8-Unit Apartment
For Sale
$1,795,000
Pending
114 Menores Ave, Coral Gables, FL 33134
Select units feature remodeled kitchens, appliances, and hardwood flooring.
Property Size5,736 SF
Days on Market2234
Property Features for 114 Menores Ave
General Information
Standard status
Pending
Size
5,736 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$22,238
Amenities
3
Building Details
Year Built
1925
Listing Agency:
Keller Williams Capital Realty
(305) 662-7325
Listed By:
Enrique Montoya · License #3425814
(305) 753-9826
Source:
Xome
Added: Jul 22, 2020
Changed: Aug 30
Last Checked: Aug 30 at 9:22AM
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 Keller Williams Capital Realty
Investment Insights
Based on property information with market context.
Built in 1925, this 5,736-square-foot apartment property contains eight units and is located at 114 Menores Ave in Coral Gables, Florida. Select residences have updated kitchens, appliances, and hardwood flooring, while five units include furniture and television sets.
The property carries 5001 zoning for Hotels & Motels, which allows short-term rental flexibility. Residents are within walking distance of a park, tennis and basketball courts, and public transportation. The location also provides access to major employment hubs within the surrounding community.
The property carries 5001 zoning for Hotels & Motels, which allows short-term rental flexibility. Residents are within walking distance of a park, tennis and basketball courts, and public transportation. The location also provides access to major employment hubs within the surrounding community.
Key Highlights
- Eight‑unit apartment building totaling 5,736 square feet
- 5001 zoning designated for Hotels & Motels
- Zoning allows short‑term rental flexibility
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$88,216
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,764,320
$1.8M
Cap Rate 7%
$1,260,229
$1.3M
Cap Rate 9%
$980,178
$980.2K
Market Conditions
NOI Build-Up for 5,736 SF
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.
Gross rent
$168.0K $29.28/SF
− Vacancy
−$7.6K −$1.32/SF
EGI
$160.4K $27.96/SF
− OpEx
−$72.2K −$12.58/SF
NOI
$88.2K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,764,320
Cap Rate 7%
$1,260,229
Cap Rate 9%
$980,178
Alternative Uses
Best Use
Apartment 5plus
$1.26M
$1.10M – $1.47M
NOI $88,216 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.91M
$2.55M – $3.40M
NOI $203,708 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,880
Businesses Nearby
Explore this area
Business Placement
Demographics for 33134, FL
38,739
Population
18,136
Households
2.1
Avg Household Size
46
Median Age
54%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
7,450
Density / Sq Mi
$92,009
Median Household Income
$56,392
Median Earnings
$1,818
Median Rent
$660,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Select units feature remodeled kitchens, appliances, and hardwood flooring.
Where is this apartment building located?
The property is located at 114 Menores Ave Coral Gables, FL.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Eight‑unit apartment building totaling 5,736 square feet; 5001 zoning designated for Hotels & Motels; Zoning allows short‑term rental flexibility
