Duplex with Central
For Sale
$985,000
234 NW 32nd Ave, Miami, FL 33125
MULTI_FAMILY - Miami, FL
Property Size2,128 SF
Price / SF$462.88
Days on Market13
Property Features for 234 NW 32nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
5700
Bedrooms
7
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 2, Bedroom 7, Bedroom 4, Bathroom 3, Bedroom 6, Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1
Parking
5
Subdivision
TWELFTH STREET MANORS 1ST
Lot features
< 1/4 Acre
Directions
GPS
Standard status
Active
APN
01-41-04-024-1310
Size
2,128 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
TWELFTH ST MANORS 1ST ADDN PB 5-67 LOTS 49 & 50 BLK 8 LOT SIZE 10000 SQFT M/L
Tax Annual Amount
13300
Legal Description
TWELFTH ST MANORS 1ST ADDN PB 5-67 LOTS 49 & 50 BLK 8 LOT SIZE 10000 SQFT M/L
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Wall/Window Unit(s), Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Flooring type
Tile - Ceramic, Vinyl
Building materials
Block, Shingle Siding
Roof type
Barrel, Concrete
Listing Agency:
Related General Realty, LLC.
(305) 932-6365
Listed By:
Ydalia Rodriguez · License #3533172
(813) 485-3612
Added: Aug 1
Changed: Aug 12
Last Checked: Aug 13 at 2:06AM
MLS# A12061493
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 2,128 square feet and was built in 1948. The property includes two residential units, with room information identifying 7 bedrooms and 3 bathrooms. Interior finishes include ceramic tile and vinyl flooring, while construction incorporates block and shingle siding. Cooling includes central air along with window and wall/window units; electric heating is also present.
Public water and public sewer serve the property, and cable service is available. The duplex is located in Miami, with access to I-95, SR-836, and I-195. Its central-air configuration and two-unit layout provide a clear residential income-property format with the option for owner occupancy in one unit and separate use of the other.
Public water and public sewer serve the property, and cable service is available. The duplex is located in Miami, with access to I-95, SR-836, and I-195. Its central-air configuration and two-unit layout provide a clear residential income-property format with the option for owner occupancy in one unit and separate use of the other.
Key Highlights
- Duplex with 2,128 square feet of building area
- Two‑unit residential configuration with 7 bedrooms and 3 bathrooms
- Built in 1948 with block and shingle siding
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
4.33%
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 4.33%
Second Best
Apartment 5plus
$561.6K
$491.4K – $655.2K
NOI $39,311 @ 7.0% cap · market cap 3.99%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $100,549 @ 7.0% cap · market cap 10.21%
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 flexible occupancy options and access to public water and sewer services.
Where is this duplex located?
The property is located at 234 NW 32nd Ave Miami, FL.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Duplex with 2,128 square feet of building area; Two‑unit residential configuration with 7 bedrooms and 3 bathrooms; Built in 1948 with block and shingle siding
