Two-Story Office
For Sale
$3,999,999
355 Palermo Ave, Coral Gables, FL 33134
Commercial Sale, Coral Gables, FL
Property Size5,000 SF
Lot Size0.06 Acres
Price / SF$799
Days on Market85
Property Features for 355 Palermo Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
5005
Subdivision
41
Standard status
Active
APN
03-41-17-005-4990
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
C GABLES CRAFTS SEC PB 10-40 LOT 37 BLK 17 LOT SIZE 25.000 X 100 OR 20466-2592 0602 1
Tax Annual Amount
34920
Legal Description
C GABLES CRAFTS SEC PB 10-40 LOT 37 BLK 17 LOT SIZE 25.000 X 100 OR 20466-2592 0602 1
Utilities
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1969
Floors in Building
2
Listing Agency:
United Realty Group Inc
(954) 450-2000
Listed By:
Nelson Sayegh · License #3216745
(305) 345-5803
Added: Jun 9
Changed: Aug 26
Last Checked: Sep 1 at 7:06PM
MLS# A12034323
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1969, this two-story office building provides 5,000 SF of flexible commercial space at 355 Palermo Avenue in Coral Gables. The property includes central air conditioning and electric central heating, with a prominent architectural facade that supports a professional business setting. Immediate occupancy is available.
Zoned MU-3, the building is positioned for established office users, including law firms and financial professionals. A city public parking lot directly adjoins the property, providing nearby parking access for clients and staff. Its compact 0.0574-acre site places the office improvements within the Coral Gables commercial environment.
Zoned MU-3, the building is positioned for established office users, including law firms and financial professionals. A city public parking lot directly adjoins the property, providing nearby parking access for clients and staff. Its compact 0.0574-acre site places the office improvements within the Coral Gables commercial environment.
Key Highlights
- 5,000 SF of flexible office space
- Two‑story building constructed in 1969
- MU‑3 zoning
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
$132,525
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
3.31%
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%
$2,650,500
$2.7M
Cap Rate 7%
$1,893,214
$1.9M
Cap Rate 9%
$1,472,500
$1.5M
Market Conditions
NOI Build-Up for 5,000 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
$228.0K $45.60/SF
− Vacancy
−$51.3K −$10.26/SF
EGI
$176.7K $35.34/SF
− OpEx
−$44.2K −$8.84/SF
NOI
$132.5K $26.51/SF
Area
Miami-Dade County, FL
Vacancy
22.50%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,650,500
Cap Rate 7%
$1,893,214
Cap Rate 9%
$1,472,500
Alternative Uses
Best Use
Office B
$1.89M
$1.66M – $2.21M
NOI $132,525 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.54M
$2.22M – $2.96M
NOI $177,570 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,915
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - MU-3-zoned office property with central air and convenient access to adjacent public parking.
Where is this office building located?
The property is located at 355 Palermo Ave Coral Gables, FL.
What is the asking price?
The asking price for this property is $3,999,999.
What are key features of this property?
This property features: 5,000 SF of flexible office space; Two‑story building constructed in 1969; MU‑3 zoning
