Freestanding Two-Level
For Sale
$3,999,950
3138 Coral Way, Miami, FL 33145
Renovated hospitality property with commercial kitchen systems, multiple bar areas, and upper-level dining and event space.
Property Size5,750 SF
Price / SF$695.64
Days on Market89
Property Features for 3138 Coral Way
General Information
Standard status
Active
Size
5,750 SF
Property subtype
Commercial
Lease Term
[]
Restaurant
Seating Capacity
217
Commercial Hood
Yes
Equipment Included
Yes
Additional Details
Road Access
Yes
Building Details
Year Built
1950
Buildings
1
Stories
2
Listing Agency:
TMT Real Estate,LLC.
Listed By:
Alfred Munoz
(786) 453-3170
Source:
Onesothebysrealty
Added: Jun 4
Changed: Aug 30
Last Checked: Aug 30 at 3:29PM
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 TMT Real Estate,LLC.
Investment Insights
Based on property information with market context.
This freestanding, two-level commercial building is configured for restaurant and hospitality operations, with multiple bar areas, commercial kitchen infrastructure, a professional hood system, and dining and event areas on the upper level. Existing improvements also include lighting, sound equipment, and other build-out components. Approved occupancy is approximately 217 seats, and the property has eligibility for 4COP SFS liquor licensing.
The building fronts Coral Way, an east-west corridor connecting Coral Gables, Brickell, Coconut Grove, and Downtown Miami. Its standalone format, prominent signage opportunities, and existing hospitality infrastructure support continued restaurant use, subject to applicable approvals. The structure was built in 1950 and has previously operated as a restaurant and entertainment venue.
The building fronts Coral Way, an east-west corridor connecting Coral Gables, Brickell, Coconut Grove, and Downtown Miami. Its standalone format, prominent signage opportunities, and existing hospitality infrastructure support continued restaurant use, subject to applicable approvals. The structure was built in 1950 and has previously operated as a restaurant and entertainment venue.
Key Highlights
- Freestanding two‑level restaurant building at 3138 Coral Way, Miami, FL 33145
- Approved occupancy for approximately 217 seats
- Eligibility for 4COP SFS liquor licensing
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
$271,690
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
6.79%
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%
$5,433,800
$5.4M
Cap Rate 7%
$3,881,286
$3.9M
Cap Rate 9%
$3,018,778
$3.0M
Market Conditions
NOI Build-Up for 5,750 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
$367.8K $63.96/SF
− Vacancy
−$5.5K −$0.96/SF
EGI
$362.3K $63.00/SF
− OpEx
−$90.6K −$15.75/SF
NOI
$271.7K $47.25/SF
Area
Miami, FL
Vacancy
1.50%
Lease Rate
$63.96 /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%
$5,433,800
Cap Rate 7%
$3,881,286
Cap Rate 9%
$3,018,778
Alternative Uses
Best Use
Specialty Retail
$3.88M
$3.40M – $4.53M
NOI $271,690 @ 7.0% cap · market cap 6.79%
Second Best
Industrial
$1.10M
$965.6K – $1.29M
NOI $77,249 @ 7.0% cap · market cap 1.93%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
4,301
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 Retail in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated hospitality property with commercial kitchen systems, multiple bar areas, and upper-level dining and event space.
Where is this conventional restaurant located?
The property is located at 3138 Coral Way Miami, FL.
What is the asking price?
The asking price for this property is $3,999,950.
What are key features of this property?
This property features: Freestanding two‑level restaurant building at 3138 Coral Way, Miami, FL 33145; Approved occupancy for approximately 217 seats; Eligibility for 4COP SFS liquor licensing
