Renovated 16-Unit Multifamily
For Sale
Contact for pricing
320-324 Mendoza Ave, Miami, FL 33134
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 Market191
Property Features for 320-324 Mendoza Ave
General Information
Standard status
Active
Size
11,364 SF
Class
B
Property subtype
Multifamily
Zoning
RU-3 – Four-Unit Apartment District
Net Operating Income
$309,000
Additional Details
Multifamily Units
16
Building Details
Year Built
1926
Stories
3
Units
16
Tenancy
Multi
Listing Agency:
Fausto Commercial Realty Consultants
Listed By:
Carlos Fausto Miranda · License #3129999
(305) 431-2258
Source:
Crexi
Added: Mar 2
Changed: Sep 4
Last Checked: Sep 8 at 4:45AM
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
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
$209,932
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
4.23%
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%
$4,198,640
$4.2M
Cap Rate 7%
$2,999,029
$3.0M
Cap Rate 9%
$2,332,578
$2.3M
Market Conditions
NOI Build-Up for 11,364 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
$409.1K $36.00/SF
− Vacancy
−$27.4K −$2.41/SF
EGI
$381.7K $33.59/SF
− OpEx
−$171.8K −$15.11/SF
NOI
$209.9K $18.47/SF
Area
Miami, FL
Vacancy
6.70%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
45.00%
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%
$4,198,640
Cap Rate 7%
$2,999,029
Cap Rate 9%
$2,332,578
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 authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,830
Businesses Nearby
Explore this area
Business Placement
Demographics for 33134, FL
38,739
Population
18,136
Households
2.1
Avg Household Size
46
Median Age
54%
College-Educated
91%
High-School Grad
5.2 sq mi
ZIP Area
7,450
Density / Sq Mi
$92,009
Median Household Income
$56,392
Median Earnings
$1,818
Median Rent
$660,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
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
