Historic Quadplex with
111 Salamanca Avenue Coral Gables, FL 33134
For Sale
$2,400,000
1925 quadplex reconfigured with top-floor three-bedroom penthouse, two one-bedroom units, and vacant corner portion.
Property Size4,946 SF
Price / SF$485.24
Days on Market279
Property Features for 111 Salamanca Avenue
General Information
Standard status
Active
Size
4,946 SF
Property subtype
Multi-Family Income / Fourplex
Building Details
Year Built
1925
Listing Agency:
One Sotheby's International Realty
(305) 666-0562
Listed By:
Rosario Borroto · License #0566150
(305) 666-0562
Source:
Compass
Added: Oct 24, 2025
Changed: Jul 23
Last Checked: Jul 24 at 2:27PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of One Sotheby's International Realty
Investment Insights
Based on property information with market context.
Built in 1925, this historic quadplex has been reimagined into a top-floor three-bedroom penthouse that spans the entire upper level, with two one-bedroom residences on the lower floors. The property includes multiple fireplaces and architectural details that reflect its original Old Spanish character.
Located at 111 Salamanca Avenue on a prominent corner lot, the layout offers a combination of flexible living space and an additional vacant corner portion of 5,500 SF.
Designed for multiple living arrangements, the current configuration supports a mix of larger and smaller units while preserving the building’s historic identity.
Located at 111 Salamanca Avenue on a prominent corner lot, the layout offers a combination of flexible living space and an additional vacant corner portion of 5,500 SF.
Designed for multiple living arrangements, the current configuration supports a mix of larger and smaller units while preserving the building’s historic identity.
Key Highlights
- Year built 1925 Old Spanish‑style property
- Originally built as a fourplex and reconfigured into a 3‑bedroom penthouse plus two 1‑bedroom residences
- Penthouse spans the entire top floor
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $124.6k | $25.20 |
| − Vacancy | −$6.9k | −$1.39 |
| EGI | $117.8k | $23.81 |
| − OpEx | −$35.3k | −$7.14 |
| NOI | $82.4k | $16.67 |
4,946 SF · lease $25.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.37M
NOI $82,449 @ 7.0% cap · market cap 3.44%
Second Best
Apartment 5plus
$1.09M
$950.8K – $1.27M
NOI $76,066 @ 7.0% cap · market cap 3.17%
Theoretical Best
Office A
$2.51M
$2.20M – $2.93M
NOI $175,652 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Quadplex - 1925 quadplex reconfigured with top-floor three-bedroom penthouse, two one-bedroom units, and vacant corner portion.
Where is this quadplex located?
The property is located at 111 Salamanca Avenue Coral Gables, FL.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Year built 1925 Old Spanish‑style property; Originally built as a fourplex and reconfigured into a 3‑bedroom penthouse plus two 1‑bedroom residences; Penthouse spans the entire top floor
