Duplex Property Near
For Sale
$639,999
2385 NW 32nd Street, Miami, FL 33142
Multifamily duplex with access to Downtown Miami, Wynwood, and the Design District.
Property Size2,180 SF
Days on Market105
Property Features for 2385 NW 32nd Street
General Information
Standard status
Active
Size
2,180 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,503
Building Details
Building Size
2,180 SF
Year Built
1975
Listing Agency:
Compass Florida, LLC
(786) 355-7423
Listed By:
Louis Urbina · License #3229367
(786) 355-7423
Source:
Silverleafrealtygroup
Added: May 7
Changed: Aug 13
Last Checked: Aug 18 at 4:23AM
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 Compass Florida, LLC
Investment Insights
Based on property information with market context.
This multifamily duplex is located at 2385 NW 32nd Street in Miami’s Allapattah neighborhood. The property was built in 1975 and offers a two-unit residential configuration suited to multifamily ownership.
The location is approximately 15 minutes from Downtown Miami, Wynwood, the Design District, and other major Miami destinations. Its placement within Allapattah provides a Miami address in an area identified in the source information as undergoing redevelopment.
The location is approximately 15 minutes from Downtown Miami, Wynwood, the Design District, and other major Miami destinations. Its placement within Allapattah provides a Miami address in an area identified in the source information as undergoing redevelopment.
Key Highlights
- Duplex configuration for multifamily ownership
- Built in 1975
- Located at 2385 NW 32nd Street, Miami, FL 33142
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
$43,721
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
6.83%
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%
$874,420
$874.4K
Cap Rate 7%
$624,586
$624.6K
Cap Rate 9%
$485,789
$485.8K
Market Conditions
NOI Build-Up for 2,180 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
$66.7K $30.60/SF
− Vacancy
−$4.2K −$1.95/SF
EGI
$62.5K $28.65/SF
− OpEx
−$18.7K −$8.60/SF
NOI
$43.7K $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%
$874,420
Cap Rate 7%
$624,586
Cap Rate 9%
$485,789
Alternative Uses
Best Use
Multifamily LT 5
$624.6K
$546.5K – $728.7K
NOI $43,721 @ 7.0% cap · market cap 6.83%
Second Best
Apartment 5plus
$575.3K
$503.4K – $671.2K
NOI $40,272 @ 7.0% cap · market cap 6.29%
Theoretical Best
Specialty Retail
$1.47M
$1.29M – $1.72M
NOI $103,006 @ 7.0% cap · market cap 16.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,356
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Multifamily duplex with access to Downtown Miami, Wynwood, and the Design District.
Where is this duplex located?
The property is located at 2385 NW 32nd Street Miami, FL.
What is the asking price?
The asking price for this property is $639,999.
What are key features of this property?
This property features: Duplex configuration for multifamily ownership; Built in 1975; Located at 2385 NW 32nd Street, Miami, FL 33142
