Two-Unit
New
For Sale
$699,900
351 NW 32nd Place, Miami, FL 33125
Each residence features a two-bedroom, one-bath layout for a straightforward residential configuration.
Property Size1,683 SF
Price / SF$438.81
Days on Market4
Property Features for 351 NW 32nd Place
General Information
Standard status
Active
Size
1,683 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
5700
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,221
Building Details
Building Size
1,683 SF
Year Built
1992
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Diversified Realty ExchangeLLC
(305) 972-2046
Listed By:
Jacqueline Baralt · License #0533390
(305) 972-2046
Source:
Laerrealty
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 4:44AM
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 Diversified Realty ExchangeLLC
Investment Insights
Based on property information with market context.
This duplex includes two residences, with each unit offering two bedrooms and one bathroom. Constructed in 1992, the property carries zoning designation 5700. The asset is located at 351 NW 32nd Place in Miami, Florida 33125, with a compact two-unit configuration suited to residential income ownership.
Key Highlights
- Two units, each with 2 bedrooms and 1 bath
- Built in 1992
- Zoning designation 5700
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
$31,989
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
4.57%
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%
$639,780
$639.8K
Cap Rate 7%
$456,986
$457.0K
Cap Rate 9%
$355,433
$355.4K
Market Conditions
NOI Build-Up for 1,595 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
$48.8K $30.60/SF
− Vacancy
−$3.1K −$1.95/SF
EGI
$45.7K $28.65/SF
− OpEx
−$13.7K −$8.60/SF
NOI
$32.0K $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%
$639,780
Cap Rate 7%
$456,986
Cap Rate 9%
$355,433
Alternative Uses
Best Use
Multifamily LT 5
$457.0K
$399.9K – $533.2K
NOI $31,989 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$420.9K
$368.3K – $491.1K
NOI $29,465 @ 7.0% cap · market cap 4.21%
Theoretical Best
Specialty Retail
$1.08M
$942.1K – $1.26M
NOI $75,364 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
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 - Each residence features a two-bedroom, one-bath layout for a straightforward residential configuration.
Where is this duplex located?
The property is located at 351 NW 32nd Place Miami, FL.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Two units, each with 2 bedrooms and 1 bath; Built in 1992; Zoning designation 5700
