Wynwood Norte Legal Triplex
For Sale
$820,000
145 NW 32nd St, Miami, FL 33127
Legal triplex in Wynwood Norte, ideal for renovation or redevelopment.
Property Size1,788 SF
Price / SF$458.61
Days on Market181
Property Features for 145 NW 32nd St
General Information
Standard status
Active
Size
1,788 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$9,529
Building Details
Building Size
1,788 SF
Year Built
1925
Listing Agency:
Grand Realty of America, Corp.
Listed By:
Angel Cabrera · License #3175102
(786) 200-1097
Source:
Batrare
Added: Mar 26
Changed: Sep 16
Last Checked: Sep 21 at 7:58AM
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 Grand Realty of America, Corp.
Investment Insights
Based on property information with market context.
Located in the Wynwood Norte area, this legal triplex presents an opportunity for renovation or redevelopment. The property is situated in a T4 zoning district. The triplex consists of three units: two 2/1 units and one 1/1 unit, each with separate electric meters. The property is located minutes walking to Wynwood, Midtown and Design district. The City of Miami has approved amendments to the Wynwood Norte Neighborhood Revitalization District (NRD-2) to maximize building. The property is sold AS-IS for land value and needs TLC. The 1,788 square foot property is located on 32nd St, the 'PLAY STREET' in Wynwood Norte. The property can be renovated and used as 3 units in Airbnb for great returns OR build a 15-units multifamily with no parking restrictions.
Key Highlights
- T4 Zoning allows for building a 15‑unit multifamily with no parking restrictions.
- Legal Triplex in the desirable Wynwood Norte area.
- Potential for high Airbnb returns as 3 separate units after renovation.
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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Open Analytics
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
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
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Frequently Asked Questions
What type of property is this?
Triplex - Legal triplex in Wynwood Norte, ideal for renovation or redevelopment.
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: T4 Zoning allows for building a 15‑unit multifamily with no parking restrictions.; Legal Triplex in the desirable Wynwood Norte area.; Potential for high Airbnb returns as 3 separate units after renovation.
