Wynwood Norte Legal Triplex
145 NW 32nd St, Miami, FL 33127
For Sale
$790,000
Legal triplex in Wynwood Norte, ideal for renovation or redevelopment.
Property Size1,788 SF
Price / SF$441.83
Days on Market228
Property Features for 145 NW 32nd St
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Grand Realty of America, Corp.
Listed By:
Angel Cabrera · License #3175102
(786) 200-1097
Source:
Batrare
Added: Mar 26
Changed: Nov 3
Last Checked: Nov 6 at 5:28PM
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.
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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 / Yr
$35,859
Cap Rate
4.54%
Suggested Prices Based on Cap Rates
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
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 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 4.54%
Second Best
Apartment 5plus
$471.9K
$412.9K – $550.5K
NOI $33,030 @ 7.0% cap · market cap 4.18%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,484 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
7,612
Businesses Nearby
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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
$398,800
Median Home Value
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Market
Average Price Trend$/SF for Triplexes in Miami, FL
Properties on Market for Triplexes in Miami
Vacancy Rate% for Multifamily in South region
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 $790,000.
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.
