Duplex Near Major
For Sale
$989,000
234 NW 32nd Avenue, Miami, FL 33125
Two-unit residential property with access to Miami’s major employment centers and transportation network.
Property Size2,800 SF
Price / SF$464.76
Days on Market11
Property Features for 234 NW 32nd Avenue
General Information
Standard status
Active
Size
2,800 SF
Total Parking Spaces
5
Property subtype
Residential Income
Zoning
5700
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,300
Building Details
Building Size
2,800 SF
Year Built
1948
Stories
1
Listing Agency:
Related General Realty, LLC.
(813) 485-3612
Listed By:
Ydalia Rodriguez · License #3533172
(813) 485-3612
Source:
Laerrealty
Added: Aug 3
Changed: Aug 4
Last Checked: Aug 12 at 3:35AM
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 Related General Realty, LLC.
Investment Insights
Based on property information with market context.
This duplex was built in 1948 and contains two residential units within a 2,128-square-foot property. The configuration supports separate occupancy of both units and provides flexibility for an owner-occupant or rental-focused buyer, as described by the two-unit layout itself.
The property is located at 234 NW 32nd Avenue in Miami, with convenient access to I-95, SR-836, and I-195. Wynwood, Midtown Miami, the Design District, Downtown Miami, Brickell, and Miami Beach are all within minutes. Miami International Airport, the Health District, Jackson Memorial Hospital, the University of Miami Hospital, and major employment centers are also nearby. The property carries zoning designation 5700.
The property is located at 234 NW 32nd Avenue in Miami, with convenient access to I-95, SR-836, and I-195. Wynwood, Midtown Miami, the Design District, Downtown Miami, Brickell, and Miami Beach are all within minutes. Miami International Airport, the Health District, Jackson Memorial Hospital, the University of Miami Hospital, and major employment centers are also nearby. The property carries zoning designation 5700.
Key Highlights
- Two‑unit duplex configuration
- 2,128 property size
- Built in 1948
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
$42,678
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
4.32%
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%
$853,560
$853.6K
Cap Rate 7%
$609,686
$609.7K
Cap Rate 9%
$474,200
$474.2K
Market Conditions
NOI Build-Up for 2,128 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
$65.1K $30.60/SF
− Vacancy
−$4.1K −$1.95/SF
EGI
$61.0K $28.65/SF
− OpEx
−$18.3K −$8.60/SF
NOI
$42.7K $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%
$853,560
Cap Rate 7%
$609,686
Cap Rate 9%
$474,200
Alternative Uses
Best Use
Multifamily LT 5
$609.7K
$533.5K – $711.3K
NOI $42,678 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$561.6K
$491.4K – $655.2K
NOI $39,311 @ 7.0% cap · market cap 3.97%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,549 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,206
Businesses Nearby
Explore this area
Business Placement
Demographics for 33125, FL
53,507
Population
22,496
Households
2.4
Avg Household Size
43
Median Age
22%
College-Educated
69%
High-School Grad
3.9 sq mi
ZIP Area
13,720
Density / Sq Mi
$40,940
Median Household Income
$30,648
Median Earnings
$1,427
Median Rent
$377,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with access to Miami’s major employment centers and transportation network.
Where is this duplex located?
The property is located at 234 NW 32nd Avenue Miami, FL.
What is the asking price?
The asking price for this property is $989,000.
What are key features of this property?
This property features: Two‑unit duplex configuration; 2,128 property size; Built in 1948
