17 Unit Multifamily Coral Gables

Fausto Commercial Realty is proud to present a rare multifamily assemblage located at 305, 311 & 315 Navarre Avenue in the heart of Coral Gables. This opportunity consists of two multifamily buildings—one with 9 units and another with 6 units—plus a standalone 4-bedroom house and a detached 1-bedroom cottage on a 24,650 SF MF2-zoned lot. Located just steps from Miracle Mile and directly across the street from the Sofia Coral Gables Apartments, a new luxury development, this site sits at the core of one of South Florida’s most walkable and supply-constrained neighborhoods.

The current gross income is $409,800, with a pro forma gross potential of $461,400. The actual NOI stands at $254,097, and the pro forma NOI reaches $273,460. If you carve out the house and cottage, which hold an estimated market value of $1,475,000, the remaining 15 rental units are effectively priced at $5.52M, offering a 4% cap rate based on in-place income. MF2-zoned land in Coral Gables is trading at an average of $311/SF, giving the land component alone an estimated value of approximately $7.6M. Zoning allows for up to 56 units by right, offering long-term upside for redevelopment.