Charming Multifamily Building in Coral
For Sale
$3,300,000
Pending
3409 S Le Jeune Rd, Coral Gables, FL 33134
13-unit multifamily building in the heart of Coral Gables.
Property Size7,820 SF
Lot Size0.13 Acres
Days on Market176
Property Features for 3409 S Le Jeune Rd
General Information
Standard status
Pending
Size
7,820 SF
Lot size
0.13 Acres
Property subtype
Commercial
Lease Term
1 to 3 years
Taxes and HOA fees
Annual Taxes
$33,910
Building Details
Building Size
7,820 SF
Year Built
1926
Stories
2
Listed By:
Miguel Solis PA
(305) 343-9554
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Jul 23 at 10:40AM
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 Miguel Solis PA
Investment Insights
Based on property information with market context.
Lejeune House, a charming 13-unit Old Spanish multifamily building, is located in the heart of Coral Gables. The property includes two folios and comprises the apartment building and an adjacent parking lot with assigned parking for all tenants. The units consist of 10 one-bedroom apartments and 3 large studios, with the majority having been remodeled. The common areas have also been updated, and there is an on-site washer/dryer facility at the back of the building. Recertification with the city was completed this year. The building's prime location is just a block from the youth center and the new entertainment complex known as The Plaza, and close to Merrick Shops and Miracle Mile. This location makes this an ideal investment opportunity.
Key Highlights
- Prime Coral Gables location, close to The Plaza, Merrick Shops, and Miracle Mile.
- 13‑unit Old Spanish multifamily building.
- Includes adjacent parking lot with assigned tenant parking.
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
$120,266
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
3.64%
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%
$2,405,320
$2.4M
Cap Rate 7%
$1,718,086
$1.7M
Cap Rate 9%
$1,336,289
$1.3M
Market Conditions
NOI Build-Up for 7,820 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
$229.0K $29.28/SF
− Vacancy
−$10.3K −$1.32/SF
EGI
$218.7K $27.96/SF
− OpEx
−$98.4K −$12.58/SF
NOI
$120.3K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /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%
$2,405,320
Cap Rate 7%
$1,718,086
Cap Rate 9%
$1,336,289
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.50M – $2.00M
NOI $120,266 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.97M
$3.47M – $4.63M
NOI $277,719 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,326
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 - 13-unit multifamily building in the heart of Coral Gables.
Where is this apartment building located?
The property is located at 3409 S Le Jeune Rd Coral Gables, FL.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Prime Coral Gables location, close to The Plaza, Merrick Shops, and Miracle Mile.; 13‑unit Old Spanish multifamily building.; Includes adjacent parking lot with assigned tenant parking.
