Allapattah Multifamily Investment
For Sale
$1,100,000
Pending
1499 Northwest 32nd Street, Miami, FL 33142
Four-unit multifamily property in Allapattah with income and redevelopment potential.
Property Size3,665 SF
Days on Market457
Property Features for 1499 Northwest 32nd Street
General Information
Standard status
Pending
Size
3,665 SF
Property subtype
Residential Income / Duplex
Site & Location
Neighborhood
Santa Clara
Taxes and HOA fees
Annual Taxes
$4,493
Building Details
Year Built
1930
Listing Agency:
The Keyes Company
Listed By:
Faith Johnson · License #3553382
(305) 822-9800
Source:
Compass
Added: Jul 31, 2025
Changed: Oct 28
Last Checked: Oct 28 at 11:13AM
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 The Keyes Company
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This four-unit multifamily property in the heart of Allapattah presents a rare investment opportunity. The property is being sold as-is. The fully leased building offers strong cash flow and significant upside potential. The property features 5 bedrooms and 4 full bathrooms across four units, including one 2-bedroom, 1-bathroom unit and three 1-bedroom, 1-bathroom units. The building is of solid concrete construction with recent updates. It sits on a 6,950 square foot lot zoned T3-O (Duplex). The property is centrally located near Wynwood, Miami Health District, downtown, and major highways. It is ideal for investors seeking stable income or redevelopment potential in a rapidly growing area.
Key Highlights
- Strong cash flow from a fully leased 4‑unit multifamily property.
- Significant upside potential in a rapidly growing Allapattah area.
- Zoned T3‑O (Duplex) on a 6,950 sq ft lot, offering redevelopment possibilities.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$73,504
Cap Rate
6.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,470,080
$1.5M
Cap Rate 7%
$1,050,057
$1.1M
Cap Rate 9%
$816,711
$816.7K
Market Conditions
NOI Build-Up for 3,665 SF
Gross rent
$112.1K $30.60/SF
− Vacancy
−$7.1K −$1.95/SF
EGI
$105.0K $28.65/SF
− OpEx
−$31.5K −$8.60/SF
NOI
$73.5K $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%
$1,470,080
Cap Rate 7%
$1,050,057
Cap Rate 9%
$816,711
Alternative Uses
Best Use
Multifamily LT 5
$1.05M
$918.8K – $1.23M
NOI $73,504 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$967.2K
$846.3K – $1.13M
NOI $67,705 @ 7.0% cap · market cap 6.16%
Theoretical Best
Specialty Retail
$2.47M
$2.16M – $2.89M
NOI $173,173 @ 7.0% cap · market cap 15.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
1,512
Businesses Nearby
Explore this area
Business Placement
Demographics for 33142, FL
55,425
Population
22,275
Households
2.5
Avg Household Size
39
Median Age
13%
College-Educated
69%
High-School Grad
10.9 sq mi
ZIP Area
5,085
Density / Sq Mi
$37,900
Median Household Income
$29,109
Median Earnings
$1,289
Median Rent
$298,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily property in Allapattah with income and redevelopment potential.
Where is this quadplex located?
The property is located at 1499 Northwest 32nd Street Miami, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Strong cash flow from a fully leased 4‑unit multifamily property.; Significant upside potential in a rapidly growing Allapattah area.; Zoned T3‑O (Duplex) on a 6,950 sq ft lot, offering redevelopment possibilities.
