Flagami Multifamily Development
For Sale
Contact for pricing
4831 W Flagler St, Coral Gables, FL 33134
Income-producing 36-unit complex with development potential in Miami.
Property Size12,175 SF
Lot Size0.89 Acres
Price / SF$533.88
Days on Market201
Property Features for 4831 W Flagler St
General Information
Standard status
Active
Size
12,175 SF
Lot size
0.89 Acres
Property subtype
Hospitality, Multifamily
Zoning
T5-L
Net Operating Income
$419,612
Building Details
Year Built
1953
Buildings
5
Stories
1
Units
36
Listing Agency:
Eleven Trust Real Estate Services
(305) 299-4124
Listed By:
Rafael Fermoselle · License #FL 3233005
Source:
Crexi
Added: Feb 12
Changed: Aug 8
Last Checked: Aug 29 at 11:43PM
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 Eleven Trust Real Estate Services
Investment Insights
Based on property information with market context.
The Sunshine Inn Apartments, situated at 4871 West Flagler Street, Coral Gables, FL 33134, is available for purchase. This income-producing property, priced at $6,500,000, presents a development opportunity within Miami's Flagami neighborhood. The property encompasses 38,676 sq. ft. and is zoned T5-O. Currently, the property operates as a 36-unit rental complex. Its central location offers proximity to Miracle Mile, Marlins Park, and the upcoming Miami Freedom Park Soccer Stadium. The Flagami neighborhood is characterized by its diverse and established community, offering a residential environment with convenient access to amenities, universities, and transportation. The property has a size of 12175 sqft.
Key Highlights
- Income‑producing 36‑unit apartment complex
- Prime location in Miami's Flagami neighborhood near Miracle Mile, Marlins Park, and Miami Freedom Park Soccer Stadium
- Significant development opportunity due to T5‑O 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
$187,243
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
2.88%
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%
$3,744,860
$3.7M
Cap Rate 7%
$2,674,900
$2.7M
Cap Rate 9%
$2,080,478
$2.1M
Market Conditions
NOI Build-Up for 12,175 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
$356.5K $29.28/SF
− Vacancy
−$16.0K −$1.32/SF
EGI
$340.4K $27.96/SF
− OpEx
−$153.2K −$12.58/SF
NOI
$187.2K $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%
$3,744,860
Cap Rate 7%
$2,674,900
Cap Rate 9%
$2,080,478
Alternative Uses
Best Use
Apartment 5plus
$2.67M
$2.34M – $3.12M
NOI $187,243 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.18M
$5.40M – $7.21M
NOI $432,382 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,933
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 - Income-producing 36-unit complex with development potential in Miami.
Where is this apartment building located?
The property is located at 4831 W Flagler St Coral Gables, FL.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Income‑producing 36‑unit apartment complex; Prime location in Miami's Flagami neighborhood near Miracle Mile, Marlins Park, and Miami Freedom Park Soccer Stadium; Significant development opportunity due to T5‑O zoning
