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The 54th Street Assemblage

237 NE 54th St, Miami, FL 33137, USA
$8,500,000

Description

Apex Capital Realty is pleased to exclusively offer the opportunity to acquire a Covered Land Play in Little Haiti, one of the fastest growing areas in Miami’s urban core.

The property comprises an 8-parcel assemblage spanning over 1-acre along one of the main east to west corridors in Miami’s Urban Core. The properties currently generate $280,000+ in gross income annually from 26 units spread across 6 buildings between NE 54th and NE 55th Street. The zoning allows various uses, including Office, Multifamily, Hotel, Retail, or Mixed Use.

The 54th Street Assemblage represents an opportunity to acquire, develop and deliver much-needed housing in a neighborhood that is absorbing housing inventory at a rapid pace.

With reports that over 300,000 people have moved to Miami over the past 12 months and inventories being at historic lows, there is an opportunity to create more market-rate housing to be absorbed by the influx of new residents and those being outpriced in submarkets like Brickell, Midtown, Edgewater and Miami’s Upper Eastside.

PROPERTY OVERVIEW:
Total Building Size: 13,165 SF
Total Lot Size: 47,300 SF (1.09 Acres)
Price per Buildable SF: $44.92
Gross Development SF: 189,200 SF
Zoning: T5-O / T5-L
Residential Density Allowed: 70 ($121K per Door)
Hotel Keys Allowed: 148 ($57.4K per Key)
Asking Price: $8,500,000

8 PARCELS:
237 NE 54 ST | 01-3218-021-0050
243 NE 54 ST | 01-3218-021-0060
251 NE 54 ST | 01-3218-021-0070
255 NE 54 ST | 01-3218-021-0080
265 NE 54 ST | 01-3218-021-0090
271-273 NE 54 ST | 01-3218-021-0100
256 NE 55 ST | 01-3218-027-0140
278 NE 55 ST | 01-3218-027-0120

INVESTMENT HIGHLIGHTS:
• Property is in a Qualified Opportunity Zone (QOZ)
• Covered Land Development Site w/ $280k Gross Income
• 300’ Linear Feet of Frontage on NE 54th Street
• Market-Rate Rents are up over 25% City Wide in 2021
• Less than 1/2 a mile from I-95 and less than 2 miles from access to the Beaches

Property Documents

  • City: Miami
  • State/county: Florida
  • Neighborhood: Little Haiti
  • Country: United States

Detail

Updated on October 7, 2021 at 9:25 am

  • Price: $8,500,000
  • Property Size: 13165 Sq Ft
  • Land Area: 47300 Sq Ft
  • Property Type: Land Development
  • Property Status: For Sale

Contact info

Miguel Pinto
Miguel Pinto

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