Palermo Business Hub with Development Opportunity

ONE Sotheby’s International Realty is proud to present the exclusive offering of 365 Palermo Avenue, Coral Gables, FL. Strategically located in the epicenter of the "City Beautiful," this distinguished two-story commercial asset represents a premier acquisition for owner-users, medical professionals, or developers seeking a foothold in one of the nation’s most prestigious business districts.

Priced at $5,495,000, this boutique office building offers a rare combination of immediate cash flow and significant long-term redevelopment upside under the flexible MX3 Mixed-Use zoning designation.

Investment Property Specifications

• Asset Address: 365 Palermo Avenue, Coral Gables, FL 33134

• Total Square Footage: 6,883 Sq. Ft.

• Lot Size: 5,000 Sq. Ft.

• Zoning: MX3 - Mixed Use (Coral Gables)

• Price per Sq. Ft.: $798

• Current NOI: $320,100

• Cap Rate: 5.83%

• Year Renovated: 2020-2021 (Modernized to Class B standards)

The Opportunity: Owner-User or Redevelopment Play

Currently 100% occupied by a single tenant with a lease expiration of December 31, 2026, this property is perfectly timed for an owner-user to secure their future headquarters or for a developer to prepare for a mixed-use repositioning.

1. High-End Professional & Medical Office

The building was extensively renovated between 2020 and 2021, ensuring that the interior systems and aesthetics meet the demands of modern executive or medical office users. With two stories of flexible floor plates, it is ideal for law firms, private equity groups, or specialized medical practices.

2. Strategic MX3 Mixed-Use Redevelopment

The MX3 zoning allows for a diverse range of uses, including boutique retail, creative lofts, or high-density office space.

Developer’s Note: This proposition includes the unique possibility of purchasing an adjacent parking lot, unlocking the potential for a larger-scale, mixed-use redevelopment project that could redefine this corner of the Coral Gables business district.

Unbeatable Coral Gables Location

Coral Gables remains South Florida's most coveted commercial destination due to its high barriers to entry and pro-business environment.

• Walkability: Situated within walking distance to world-class dining, upscale retail, and the vibrant Miracle Mile.

• Business Synergy: Surrounded by multinational corporate headquarters, consular offices, and luxury residential developments.

• Accessibility: Centrally located with quick access to Miami International Airport, Coconut Grove, and Downtown Miami.

Financial Summary & Lease Structure

This asset provides a stable yield during the entitlement or move-in planning phase:

• Lease Type: NN (Single Tenancy)

• Current Annual Rent: $320,100 ($50.00/SF)

• Lease Remaining: 1 Year (Approx.)

• Occupancy Date: Available for new occupancy or redevelopment on 12/31/2026.

Why 365 Palermo Avenue?

In a market where large-scale assets dominate, this boutique office hub offers the scale and management ease that private investors crave. Whether you are looking to exit a 1031 exchange, establish a corporate flagship, or develop a landmark mixed-use project, this property provides the flexibility to pivot with market trends.

Contact us today to schedule a private tour and review the full offering memorandum.