Freestanding Two-Level
For Sale
$3,500,000
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$608.70
Days on Market134
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 · License #BK3474863
(786) 488-9378
Source:
Onesothebysrealty
Added: Jun 4
Changed: Oct 11
Last Checked: Oct 14 at 11:40PM
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 / Yr
$271,690
Cap Rate
7.76%
Suggested Prices Based on Cap Rates
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
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 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 7.76%
Second Best
Industrial
$1.10M
$965.6K – $1.29M
NOI $77,249 @ 7.0% cap · market cap 2.21%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Miami, FL
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $3,500,000.
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
