Building Details

Year built 1952

Floors in Building 2

Listing Agency: One Sotheby's International Realty b***@onesir.net Show Phone

Listed By: Rafael Arias · License #0607359 Show Phone

Added: Aug 20 Changed: Oct 2 Last Checked: Oct 7 at 3:06AM

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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.

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 / Yr

$220,320

Cap Rate

7.60%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $220,320 @ 7.0% cap · market cap 7.60%

Second Best

Healthcare Medical

$1.82M

$1.59M – $2.12M (±1% cap)

NOI $127,181 @ 7.0% cap · market cap 4.39%

Theoretical Best

Specialty Retail

$5.18M

$4.54M – $6.05M (±1% cap)

NOI $362,883 @ 7.0% cap · market cap 12.52%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Restaurant (Bike/Boat/Book/etc) Store Catering Service Butcher Garden Center Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

12.4% 2019

16.3% 2020

17% 2021

16.1% 2022

15% 2023

16.1% 2024

15.2% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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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 $2,899,000.

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