Two-Unit Duplex with Private
For Sale
$649,500
659 NE 32nd Street, Oakland Park, FL 33334
Residential Income, Oakland Park, FL
Property Size1,328 SF
Price / SF$489.08
Days on Market220
Property Features for 659 NE 32nd Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1
Bedrooms
3
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1
Patio and Porch features
Deck, Porch, Patio
Exterior features
Awning(s)
Fencing
Fenced
Subdivision
Oakland Park Second Add 1
Lot features
Fruit Tree(s)
Elementary school
Oakland Park
Middle school
James S. Rickards
High school
Northeast
Directions
Please use GPS
Standard status
Active
APN
494223054720
Size
1,328 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
OAKLAND PARK SECOND ADD 1-39 B LOT 26 BLK 70
Tax Annual Amount
8602
Legal Description
OAKLAND PARK SECOND ADD 1-39 B LOT 26 BLK 70
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Wall/Window Unit(s), Ceiling Fan(s), Window Unit(s)
Water source
Public
Building Details
Year built
1954
Floors in Building
1
Number of units
2
Flooring type
Laminate, Tile - Ceramic, Tile
Building materials
Block
Roof type
Shingle, Composition
Additional Structures
Outbuilding
Listing Agency:
Lifestyle Homes Realty
(561) 654-0352
Listed By:
Stephan S Teboul · License #0674022
(954) 709-8735
Added: Feb 23
Changed: Sep 20
Last Checked: Oct 1 at 10:06PM
MLS# F10553956
Copyright © 2026 BeachesMLS. 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 1,328-square-foot duplex contains two separate residences arranged at the front and rear of the property. The unit mix includes one two-bedroom, one-bath residence and one one-bedroom, one-bath residence, with each offering living space and a kitchen. Private outdoor areas provide separation between the residences. The block construction dates to 1954, with tile and laminate flooring, central electric heat, window or wall units for cooling, and fenced patio, deck, and porch areas.
The property is located at 659 NE 32nd Street in Oakland Park, near downtown Wilton Manors. It has R-1 zoning, public water, public sewer, and cable availability. Current occupants are on month-to-month arrangements and have indicated they are willing to remain.
The property is located at 659 NE 32nd Street in Oakland Park, near downtown Wilton Manors. It has R-1 zoning, public water, public sewer, and cable availability. Current occupants are on month-to-month arrangements and have indicated they are willing to remain.
Key Highlights
- Two separate residences in a front‑and‑rear duplex layout
- 1,328 square feet with a two‑bedroom, one‑bath unit and a one‑bedroom, one‑bath unit
- Private outdoor areas for both residences
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
$22,137
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
3.41%
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%
$442,740
$442.7K
Cap Rate 7%
$316,243
$316.2K
Cap Rate 9%
$245,967
$246.0K
Market Conditions
NOI Build-Up for 1,328 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
$33.5K $25.20/SF
− Vacancy
−$1.8K −$1.39/SF
EGI
$31.6K $23.81/SF
− OpEx
−$9.5K −$7.14/SF
NOI
$22.1K $16.67/SF
Area
Broward County, FL
Vacancy
5.50%
Lease Rate
$25.20 /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%
$442,740
Cap Rate 7%
$316,243
Cap Rate 9%
$245,967
Alternative Uses
Best Use
Multifamily LT 5
$316.2K
$276.7K – $369.0K
NOI $22,137 @ 7.0% cap · market cap 3.41%
Second Best
Apartment 5plus
$291.8K
$255.3K – $340.4K
NOI $20,424 @ 7.0% cap · market cap 3.14%
Theoretical Best
Office A
$673.8K
$589.5K – $786.1K
NOI $47,163 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,613
Businesses Nearby
Explore this area
Business Placement
Demographics for 33334, FL
30,138
Population
14,314
Households
2.1
Avg Household Size
44
Median Age
33%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,279
Density / Sq Mi
$69,512
Median Household Income
$36,895
Median Earnings
$1,615
Median Rent
$430,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Front and rear residences provide distinct living areas, kitchens, and private outdoor space.
Where is this duplex located?
The property is located at 659 NE 32nd Street Oakland Park, FL.
What is the asking price?
The asking price for this property is $649,500.
What are key features of this property?
This property features: Two separate residences in a front‑and‑rear duplex layout; 1,328 square feet with a two‑bedroom, one‑bath unit and a one‑bedroom, one‑bath unit; Private outdoor areas for both residences
