Freestanding Four-Unit
New
For Sale
$1,975,000
23 Majorca Ave, Coral Gables, FL 33134
Fully occupied residential income property with four functional units and access to Coral Gables’ Miracle Mile corridor.
Property Size4,200 SF
Days on Market2
Property Features for 23 Majorca Ave
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Building Size
4,200 SF
Year Built
1949
Buildings
1
Listed By:
John Weston
(305) 264-3661
Source:
Elliman
Added: Sep 12
Last Checked: Sep 12 at 2:30PM
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 John Weston
Investment Insights
Based on property information with market context.
This freestanding quadplex contains four residential units in a building constructed in 1949. The property is fully occupied and offers functional layouts within an established low-rise multifamily setting.
Located at 23 Majorca Avenue in Coral Gables, the property sits near the Miracle Mile and Giralda Avenue corridor. WalkScore is 85, indicating a very walkable setting, while BikeScore is 65 and TransitScore is 55. The combination of four units, existing occupancy, and proximity to a well-known commercial corridor provides a clear overview of the asset’s current configuration and surrounding accessibility.
Located at 23 Majorca Avenue in Coral Gables, the property sits near the Miracle Mile and Giralda Avenue corridor. WalkScore is 85, indicating a very walkable setting, while BikeScore is 65 and TransitScore is 55. The combination of four units, existing occupancy, and proximity to a well-known commercial corridor provides a clear overview of the asset’s current configuration and surrounding accessibility.
Key Highlights
- Four‑unit freestanding residential building
- Fully occupied quadplex
- Built in 1949
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
$70,013
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
3.54%
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%
$1,400,260
$1.4M
Cap Rate 7%
$1,000,186
$1.0M
Cap Rate 9%
$777,922
$777.9K
Market Conditions
NOI Build-Up for 4,200 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
$105.8K $25.20/SF
− Vacancy
−$5.8K −$1.39/SF
EGI
$100.0K $23.81/SF
− OpEx
−$30.0K −$7.14/SF
NOI
$70.0K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,400,260
Cap Rate 7%
$1,000,186
Cap Rate 9%
$777,922
Alternative Uses
Best Use
Multifamily LT 5
$1.00M
$875.2K – $1.17M
NOI $70,013 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$922.8K
$807.4K – $1.08M
NOI $64,593 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$2.13M
$1.86M – $2.49M
NOI $149,159 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
8,718
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied residential income property with four functional units and access to Coral Gables’ Miracle Mile corridor.
Where is this quadplex located?
The property is located at 23 Majorca Ave Coral Gables, FL.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Four‑unit freestanding residential building; Fully occupied quadplex; Built in 1949
