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Based on it coming up in some previous discussions about 32 GB phones, it looks like it's somewhere in/around the 27 GB range.
 
A YouTube reviewer showed the Settings -> General -> About screen on the 32GB iPhone 7 (not the plus) and it showed the capacity at 27.85GB.
 
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my iPhone 7 Plus came with 23 GB, i was shocked at first but it was due to Pages etc. being installed on it
 
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