WorkspaceDiscoverMultifamily · Miami · Miami-Dade County
244 NW 32nd St, Miami
Wynwood Norte triplex marketed for 24-unit redevelopment potential. Broker reports $4,000/month gross rent and $34,200 annual NOI from the existing property. The development proposal is separate from current income; approvals and buildable unit count are not independently verified.
Recorded status: Public listing page: active; confirm current availability. Checked: .
Dated listing record · recheck availability and legal unit count.
- Reported gross yield
- 4.1% Rent ÷ asking price
- Asking price
- $1,175,000
Monthly rent · Reported: $4,000/mo
- Estimated annual NOI
- -$1,222 Before debt and capital reserves
- Estimated cap rate
- -0.1% Modeled NOI ÷ purchase price
- Est. cash flow / mo
- -$222 All cash · after reserves
Assumptions behind these estimates
Starting values for this brief. Change any of them in the interactive brief; your changes stay in your browser. Default values
| Input | Value | Basis |
|---|---|---|
| Total scheduled rent per month | $4,000 | Matches source observation |
| Vacancy (%) | 5% | Matches planning allowance |
| Management (% of collected rent) | 8% | Matches planning allowance |
| Maintenance (% of total rent) | 5% | Matches planning allowance |
| Buyer annual tax assumption (% of price) | 2% | Matches planning allowance |
| Annual insurance | $10,688 | Matches planning allowance |
| Annual owner-paid utilities | $3,600 | Matches planning allowance |
| Monthly HOA or condo fees | $100 | Matches planning allowance |
| Other annual operating expenses | $1,800 | Matches planning allowance |
| Capital reserves (% of total rent) | 3% | Matches planning allowance |
| Down payment (%) | 100% | Matches planning allowance |
| Mortgage rate (%) | 7% | Matches planning allowance |
- Reported units
- 3
- Rent / year
- $48,000
- Seller-reported NOI
- $34,200
Broker info & key considerations To confirm
- The advertised 24 units, T4-R / NRD-2 density, by-right path, parking relief and variance claims require parcel-specific City confirmation.
- Broker reports $4,000/month gross rent and $34,200 annual NOI; these are not verified cash flow after debt, reserves or redevelopment carrying costs.
- October 30 source conflict: unit rents of $1,850 + $1,250 + $800 total $3,900/month, while the remarks still claim $4,000/month and $34,200 NOI. Earlier income remains historical pending a current rent roll; building-area and tax fields also conflict.
- Tenant-paid utilities and maintenance are broker claims. Review leases, possession, tenant obligations and demolition requirements before planning construction.
Source evidence and diligence
Financial figures observed Sep 28, 2026. Reported income is not audited collections. Editable estimates, financing and saved assumptions are separate from these source facts.
Gross rental yield basis
Source-reported as of Sep 28, 2026 whole-property annual base rent divided by asking price, before vacancy, expenses and financing. Freshness is unverified. This is not cap rate or a guaranteed return. Excludes separate fees and membership income.
Sources
- Compass / Fausto Commercial · MiamiRE A12010516 · development and income claimsSource observation · Sep 28, 2026
- Listing page on redfin.comWorkbook observation · Sep 22, 2026
- Compass / Fausto Commercial · A12010516 · October 30 income-field conflict reviewSource observation · Oct 30, 2026
Questions to resolve
- Obtain unit leases, tenant estoppels and a trailing 12-month operating statement.
- Verify legal unit count, title, permitted work and possession terms.
- Obtain wind/flood insurance quotes and a buyer property-tax estimate.
- Inspect roof, structure and recertification records; price immediate work.
- Confirm zoning and overlay for folio 01-3125-019-3050, the density calculation and achievable 24-unit proposal in writing with the City.
- Have an architect test setbacks, height, access, parking relief and the buildable envelope; identify all required approvals, contributions and conditions.
- Budget demolition, tenant and possession obligations, permitting, construction, financing and carrying costs separately from the existing triplex.
Similar properties
- 600 SW 16th Ave, Miami: 3-unit multifamily, asking $1,240,000
- 730 84th St, Miami Beach: 4-unit multifamily, asking $1,250,000
- 1170 71st St, Miami Beach: 4-unit multifamily, asking $1,275,000
Florida property research
Research scope includes Miami-Dade, Broward, the Florida Keys and Flagler County. Published observations vary by market.
[1] Gross yield excludes costs and financing. Source figures are unverified; estimates use editable assumptions. Check current listing availability. County records are separate from listings. Saves stay in this browser; export a backup before clearing site data. Sources & methods