145 NW 32nd St · Miami, FL 33127

$850,000

4 bd · 4.0 ba · 1,788 sqft · MultiFamily public records · 335 Days on market

Built 1925

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +4.7/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

BEST BEST LOCATION!! T4 Zoning! Legal Triplex on 4350 Sqft lot in the desirable growing area of Wynwood Norte. 2/1, 1/1 and 1/1 Units. . Build a 15-units multifamily with no parking restrictions. Don't wait, 32nd St is the BEST AND ONLY 'PLAY STREET' in Wynwood Norte (Look at the city Wynwood Norte community vision plan"). Best location, minutes walking to Wynwood, Midtown and the Design district. The City of Miami has also just approved more amendments to the recently adopted Wynwood Norte Neighborhood Revitalization District (NRD-2) that will maximize building. Needs Total renovation. Separate electric meters. No liens and No Violations. Showing only with proof of funds and an offe

Key facts

• 15-units multifamily
• 32nd st play street
• Legal triplex

Tags

• T4 ZONING
• LEGAL TRIPLEX
• SEPARATE ELECTRIC METERS
• 15-UNITS MULTIFAMILY
• NO PARKING RESTRICTIONS
• 32ND ST PLAY STREET

Property features AI

Finance

• Financial info: Annual tax amount is available (not included per instructions)

Exterior

• Parking: Total of 2 parking spaces; Individual unit listings note 'Parking: Space'
• Utilities: Cable service not available
• Home design: Single-story building; Resale property
• Exterior features: Lot smaller than a quarter acre

Interior

• Bedrooms: Three 1-bedroom units; One 2-bedroom unit
• Bathrooms: Each unit has one full bathroom
• Interior features: Multi-family property with a mix of unit types

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2.0-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $876 ($11k/yr) — positive. Per door: $292/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $825k (3.0% below list).
• Recommended offer: $748k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 1.9% in Miami — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#177 in FL, #2,724 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime F, cost of living F.
• Miami-Dade (suburban): math 45% / reading 54% proficiency, ranked #40 of 73 in FL (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.3%/yr); 295 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $8,249/mo this rent would consume 240% of the median local household income ($41k/yr) (locally 2523% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 335 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $240k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $288k; list at $850k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $748,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 335 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.53%
• Cash-on-cash: 4.42%
• DSCR: 1.20
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.26% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.63×
• Total profit: $-88,035
• Equity at exit: $126,738

10-year hold

• IRR: -1.9%
• Equity multiple: 0.88×
• Total profit: $-29,511
• Equity at exit: $73,492

Cash invested: $238,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33127

• Home prices YoY: -30.1%
• Rents YoY: 2.3%
• Active inventory: 295
• Price-to-rent: 25.8×

Monthly cashflow live

• Estimated rent: $8,249 medium
• Mortgage (P&I): −$4,457
• Tax from tax record: −$829 /mo · $9,944/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,732
• Net cashflow: $876

Break-even live

Break-even rent $7,140

Max offer price $850,000

Occupancy floor 84%

Sensitivity live

Price	-10% $1,358	-5% $1,117	+0% $876	+5% $636	+10% $395
Rent	-10% $225	-5% $551	+0% $876	+5% $1,202	+10% $1,528
Rate	-1.0pp $1,304	-0.5pp $1,093	base $876	+0.5pp $656	+1.0pp $432

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	2	$8,250
Total (3 units)			$8,249

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2900 Biscayne Blvd Miami, FL	3.0	1.0–3.5	1260	$18,500	$14.68	2d	13	0.55mi
480 NE 31st St Miami, FL	4.0	4.5	2379	$19,000	$7.99	25d	1	0.69mi
555 NE 34th St Miami, FL	1.0–4.0	1.5–4.0	2653	$18,877	$7.12	2d	19	0.74mi
700 NE 26th Ter Unit 260 Miami, FL	3.0	3.0	2141	$20,000	$9.34	25d	1	0.83mi
700 NE 26th Ter #3901 Miami, FL	3.0	4.5	2362	$24,200	$10.25	8d	1	0.83mi
700 NE 26th Ter #2901 Miami, FL	4.0	4.5	2368	$25,500	$10.77	25d	1	0.83mi
700 NE 26th Ter #3901 Miami, FL	3.0	4.5	2362	$25,500	$10.80	25d	1	0.83mi
700 NE 26th Ter #2602 Miami, FL	3.0	3.5	2141	$18,000	$8.41	3d	1	0.83mi
4675 NE 2nd Ave Miami, FL	5.0	3.0	2248	$27,500	$12.23	3d	1	0.88mi
4675 NE 2nd Ave Miami, FL	5.0	3.0	2248	$27,500	$12.23	3d	1	0.88mi
725 NE 24th St #4007 Miami, FL	4.0	5.5	2582	$20,000	$7.75	16d	1	0.89mi
700 NE 24th St Unit 1601 Miami, FL	4.0	5.5	2530	$29,995	$11.86	25d	1	0.89mi
711 NE 23rd Ter Unit 607 Miami, FL	4.0	5.5	2216	$19,500	$8.80	25d	1	0.92mi
788 NE 23rd St Unit 3001 Miami, FL	3.0	4.5	2315	$25,000	$10.80	25d	1	0.94mi
788 NE 23rd St Miami, FL	3.0	4.5	2532	$23,500	$9.28	17d	2	0.95mi
788 NE 23rd St Miami, FL	3.0–4.0	4.0–4.5	2322	$26,000	$11.20	25d	2	0.95mi

Listing history 38 events

1. 2026-06-18
   days on market $850,000 Active 335 DOM
2. 2026-06-17
   days on market $850,000 Active 334 DOM
3. 2026-06-16
   days on market $850,000 Active 333 DOM
4. 2026-06-15
   days on market $850,000 Active 332 DOM
5. 2026-06-13
   pricedays on market $850,000 Active 330 DOM
6. 2026-06-09
   days on market $890,000 Active 326 DOM
7. 2026-06-08
   days on market $890,000 Active 325 DOM
8. 2026-06-08
   days on market $890,000 Active 324 DOM
9. 2026-06-04
   days on market $890,000 Active 321 DOM
10. 2026-06-03
    days on market $890,000 Active 320 DOM
11. 2026-06-02
    days on market $890,000 Active 319 DOM
12. 2026-06-01
    days on market $890,000 Active 318 DOM
13. 2026-05-31
    days on market $890,000 Active 317 DOM
14. 2026-05-07
    price $950,000
15. 2026-03-11
    price $890,000
16. 2026-02-19
    price $940,000
17. 2026-02-04
    price $980,000
18. 2025-12-30
    price $1,050,000
19. 2025-10-03
    price $990,000
20. 2025-09-16
    price $1,040,000
21. 2025-07-18
    listed $1,090,000 Active
22. 2025-07-16
    historical
23. 2025-07-09
    price $1,130,000
24. 2025-05-27
    price $1,180,000
25. 2025-05-27
    price $1,018,000
26. 2025-02-12
    price $1,250,000
27. 2024-11-18
    listed $1,400,000 Active
28. 2018-09-25
    historical
29. 2018-06-28
    listed $450,000 Active
30. 2017-12-12
    soldstatus $288,000
31. 2017-12-01
    soldstatus $288,000 Sold
32. 2017-10-30
    status Pending
33. 2017-10-05
    listed $310,000 Active
34. 2016-05-30
    historical
35. 2016-02-08
    price $335,000
36. 2015-11-18
    listed $345,000 Active
37. 2015-09-03
    historical
38. 2015-07-29
    listed $330,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $9,944 · $829/mo
• Projected year-2 tax: $9,944 · $829/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 30 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $98,988
• − Mortgage interest: −$47,613
• − Property taxes: −$9,944
• − Insurance: −$4,250
• − Repairs & maintenance: −$7,919
• − Management: −$7,919
• − Depreciation: −$24,727
• Taxable loss: −$3,384
• Est. tax savings @ 24.0%: +$812
• After-tax cash flow: $11,329/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Miami-Dade
• NCES district ID: 1200390
• Math proficiency: 45% ▼ -16.00%
• Reading proficiency: 54% ▼ -5.00%
• Median HH income: $43,928
• Composite: 41.76/100
• National rank: #3397
• State rank: #40 of 73 in FL

Livability — Miami

• Score: 78/100
• State rank: #177
• US rank: #2724

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment C- Housing B- Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 827,308
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 26,786
• Household income: $41,230
• Rent vs Own: 73.1% rent · 26.9% own
• Severe rent burden: 2523.0

Population outlook (Miami-Dade County) Hauer SSP2

• Today (2025): 3,126,439 people
• By 2030: 3,325,765 · +6.4%
• By 2040: 3,697,561 · +18.3%
• By 2050: 4,012,134 · +28.3%
• By 2075: 4,605,612 · +47.3%
• By 2100: 4,866,598 · +55.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (55%)
• Race & ethnicity: Hispanic / Latino 55% Black 39% Two or more races 30% White 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Cuban 9% Dominican 5%
• Common ancestry: Hispanic 11%
• Foreign-born: 43% · Canada, Jamaica, Dominican Republic
• Languages at home: 34% English-only · Spanish 53% French/Haitian/Cajun 12%

Political lean MEDSL · Miami-Dade

• 2024 margin: R (+11.4) · D 43.9% · R 55.4%
• 2008→2024 swing: -27.6pp toward R · 2008: 16.1pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: D+7.3 2016: D+29.6 2012: D+23.7 2008: D+16.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -293.00%
• Current HPI: 680.1845
• Rent YoY: ▲ 2.26%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+187.9% since first listed

25 events — show timeline

• 2026-05-07 Price Changed $950,000 MARMLS
• 2026-03-11 Price Changed $890,000 MARMLS
• 2026-02-19 Price Changed $940,000 MARMLS
• 2026-02-04 Price Changed $980,000 MARMLS
• 2025-12-30 Price Changed $1,050,000 MARMLS
• 2025-10-03 Price Changed $990,000 MARMLS
• 2025-09-16 Price Changed $1,040,000 MARMLS
• 2025-07-18 Listed $1,090,000 MARMLS
• 2025-07-16 Listing Removed — MARMLS
• 2025-07-09 Price Changed $1,130,000 MARMLS
• 2025-05-27 Price Changed $1,180,000 MARMLS
• 2025-05-27 Price Changed $1,018,000 MARMLS
• 2025-02-12 Price Changed $1,250,000 MARMLS
• 2024-11-18 Listed $1,400,000 MARMLS
• 2018-09-25 Listing Removed — MARMLS
• 2018-06-28 Listed $450,000 MARMLS
• 2017-12-12 Sold (Public Records) $288,000 Public Records
• 2017-12-01 Sold (MLS) $288,000 MARMLS
• 2017-10-30 Pending — MARMLS
• 2017-10-05 Listed $310,000 MARMLS
• 2016-05-30 Listing Removed — MARMLS
• 2016-02-08 Price Changed $335,000 MARMLS
• 2015-11-18 Listed $345,000 MARMLS
• 2015-09-03 Listing Removed — MARMLS
• 2015-07-29 Listed $330,000 MARMLS

Property tax history

+9.0%/yr

Latest (2025): $9,944 · +4.4% YoY. Source: county tax records.