Two-Story Medical Office
New
For Sale
$2,999,999
2971 Coral Way, Miami, FL 33145
Existing medical build-out supports healthcare operations and may accommodate other business uses.
Property Size7,680 SF
Lot Size0.15 Acres
Price / SF$390.62
Days on Market2
Property Features for 2971 Coral Way
General Information
Standard status
Active
Size
7,680 SF
Lot size
0.15 Acres
Property subtype
Commercial
Site & Location
Road Access
Yes
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$25,855
Building Details
Building Size
7,680 SF
Year Built
1952
Buildings
1
Stories
2
Listing Agency:
One Sothebys International Realty
(786) 543-7873
Listed By:
Rafael Arias · License #0607359
(786) 543-7873
Source:
Elliman
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 9:01AM
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 Sothebys International Realty
Investment Insights
Based on property information with market context.
This two-story medical office property contains 7,680 SF of existing build-out on a 6,672 SF parcel. The building is currently configured for medical use, with a layout that may also support other business applications. Constructed in 1952, the property offers a dedicated commercial setting along Coral Way.
The site is positioned less than half a mile from the Coral Way and 32nd Avenue intersection, with reported exposure to about 34,000 cars daily. Walk Score is 92, Bike Score is 58, and Transit Score is 44, providing documented pedestrian, bicycle, and transit access characteristics.
The site is positioned less than half a mile from the Coral Way and 32nd Avenue intersection, with reported exposure to about 34,000 cars daily. Walk Score is 92, Bike Score is 58, and Transit Score is 44, providing documented pedestrian, bicycle, and transit access characteristics.
Key Highlights
- 7,680 SF two‑story medical office building
- Situated on a 6,672 SF parcel
- Frontage along Coral Way
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
$220,320
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
7.34%
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%
$4,406,400
$4.4M
Cap Rate 7%
$3,147,429
$3.1M
Cap Rate 9%
$2,448,000
$2.4M
Market Conditions
NOI Build-Up for 7,680 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
$345.6K $45.00/SF
− Vacancy
−$51.8K −$6.75/SF
EGI
$293.8K $38.25/SF
− OpEx
−$73.4K −$9.56/SF
NOI
$220.3K $28.69/SF
Area
Miami, FL
Vacancy
15.00%
Lease Rate
$45.00 /SF/Yr
Expense Ratio
25.00%
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%
$4,406,400
Cap Rate 7%
$3,147,429
Cap Rate 9%
$2,448,000
Alternative Uses
Best Use
Office B
$3.15M
$2.75M – $3.67M
NOI $220,320 @ 7.0% cap · market cap 7.34%
Second Best
Healthcare Medical
$1.82M
$1.59M – $2.12M
NOI $127,181 @ 7.0% cap · market cap 4.24%
Theoretical Best
Specialty Retail
$5.18M
$4.54M – $6.05M
NOI $362,883 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,423
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 33145, FL
29,737
Population
12,773
Households
2.3
Avg Household Size
44
Median Age
42%
College-Educated
85%
High-School Grad
2.5 sq mi
ZIP Area
11,895
Density / Sq Mi
$70,592
Median Household Income
$43,039
Median Earnings
$1,769
Median Rent
$560,300
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Clinica bajos recurdos animal — 2601 SW 27th Ave, Miami, FL 33133
- AWS Animal Hospital - Animal Welfare Society of South Florida — 2601 SW 27th Ave, Miami, FL 33133
- Vet Wellcare Vaccinations Clinic at Pet Supermarket — 2720 S Dixie Hwy Ste A, Miami, FL 33133
- Grove Animal Hospital — 2803 SW 27th Ave, Miami, FL 33133
- Silver Bluff Animal Clinic — 2515 SW 27th Ave, Miami, FL 33133
Frequently Asked Questions
What type of property is this?
Medical Office Space - Existing medical build-out supports healthcare operations and may accommodate other business uses.
Where is this medical office space located?
The property is located at 2971 Coral Way Miami, FL.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: 7,680 SF two‑story medical office building; Situated on a 6,672 SF parcel; Frontage along Coral Way
