Duplex with Rear
For Sale
$1,149,000
2820 SW 32nd Court, Miami, FL 33133
Residential income property with documented square footage and a permitted rear addition completed in 1984.
Property Size2,974 SF
Days on Market27
Property Features for 2820 SW 32nd Court
General Information
Standard status
Active
Size
2,974 SF
Property subtype
Duplex
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$14,609
Building Details
Building Size
2,974 SF
Year Built
1924
Listing Agency:
Florida Capital Realty
Listed By:
George Luis Gil · License #3310528
(786) 346-2406
Source:
Silverleafrealtygroup
Added: Aug 21
Changed: Sep 14
Last Checked: Sep 15 at 8:56AM
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 Florida Capital Realty
Investment Insights
Based on property information with market context.
This duplex combines original 1924 construction with a legally permitted rear expansion completed in 1984. The property includes multiple residential units, and all square footage is documented. A premium roof was replaced 3 years ago.
The property is located in Silver Bluff, bordering Coral Gables and Coconut Grove. Coral Gables, Coconut Grove, Douglas Park, and the Metrorail are described as being just blocks away, with access toward Brickell and Downtown. Residents currently occupy the property, so showings require appropriate coordination.
The property is located in Silver Bluff, bordering Coral Gables and Coconut Grove. Coral Gables, Coconut Grove, Douglas Park, and the Metrorail are described as being just blocks away, with access toward Brickell and Downtown. Residents currently occupy the property, so showings require appropriate coordination.
Key Highlights
- Duplex with multiple residential units
- 1924 construction paired with a legally permitted 1984 rear expansion
- All square footage is fully documented
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
$59,645
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
5.19%
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%
$1,192,900
$1.2M
Cap Rate 7%
$852,071
$852.1K
Cap Rate 9%
$662,722
$662.7K
Market Conditions
NOI Build-Up for 2,974 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
$91.0K $30.60/SF
− Vacancy
−$5.8K −$1.95/SF
EGI
$85.2K $28.65/SF
− OpEx
−$25.6K −$8.60/SF
NOI
$59.6K $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%
$1,192,900
Cap Rate 7%
$852,071
Cap Rate 9%
$662,722
Alternative Uses
Best Use
Multifamily LT 5
$852.1K
$745.6K – $994.1K
NOI $59,645 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$784.9K
$686.8K – $915.7K
NOI $54,940 @ 7.0% cap · market cap 4.78%
Theoretical Best
Specialty Retail
$2.01M
$1.76M – $2.34M
NOI $140,523 @ 7.0% cap · market cap 12.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,715
Businesses Nearby
Explore this area
Business Placement
Demographics for 33133, FL
34,141
Population
17,235
Households
2
Avg Household Size
43
Median Age
62%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
8,129
Density / Sq Mi
$92,734
Median Household Income
$58,233
Median Earnings
$1,945
Median Rent
$906,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Residential income property with documented square footage and a permitted rear addition completed in 1984.
Where is this duplex located?
The property is located at 2820 SW 32nd Court Miami, FL.
What is the asking price?
The asking price for this property is $1,149,000.
What are key features of this property?
This property features: Duplex with multiple residential units; 1924 construction paired with a legally permitted 1984 rear expansion; All square footage is fully documented
