Renovated 16-Unit Multifamily
320-324 Mendoza Ave Miami, FL 33134
For Sale
Contact for pricing
Two adjacent, renovated 8-unit apartment buildings offer professionally managed income and in-unit washer/dryer.
Property Size11,364 SF
Price / SF$436.47
Days on Market144
Property Features for 320-324 Mendoza Ave
General Information
- Standard status
- Active
- Size
- 11,364 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1926
Listing Agency:
Fausto Commercial Realty Consultants
(305) 510-6627
Listed By:
Chris Canizares · License #3593754
Source:
Crexi
Added: Mar 2
Changed: Jul 23
Last Checked: Jul 23 at 2:51PM
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 Fausto Commercial Realty Consultants
Investment Insights
Based on property information with market context.
Fausto Commercial is pleased to present an exclusive opportunity to acquire a renovated, income-producing 16-unit multifamily property comprising two adjacent Coral Gables apartment buildings. Each building is a symmetrical 8-unit structure, with one fully gut renovated and the other substantially renovated. The property is in beautiful condition, with common areas and outdoor garden spaces designed by an interior and landscape professional. All units are large one-bedroom residences. The buildings are professionally managed, with no deferred maintenance reported.
The property generates $400,000 gross per year on the current rent roll, with the remarks noting that market rents today would yield $432,000 gross per year. The offering is presented as producing a stated NOI of $309,000. The buildings are located in one of Coral Gables’ premier residential neighborhoods and sit about a block out of the Coral Gables municipality.
Improvements are described as fully renovated and fully permitted as of 2026, with recertifications up to date. The offering is presented as turnkey, including in-unit washer/dryer, and supported by a screening and vetted-tenants approach as described in the materials. The property is described as being aligned with MF2 zoning.
The property generates $400,000 gross per year on the current rent roll, with the remarks noting that market rents today would yield $432,000 gross per year. The offering is presented as producing a stated NOI of $309,000. The buildings are located in one of Coral Gables’ premier residential neighborhoods and sit about a block out of the Coral Gables municipality.
Improvements are described as fully renovated and fully permitted as of 2026, with recertifications up to date. The offering is presented as turnkey, including in-unit washer/dryer, and supported by a screening and vetted-tenants approach as described in the materials. The property is described as being aligned with MF2 zoning.
Key Highlights
- Renovated 16‑unit multifamily asset with two adjacent 8‑unit, symmetrical buildings
- Fully gut renovated one building; the other substantially renovated—both in “beautiful condition” with landscaped common and outdoor garden areas
- Professionally managed with no deferred maintenance and vetted, high‑quality tenants
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $409.1k | $36.00 |
| − Vacancy | −$27.4k | −$2.41 |
| EGI | $381.7k | $33.59 |
| − OpEx | −$171.8k | −$15.11 |
| NOI | $209.9k | $18.47 |
11,364 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$3.00M
$2.62M – $3.50M
NOI $209,932 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.67M
$6.71M – $8.95M
NOI $536,954 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Two adjacent, renovated 8-unit apartment buildings offer professionally managed income and in-unit washer/dryer.
Where is this apartment building located?
The property is located at 320-324 Mendoza Ave Miami, FL.
What is the asking price?
The asking price for this property is $4,960,000.
What are key features of this property?
This property features: Renovated 16‑unit multifamily asset with two adjacent 8‑unit, symmetrical buildings; Fully gut renovated one building; the other substantially renovated—both in “beautiful condition” with landscaped common and outdoor garden areas; Professionally managed with no deferred maintenance and vetted, high‑quality tenants
