Two-Story Medical Office
New
For Sale
$2,999,999
2971 Coral Way, Miami, FL 33145
Commercial Sale, Miami, FL
Property Size7,680 SF
Lot Size0.15 Acres
Price / SF$390.62
Days on Market3
Property Features for 2971 Coral Way
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
6101
Parking
13
Parking features
Guest, On Street
Subdivision
41
Standard status
Active
APN
01-41-09-039-0791
Lot size
0.15 Acres
Taxes and HOA fees
Tax Description
MILLERDALE PB 6-18 BEG MOST ELY COR LOT 23 BLK 3 SW ALG SE/L 130.92FT ETC AS PER DB 3507-90 LOT SIZE 47.500 X 139 COC 23944-3709 10 2005 1
Tax Annual Amount
25855
Legal Description
MILLERDALE PB 6-18 BEG MOST ELY COR LOT 23 BLK 3 SW ALG SE/L 130.92FT ETC AS PER DB 3507-90 LOT SIZE 47.500 X 139 COC 23944-3709 10 2005 1
Building Details
Year built
1952
Floors in Building
2
Listing Agency:
One Sotheby's International Realty
(305) 538-9711
Listed By:
Rafael Arias · License #0607359
(786) 543-7873
Added: Aug 20
Last Checked: Aug 22 at 10:06PM
MLS# A12074270
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The two-story building at 2971 Coral Way contains 7,680 SF and occupies a 6,672 SF site. Constructed in 1952, the property is currently configured for medical office use and includes existing build-out for ongoing operations. The layout may also be converted for other business uses, subject to applicable requirements.
The property fronts Coral Way in Miami, less than half a mile from the intersection of Coral Way and 32nd Avenue. The surrounding corridor carries approximately 34,000 vehicles daily. Parking includes guest spaces and on-street availability.
The property fronts Coral Way in Miami, less than half a mile from the intersection of Coral Way and 32nd Avenue. The surrounding corridor carries approximately 34,000 vehicles daily. Parking includes guest spaces and on-street availability.
Key Highlights
- 7,680 SF two‑story medical office building
- 6,672 SF site with 0.1532 acres
- Frontage on Coral Way in Miami
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Built-out professional space supports current medical operations and conversion to 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; 6,672 SF site with 0.1532 acres; Frontage on Coral Way in Miami
