1648 NW 33rd St · Miami, FL 33142

$725,000

4 bd · 4.0 ba · 2,407 sqft · MultiFamily public records · 124 Days on market

Built 1925

---

Why this score? — see what drove the D+ 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 +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +4.6/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Fully rented Fourplex in the center of Allapatha with great value add and development opportunity. The property consists of 4 One bed and one bath units, one of which is converted to a 3/1. The zoning is T-6-8-O which allows to build up to 16 residential / 32 hotel units ( up to15,000 SqFt). Currently generating $5,475 per month. All month to month long term tenants.

Key facts

• Remodeled
• Prime location
• Built 1925

Tags

• REMODELED
• HIGH-DENSITY ZONED LOT
• FUTURE DEVELOPMENT POTENTIAL
• PRIME LOCATION
• STAINLESS STEEL APPLIANCES

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Septic tank sewer; Cable not available; Water service included in rent (for rental units)
• Home design: Single-story building
• Construction: Frame and stucco construction; Shingle roof; Effective year built
• Exterior features: Less than quarter acre lot; On-street parking

Interior

• Bedrooms: Four 3-bedroom units; Three 3-bedroom units; Two 2-bedroom units; One 2-bedroom unit
• Flooring: Laminate
• Bathrooms: All units include 1 full bathroom
• Heating & cooling: Wall/window air conditioning units
• Interior features: Laminate flooring

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $725k.

Deal economics

• At list price, monthly cash flow is $-123 ($-1k/yr) — negative. Per door: $-31/mo.
• To cash-flow at today's rent, offer at most $703k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $699k (3.6% below list).
• Recommended offer: $638k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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 soft (-0.4%/yr); 265 active listings in the ZIP; lower-income renter base — watch delinquency; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $6,991/mo this rent would consume 212% of the median local household income ($40k/yr) (locally 5748% 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 $5k of loan paydown is wiped out by about $22k 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 124 days — a 12% lower offer ($638k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y ago; this cycle's ask has dropped $125k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $638,000 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
12. 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.
13. 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.
14. 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: 0.96% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.80%
• DSCR: 1.08
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.3%
• Equity multiple: 0.28×
• Total profit: $-145,282
• Equity at exit: $108,100

10-year hold

• IRR: -25.7%
• Equity multiple: -0.05×
• Total profit: $-213,728
• Equity at exit: $62,685

Cash invested: $203,000 (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 33142

• Home prices YoY: -15.1%
• Rents YoY: -0.4%
• Active inventory: 265
• Price-to-rent: 34.6×

Monthly cashflow live

• Estimated rent: $6,991 medium
• Mortgage (P&I): −$3,802
• Tax from tax record: −$1,115 /mo · $13,379/yr
• Insurance: −$302
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,468
• Net cashflow: $-123

Break-even live

Break-even rent $7,146

Max offer price $703,340

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$6,992
Total (4 units)			$6,991

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-03
   days on market $725,000 Active 124 DOM
2. 2026-06-02
   days on market $725,000 Active 123 DOM
3. 2026-06-01
   days on market $725,000 Active 122 DOM
4. 2026-05-31
   days on market $725,000 Active 121 DOM
5. 2026-04-22
   price $725,000
6. 2026-03-24
   price $750,000
7. 2026-02-24
   price $790,000
8. 2026-01-30
   listed $850,000 Active
9. 2024-07-18
   soldstatus $660,000 Closed 369-char remark

   Show marketing remark (369 chars)

   Fully rented Fourplex in the center of Allapatha with great value add and development opportunity. The property consists of 4 One bed and one bath units, one of which is converted to a 3/1. The zoning is T-6-8-O which allows to build up to 16 residential / 32 hotel units ( up to15,000 SqFt). Currently generating $5,475 per month. All month to month long term tenants.

10. 2024-06-17
    historical Active Under Contract 369-char remark

    Show marketing remark (369 chars)

    Fully rented Fourplex in the center of Allapatha with great value add and development opportunity. The property consists of 4 One bed and one bath units, one of which is converted to a 3/1. The zoning is T-6-8-O which allows to build up to 16 residential / 32 hotel units ( up to15,000 SqFt). Currently generating $5,475 per month. All month to month long term tenants.

11. 2023-11-08
    historical 369-char remark

    Show marketing remark (369 chars)

    Fully rented Fourplex in the center of Allapatha with great value add and development opportunity. The property consists of 4 One bed and one bath units, one of which is converted to a 3/1. The zoning is T-6-8-O which allows to build up to 16 residential / 32 hotel units ( up to15,000 SqFt). Currently generating $5,475 per month. All month to month long term tenants.

12. 2023-11-06
    status Pending 369-char remark

    Show marketing remark (369 chars)

    Fully rented Fourplex in the center of Allapatha with great value add and development opportunity. The property consists of 4 One bed and one bath units, one of which is converted to a 3/1. The zoning is T-6-8-O which allows to build up to 16 residential / 32 hotel units ( up to15,000 SqFt). Currently generating $5,475 per month. All month to month long term tenants.

13. 2023-04-28
    price $699,000 369-char remark

    Show marketing remark (369 chars)

    Fully rented Fourplex in the center of Allapatha with great value add and development opportunity. The property consists of 4 One bed and one bath units, one of which is converted to a 3/1. The zoning is T-6-8-O which allows to build up to 16 residential / 32 hotel units ( up to15,000 SqFt). Currently generating $5,475 per month. All month to month long term tenants.

14. 2023-02-28
    price $725,000 369-char remark

    Show marketing remark (369 chars)

    Fully rented Fourplex in the center of Allapatha with great value add and development opportunity. The property consists of 4 One bed and one bath units, one of which is converted to a 3/1. The zoning is T-6-8-O which allows to build up to 16 residential / 32 hotel units ( up to15,000 SqFt). Currently generating $5,475 per month. All month to month long term tenants.

15. 2022-11-08
    listed $750,000 Active 369-char remark

    Show marketing remark (369 chars)

    Fully rented Fourplex in the center of Allapatha with great value add and development opportunity. The property consists of 4 One bed and one bath units, one of which is converted to a 3/1. The zoning is T-6-8-O which allows to build up to 16 residential / 32 hotel units ( up to15,000 SqFt). Currently generating $5,475 per month. All month to month long term tenants.

16. 2022-06-20
    historical
17. 2022-06-05
    status Active
18. 2022-05-30
    listed $725,000 Active
19. 2018-09-19
    soldstatus $375,000
20. 2018-09-19
    soldstatus $385,000
21. 2018-09-05
    soldstatus $375,000 Sold
22. 2018-08-01
    status Pending
23. 2018-07-18
    listed $425,000 Active
24. 2014-04-19
    soldstatus $126,600 Sold
25. 2014-03-24
    status Pending
26. 2014-03-05
    price $134,900
27. 2014-01-13
    price $145,000
28. 2013-12-16
    price $154,900
29. 2013-11-16
    price $169,500
30. 2013-10-15
    price $178,500
31. 2013-09-04
    listed $194,500 Active
32. 1997-10-02
    soldstatus $25,000
33. 1991-06-18
    soldstatus $45,000

ⓘ 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: $13,379 · $1,115/mo
• Projected year-2 tax: $13,379 · $1,115/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 4/10 Moderate FEMA zone AE · 22% 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: $83,892
• − Mortgage interest: −$40,611
• − Property taxes: −$13,379
• − Insurance: −$8,744
• − Repairs & maintenance: −$6,711
• − Management: −$6,711
• − Depreciation: −$21,091
• Taxable loss: −$13,355
• Est. tax savings @ 24.0%: +$3,205
• After-tax cash flow: $1,734/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): 58,908
• Household income: $39,608
• Rent vs Own: 70.8% rent · 29.2% own
• Severe rent burden: 5748.0

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: Predominantly Hispanic (68%)
• Race & ethnicity: Hispanic / Latino 68% Two or more races 36% Black 28% White 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Cuban 24% Dominican 7%
• Common ancestry: Hispanic 2%
• Foreign-born: 51% · Canada, Jamaica, Dominican Republic
• Languages at home: 34% English-only · Spanish 64% French/Haitian/Cajun 1%

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: ▼ -102.31%
• Current HPI: 574.9225
• Rent YoY: ▼ -0.41%
• 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

+1511.1% since first listed

29 events — show timeline

• 2026-04-22 Price Changed $725,000 MARMLS
• 2026-03-24 Price Changed $750,000 MARMLS
• 2026-02-24 Price Changed $790,000 MARMLS
• 2026-01-30 Listed $850,000 MARMLS
• 2024-07-18 Sold (MLS) $660,000 MARMLS
• 2024-06-17 Contingent — MARMLS
• 2023-11-08 Listing Removed — MARMLS
• 2023-11-06 Pending — MARMLS
• 2023-04-28 Price Changed $699,000 MARMLS
• 2023-02-28 Price Changed $725,000 MARMLS
• 2022-11-08 Listed $750,000 MARMLS
• 2022-06-20 Listing Removed — MARMLS
• 2022-06-05 Relisted — MARMLS
• 2022-05-30 Listed $725,000 MARMLS
• 2018-09-19 Sold (Public Records) $385,000 Public Records
• 2018-09-19 Sold (Public Records) $375,000 Public Records
• 2018-09-05 Sold (MLS) $375,000 MARMLS
• 2018-08-01 Pending — MARMLS
• 2018-07-18 Listed $425,000 MARMLS
• 2014-04-19 Sold (MLS) $126,600 MARMLS
• 2014-03-24 Pending — MARMLS
• 2014-03-05 Price Changed $134,900 MARMLS
• 2014-01-13 Price Changed $145,000 MARMLS
• 2013-12-16 Price Changed $154,900 MARMLS
• 2013-11-16 Price Changed $169,500 MARMLS
• 2013-10-15 Price Changed $178,500 MARMLS
• 2013-09-04 Listed $194,500 MARMLS
• 1997-10-02 Sold (Public Records) $25,000 Public Records
• 1991-06-18 Sold (Public Records) $45,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $13,379 · +45.5% YoY. Source: county tax records.