Wynwood Norte Legal Triplex
For Sale
Contact for pricing
145 NW 32nd St, Miami, FL 33127
Legal triplex in Wynwood Norte, ideal for renovation or redevelopment.
Property Size1,788 SF
Price / SF$475.39
Days on Market621
Property Features for 145 NW 32nd St
General Information
Standard status
Active
Size
1,788 SF
Property subtype
Multifamily
Building Details
Year Built
1925
Listing Agency:
Grand Realty of America, Corp.
(786) 200-1097
Listed By:
Angel Cabrera · License #3175102
Source:
Crexi
Added: Nov 18, 2024
Changed: Jul 6
Last Checked: Jul 31 at 6:13AM
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 For Multifamily LT 5
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 | $54.7k | $30.60 |
| − Vacancy | −$3.5k | −$1.95 |
| EGI | $51.2k | $28.65 |
| − OpEx | −$15.4k | −$8.60 |
| NOI | $35.9k | $20.06 |
1,788 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$512.3K
$448.2K – $597.7K
NOI $35,859 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$471.9K
$412.9K – $550.5K
NOI $33,030 @ 7.0% cap · market cap 3.89%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,484 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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 $850,000.
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.
