miami, FL.
What is the asking price?
The asking price for this property is $820,000.
What are key features of this property?
This property features: Legal triplex with one 2/1 unit and two 1/1 units; 1,788 square feet on a 4,350 Sqft lot; T4 zoning in Wynwood Norte
