Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Shovel Ready Coconut Grove Office Title is generated by Realmo AI

    2940 Oak Avenue, Miami, FL 33133

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $8,000,000

    Fully entitled office development opportunity in the heart of Coconut Grove.

    Type:Office
    Property size:
    6,618 SF
    Price / SF:
    $1,208/SF
    Added:
    Sep 25, 2025
    Days on Market:
    240
    Last Refresh:
    Apr 5 at 8:19 pm

    Property Features for 2940 Oak Avenue

    General Information

    Standard status
    Active
    Size
    6,618 SF
    Property subtype
    Office

    Building Details

    Year Built
    2025

    We can help!

    Listing Contact
    Agustin Duarte
    Agustin Duarte

    Listing agent Agustin Duarte License #3284824

    Listing office RE/MAX

    Listing date Sep 25, 2025

    Source Remaxcommercial

    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

    HighLights

    • "Shovel Ready" Fully Entitled Office Development Opportunity: Eliminates lengthy approval processes.
    • Prime Coconut Grove Location: Situated in the desirable Oak Avenue corridor.
    • Approved for a 5‑Story Office Building: Encompasses approximately 27,556 square feet, including commercial space, rooftop area, and four office floors.
    • High‑Value Office Space: Current office rates in the area are $100-$120 per square foot.
    • Site Demolished in 2023: The lot is cleared and prepared for new construction.
    • Zoned T 5 - O: Suitable for the intended office development.

    Overview

    An exceptional, fully entitled office development opportunity is available in the thriving South Florida market. The property is envisioned as a 5-story office building encompassing approximately 27,556 square feet. The design includes five floors in total, featuring a ground floor dedicated to commercial space and four full office floors, plus an impressive rooftop area, in the heart of Coconut Grove. The property's location is exceptional, situated in the coveted Coconut Grove Oak Avenue corridor. The site was demolished in 2023 and is shovel ready. The property is 6,618 square feet (0.152 acres) and zoned T 5 - O. The parcel number is 01-4121-034-0310.
    Property Profile Location Intelligence

    Current Use by Public Records

    Johari Inc Hair Salon V'HChimneycleaning Services General Contractor

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Extropa — 3121 Commodore Plaza, Coconut Grove, FL 33133
    • airamerica — 2911 Grand Ave #3A, Coconut Grove, FL 33133
    • AVER Productions Audio Video Lighting Staging Broadcasting — 3000 Florida Ave, Miami, FL 33133
    • Encore — 2889 mcfarlane rd, coconut grove, fl 33133
    • Hamanas Services Inc — 2914 Virginia St, Miami, FL 33133

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.2409
    Latitude
    25.7297

    Nearby Similar for Sale

    • $960,000
      4,012 SF

      Miami Mixed-Use Investment Opportunity

      Fully occupied mixed-use property with income and upside potential.
      2618 NW 103rd St, Miami, FL 33147
      View Details
    • $2,500,000
      6,088 SF

      Miami Office Buildings with Redevelopment Potential

      Two office buildings with redevelopment potential in Miami, Florida.
      3288 NW 36th St, Miami, FL 33142
      View Details
    • $3,300,000
      3,920 SF

      Established Automotive Business on Calle 8

      Successful automotive repair and tire shop in Westchester area.
      8730 SW 8th St, Miami, FL 33174
      View Details
    • $3,300,000
      3,920 SF

      Prime Westchester Commercial Property

      Freestanding property on high-traffic street, ideal for retail.
      8730 SW 8th St, Miami, FL 33174
      View Details
    • $3,150,000
      5,000 SF

      Updated Two-Story Miami Office Building

      Professional office building suitable for medical, real estate, or business.
      9440 SW 77th Ave, Miami, FL 33156
      View Details
    • $4,000,000
      5,458 SF

      Miami Riverfront Mixed-Use Opportunity

      Corner commercial property with redevelopment potential in Miami's River corridor.
      3300 NW South River Dr, Miami, FL 33142
      View Details
    • $1,200,000
      2,723 SF

      Miami Commercial Building For Sale

      Commercial building with flexible zoning in a prime Miami location.
      2112 NW 36th St, Miami, FL 33142
      View Details
    • $1,995,000
      6,121 SF

      Miami Warehouse Condo For Sale

      Corner warehouse condo near Tamiami Airport and Amazon Distribution Center.
      13275 SW 136th St, Miami, FL 33186
      View Details
    • $1,350,000
      4,040 SF

      Miami Commercial Corner Lot Opportunity

      Established auto repair business and property for sale in Miami.
      11070 NW 17th Ave, Miami, FL 33167
      View Details
    • $4,700,000
      3,350 SF

      Freestanding Commercial Building on 8th

      Renovated mixed-use building on a high-visibility corner lot.
      7101 SW 8th St, Miami, FL 33144
      View Details
    • $11,000,000
      12,406 SF

      Miami River Commercial Opportunity

      Rare mixed-use property near Miami River, ideal for various businesses.
      3326 NW South River Dr, Miami, FL 33142
      View Details
    • $1,675,000
      2,677 SF

      Brickell Avenue Professional Office Space

      Turnkey office in Brickell's financial district with city and bay views.
      1200 Brickell Ave, Miami, FL 33131
      View Details

    FAQs

    What type of property is this?
    Office space - Fully entitled office development opportunity in the heart of Coconut Grove.
    Where is this office space located?
    The property is located at 2940 Oak Avenue Miami, 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: "Shovel Ready" Fully Entitled Office Development Opportunity: Eliminates lengthy approval processes.; Prime Coconut Grove Location: Situated in the desirable Oak Avenue corridor.; Approved for a 5‑Story Office Building: Encompasses approximately 27,556 square feet, including commercial space, rooftop area, and four office floors.
    (305) 602-0360
    We can help!
    Listing Contact
    Agustin Duarte
    Agustin Duarte
    Real Estate License ID: 3284824
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2940 Oak Avenue, Miami, FL 33133,
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!