Say your system has 250 actual gallons of water. A bit less for air, substrate, rocks, etc. a bit more for the sump. A 40 gallon water change is 16%, so if you nitrates start at 100, then they would be 100*(1-0.16)^n afterwards, with n being the number of water changes you did.
So, 100>84>71>59>50>42>35. So, yes, 32 sounds about right.
Assuming you have sand in there, I’m going to guess it’s really dirty. You can test this by picking up a handful and releasing it back into the tank. If there is a cloud you fail, if things look normal after 5 seconds you pass. I mention this because if there is a large amount of organic matter in the sand it will keep pushing your nitrates up. Digging through the sand when doing water changes is the easy fix for this.
The bigger concern is phosphate. There will likely be a ton of it bound into the rocks, so if you want lower levels you may need to use some GFO to gradually absorb it as it leaches back out.
The good news is that I’ve seen a lot of really nice SPS tanks with 20 PPM NO3. Personally I like 5 PPM as a target. Bad things happen if you run short (ie a hard 0) and the majority of even acros out there will have no issues at 10 PPM. Running at 1 PPM is difficult if your tank runs an excess, and leaves you at risk of pale coral or STN if your system starts consuming it faster.
Assuming those values were correct, the Calcium and Magnesium levels alone would kill SPS faster than the nitrate and phosphate levels IMO.