Garden-Style Apartment Building
2360 - 2398 Coral Way Coral Gables, FL 33145
2360 - 2398 Coral Way Coral, Gables, FL, 33145
$8,000,000
For Sale
$8,000,000
Four interconnected multifamily buildings contain 26 residential units on two adjacent lots.
Property Size20,213 SF
Lot Size0.63 Acres
Price / SF$395.78
Days on Market155
Property Features for 2360 - 2398 Coral Way Coral
General Information
- Standard status
- Active
- Size
- 20,213 SF
- Lot size
- 0.63 Acres
- Property subtype
- MultiFamily Apartments
Building Details
- Year Built
- 1949
Listing agency
RE/MAX 360 Real Estate
(305) 450-5992
Listed by
Agustin Duarte · License #3284824
(305) 450-5992
Source
Thebrokerlist
Added: Feb 18 Updated: Jul 22 at 1:49PM Checked: Jul 22 at 1:49PM
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 RE/MAX 360 Real Estate
Investment Insights
Based on property information with market context.
Shenandoah Garden Apartments is a garden-style multifamily complex consisting of four interconnected buildings. The property totals 26 residential units, including 16 two-bedroom units, 8 one-bedroom units, and 2 studio units. An enclosed atrium is included among the existing improvements, and the roof(s) are noted as being from 2017 with “no leaks” stated in the remarks.
The community is positioned along Coral Way with approximately 270 feet of frontage, and it is described as centrally located between Coral Gables and the Brickell area. The property sits across two adjacent lots.
The offering is presented as an existing income-producing apartment complex, with a 93% occupancy figure cited in the remarks and a 40-year recertification noted as being “in hand.”
The community is positioned along Coral Way with approximately 270 feet of frontage, and it is described as centrally located between Coral Gables and the Brickell area. The property sits across two adjacent lots.
The offering is presented as an existing income-producing apartment complex, with a 93% occupancy figure cited in the remarks and a 40-year recertification noted as being “in hand.”
Key Highlights
- Four interconnected multifamily buildings with 26 residential units
- Two adjacent lots totaling 27,500 SF with 270 feet of frontage on SW 22nd St
- Built area totals 20,213 SF and offers a unit mix of 16 two‑bedroom, 8 one‑bedroom, and 2 studio units
Local Financial Insights For Apartment 5plus
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 | $727.7k | $36.00 |
| − Vacancy | −$48.8k | −$2.41 |
| EGI | $678.9k | $33.59 |
| − OpEx | −$305.5k | −$15.11 |
| NOI | $373.4k | $18.47 |
20,213 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$5.33M
$4.67M – $6.22M
NOI $373,403 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.64M
$11.94M – $15.92M
NOI $955,073 @ 7.0% cap · market cap 11.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Judith Calvert
Counselor
coral way metal ...
Roofing Company
FAQs
What type of property is this?
Apartment building - Four interconnected multifamily buildings contain 26 residential units on two adjacent lots.
Where is this apartment building located?
The property is located at 2360 - 2398 Coral Way Coral Gables, FL.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Four interconnected multifamily buildings with 26 residential units; Two adjacent lots totaling 27,500 SF with 270 feet of frontage on SW 22nd St; Built area totals 20,213 SF and offers a unit mix of 16 two‑bedroom, 8 one‑bedroom, and 2 studio units
