Coconut Grove Mixed-Use Development
For Sale
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2843 S Bayshore Dr # 2, Miami, FL 33133
6,782 SqFt mixed-use property near CocoWalk and Bayside Park.
Property Size6,782 SF
Price / SF$287.38
Days on Market1191
Property Features for 2843 S Bayshore Dr # 2
General Information
Standard status
Active
Size
6,782 SF
Property subtype
Mixed Use, Office
Building Details
Year Built
1982
Listing Agency:
AGK Realty LLC
Listed By:
Alina Meledina · License #3287908
(786) 802-6340
Source:
Crexi
Added: Jun 1, 2023
Changed: Aug 24
Last Checked: Aug 31 at 4:06PM
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 AGK Realty LLC
Investment Insights
Based on property information with market context.
This 6,782 SqFt property in Coconut Grove presents a development opportunity with mixed-use zoning, suitable for commercial and residential purposes. The property, comprised of two folios, is located near CocoWalk and Bayside Park, offering access to shopping, dining, and entertainment. The property is being sold as-is in its current condition with concrete walls only. It is suited for luxury residences, commercial spaces, or a mixed-use commercial and residential development.
Key Highlights
- Prime location in Coconut Grove, steps from CocoWalk and Bayside Park.
- Rare 6,782 SqFt property with two folios.
- Mixed‑Use Zoning (Commercial/Residential) allows for flexible development options.
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
$160,225
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
8.22%
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%
$3,204,500
$3.2M
Cap Rate 7%
$2,288,929
$2.3M
Cap Rate 9%
$1,780,278
$1.8M
Market Conditions
NOI Build-Up for 6,782 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
$284.8K $42.00/SF
− Vacancy
−$28.5K −$4.20/SF
EGI
$256.4K $37.80/SF
− OpEx
−$96.1K −$14.18/SF
NOI
$160.2K $23.63/SF
Area
Miami, FL
Vacancy
10.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
37.50%
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%
$3,204,500
Cap Rate 7%
$2,288,929
Cap Rate 9%
$1,780,278
Alternative Uses
Best Use
Office B
$2.78M
$2.43M – $3.24M
NOI $194,559 @ 7.0% cap · market cap 9.98%
Second Best
Mixed Use
$2.29M
$2.00M – $2.67M
NOI $160,225 @ 7.0% cap · market cap 8.22%
Theoretical Best
Specialty Retail
$4.58M
$4.01M – $5.34M
NOI $320,453 @ 7.0% cap · market cap 16.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,242
Businesses Nearby
Explore this area
Business Placement
Demographics for 33133, FL
34,141
Population
17,235
Households
2
Avg Household Size
43
Median Age
62%
College-Educated
95%
High-School Grad
4.2 sq mi
ZIP Area
8,129
Density / Sq Mi
$92,734
Median Household Income
$58,233
Median Earnings
$1,945
Median Rent
$906,800
Median Home Value
Market
Vacancy Rate% for Office in Miami, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - 6,782 SqFt mixed-use property near CocoWalk and Bayside Park.
Where is this mixed-use property located?
The property is located at 2843 S Bayshore Dr # 2 Miami, FL.
What is the asking price?
The asking price for this property is $1,949,000.
What are key features of this property?
This property features: Prime location in Coconut Grove, steps from CocoWalk and Bayside Park.; Rare 6,782 SqFt property with two folios.; Mixed‑Use Zoning (Commercial/Residential) allows for flexible development options.
