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320-324 Mendoza Ave 16 Unit Apartment Building $4,960,000 ($310,000/Unit) 6.20% Cap Rate Miami, FL 33134
Investment Highlights
- Two side-by-side 8-unit buildings create scale and operational efficiency. Located just outside Coral Gables municipality = lower real estate taxes
- One building fully gut renovated, the other substantially renovated. Compelling alternative to development given replacement cost and entitlement risk
- ~6.2% stabilized cap rate in a premier Coral Gables submarket
- 16 large one-bedroom units—the most liquid and in-demand rental product
- ~$309,000 stabilized NOI with mark-to-market rent upside
- Turnkey asset with no deferred maintenance. Fully permitted and recertified through 2026
Executive Summary
Fausto Commercial is pleased to present 320–324 Mendoza Avenue, a fully renovated, income-producing multifamily investment comprised of two adjacent, symmetrical 8-unit apartment buildings totaling 16 large one-bedroom residences. Located in one of Coral Gables’ most desirable residential neighborhoods, this boutique offering combines immediate cash flow, durable tenant demand, and long-term value appreciation.
One of the buildings has undergone a full gut renovation, while the second has been substantially renovated, resulting in assets that are in excellent condition with no deferred maintenance. Interiors feature highly functional floorplans with strong tenant appeal, while exterior common areas and outdoor garden spaces have been professionally designed and landscaped, enhancing curb appeal and tenant experience.
The property is professionally managed and fully stabilized, generating approximately $400,000 in current gross annual income, with clear mark-to-market upside to approximately $432,000 in market gross rents. At market rents, the asset supports an estimated true stabilized NOI of approximately $309,000, equating to an attractive ~6.2% stabilized cap rate.
Positioned just one block outside the Coral Gables municipal boundary, the property benefits from the prestige and demand of a Coral Gables address while avoiding the higher real estate tax burden—creating an attractive risk-adjusted return profile. All improvements are fully permitted, and both buildings are up to date on required recertifications as of 2026, offering a true turnkey acquisition.
One of the buildings has undergone a full gut renovation, while the second has been substantially renovated, resulting in assets that are in excellent condition with no deferred maintenance. Interiors feature highly functional floorplans with strong tenant appeal, while exterior common areas and outdoor garden spaces have been professionally designed and landscaped, enhancing curb appeal and tenant experience.
The property is professionally managed and fully stabilized, generating approximately $400,000 in current gross annual income, with clear mark-to-market upside to approximately $432,000 in market gross rents. At market rents, the asset supports an estimated true stabilized NOI of approximately $309,000, equating to an attractive ~6.2% stabilized cap rate.
Positioned just one block outside the Coral Gables municipal boundary, the property benefits from the prestige and demand of a Coral Gables address while avoiding the higher real estate tax burden—creating an attractive risk-adjusted return profile. All improvements are fully permitted, and both buildings are up to date on required recertifications as of 2026, offering a true turnkey acquisition.
Property Facts
| Price | $4,960,000 | Apartment Style | Low-Rise |
| Price Per Unit | $310,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 6.20% | Building Size | 11,656 SF |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | Parking Ratio | 1.38/1,000 SF |
| Zoning | RU-3 - Multifamily | ||
| Price | $4,960,000 |
| Price Per Unit | $310,000 |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 11,656 SF |
| No. Stories | 2 |
| Year Built | 1926 |
| Parking Ratio | 1.38/1,000 SF |
| Zoning | RU-3 - Multifamily |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | - | - |
Walk Score®
Very Walkable (85)
Property Taxes
| Parcel Number | 30-4108-032-0090 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,124,664 |
Property Taxes
Parcel Number
30-4108-032-0090
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,124,664
Contacts
-
Carlos Fausto Miranda -
Vicente Rodriguez -
Christopher Canizares -
Fausto Commercial Realty Consultants
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