Fully Leased Two-Unit
For Sale
$1,150,000
Pending
346 350 Alesio Avenue, Coral Gables, FL 33134
Two residential units provide matching two-bedroom, one-bathroom layouts in a leased multifamily property.
Property Size2,159 SF
Days on Market17
Property Features for 346 350 Alesio Avenue
General Information
Standard status
Pending
Size
2,159 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1956
Listing Agency:
Sunlife Realtors
(786) 380-5260
Listed By:
Milton Adrian Knight · License #R11165434
(786) 380-5260
Source:
Lehmannflorida
Added: Aug 1
Changed: Aug 15
Last Checked: Aug 17 at 5:32AM
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 Sunlife Realtors
Investment Insights
Based on property information with market context.
This duplex contains 2,159 square feet arranged as two separate residential units, with each unit offering 2 bedrooms and 1 bathroom. Built in 1956, the property is fully leased with tenants in place, providing an established rental configuration for a multifamily buyer.
The property is located in Coral Gables at 346 350 Alesio Avenue, with shopping, dining, parks, schools, and major highways identified nearby. Its indoor and outdoor areas add usable space for residents within the existing duplex layout.
The property is located in Coral Gables at 346 350 Alesio Avenue, with shopping, dining, parks, schools, and major highways identified nearby. Its indoor and outdoor areas add usable space for residents within the existing duplex layout.
Key Highlights
- Fully leased duplex with tenants already in place
- 2,159 square feet of total property size
- Two separate units, each with 2 bedrooms and 1 bathroom
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
$35,990
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
3.13%
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%
$719,800
$719.8K
Cap Rate 7%
$514,143
$514.1K
Cap Rate 9%
$399,889
$399.9K
Market Conditions
NOI Build-Up for 2,159 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
$54.4K $25.20/SF
− Vacancy
−$3.0K −$1.39/SF
EGI
$51.4K $23.81/SF
− OpEx
−$15.4K −$7.14/SF
NOI
$36.0K $16.67/SF
Area
Miami-Dade County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$719,800
Cap Rate 7%
$514,143
Cap Rate 9%
$399,889
Alternative Uses
Best Use
Multifamily LT 5
$514.1K
$449.9K – $599.8K
NOI $35,990 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$474.3K
$415.1K – $553.4K
NOI $33,204 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$1.10M
$958.4K – $1.28M
NOI $76,675 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
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?
Duplex - Two residential units provide matching two-bedroom, one-bathroom layouts in a leased multifamily property.
Where is this duplex located?
The property is located at 346 350 Alesio Avenue Coral Gables, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Fully leased duplex with tenants already in place; 2,159 square feet of total property size; Two separate units, each with 2 bedrooms and 1 bathroom
