Fenced Multifamily
For Sale
$949,000
241 NW 32nd St, Miami, FL 33127
Built in 1955 with ceiling fans and wall/window units.
Property Size2,067 SF
Price / SF$555.62
Days on Market52
Property Features for 241 NW 32nd St
General Information
Standard status
Active
Size
2,067 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
3900
Taxes and HOA fees
Annual Taxes
$15,768
Amenities
Ceiling Fan(s), Wall/Window Unit(s)
Other
Fenced
Building Details
Building Size
2,067 SF
Year Built
1955
Stories
1
Listing Agency:
Realty One Group Evolution
(786) 337-3722
Listed By:
Marcia Sanchez · License #3154242
(786) 337-3722
Source:
Evrealestate
Added: Jun 23
Changed: Aug 12
Last Checked: Aug 12 at 6:05AM
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 Realty One Group Evolution
Investment Insights
Based on property information with market context.
This multifamily property at 241 NW 32nd St in Miami, Florida, was built in 1955 and includes ceiling fans and wall/window units. The exterior is enclosed by fencing, adding a defined boundary to the property. The asset is located in Miami-Dade County.
Key Highlights
- 1,708 property size
- Built in 1955
- Ceiling fans and wall/window units
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
$31,553
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
3.32%
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%
$631,060
$631.1K
Cap Rate 7%
$450,757
$450.8K
Cap Rate 9%
$350,589
$350.6K
Market Conditions
NOI Build-Up for 1,708 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
$61.5K $36.00/SF
− Vacancy
−$4.1K −$2.41/SF
EGI
$57.4K $33.59/SF
− OpEx
−$25.8K −$15.11/SF
NOI
$31.6K $18.47/SF
Area
Miami, FL
Vacancy
6.70%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
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%
$631,060
Cap Rate 7%
$450,757
Cap Rate 9%
$350,589
Alternative Uses
Best Use
Apartment 5plus
$450.8K
$394.4K – $525.9K
NOI $31,553 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.15M
$1.01M – $1.35M
NOI $80,704 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,683
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?
Multifamily property - Built in 1955 with ceiling fans and wall/window units.
Where is this multifamily property located?
The property is located at 241 NW 32nd St Miami, FL.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: 1,708 property size; Built in 1955; Ceiling fans and wall/window units
