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1334 SW 1st St - Build 137 Apts btwn Health District& Brickell
0.67 Acres of Commercial Land Offered at £4,931,250 in Miami, FL 33135
Investment Highlights
- Potential to develop 137 unit or more using Live Local Act benefits & covenant for some units being 55 + restricted
- Between Health District (UM & Jackson Hospitals) & Brickell/Downtown Miami, FL
- Covered land play with rental houses/apartments generating $17,000/month in rents
- 29,000 SF of Land assembled in Little Havana on high traffic street
- Conceptual plans prepared but not submitted by Modis Architects
- Please see attached Offering Memorandum ("OM") for details
Executive Summary
Assemblage of 4-lots fronts both SW 1st & 2nd Streets.
Proposed development details: 91,023 leasable SF/ 157,064 buildable SF for 57.9% efficiency. Parking solved with only two (2) levels of parking garage as designed for efficiency. Proposed rental apartment unit mix: (a) 110 units under both SB-102/328/Live Local rental limits & 55+ restricted (attained by Covenant with the City of Miami) and (b) 27 market-rate rentals. Covered Land Play generating $17,000/month rents.
Please see attached updated OM for more information.
Property Facts
| Price | £4,931,250 | Property Subtype | Commercial |
| Sale Type | Investment or Owner User | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 0.67 AC |
| Property Type | Land |
| Price | £4,931,250 |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.67 AC |
1 Lot Available
Lot 4
| Price | £4,931,250 | Lot Size | 0.67 AC |
| Price Per AC | £7,407,082 |
| Price | £4,931,250 |
| Price Per AC | £7,407,082 |
| Lot Size | 0.67 AC |
Develop 137 + units under Live Local Program in Miami, FL on this assemblage of 29,000 SF in Little Havana between the Hospital/Health District, Brickell/Downtown, Coral Gables, Grove & Miami International Airport.
Description
Exciting Little Havana 137 Unit Development Site minutes to UM Hospitals, Brickell/Downtown Miami, Gables, Grove, & Miami International Airport. Proposed 8 stories structure, w/ potential for 12 if desired. Assemblage of 4-lots fronts both SW 1st & 2nd Streets. Proposed development details: 91,023 leasable SF/ 157,064 buildable SF for 57.9% efficiency. Parking solved with only two (2) levels of parking garage as designed for efficiency. Proforma returns showing 26% IRR & Avg Annual Returns to 47% +/- Proposed rental apartment unit mix: (a) 110 units under both SB-102/328/Live Local rental limits & 55+ restricted (attained by Covenant with the City of Miami) and (b) 27 market-rate rentals. Covered Land Play generating $17,000/month rents. Please see attached updated OM for more information.
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £0 | |
| Land Assessment | £0 | Total Assessment | £1,097,709 |
PROPERTY TAXES
zoning
| Zoning Code | Live Local (Increased density due to Live Local Benefits on top of T6 & T5 zoning) |
| Live Local (Increased density due to Live Local Benefits on top of T6 & T5 zoning) |
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Brian Carter, MBA, CCIM -
Douglas Elliman
Presented by
1334 SW 1st St - Build 137 Apts btwn Health District& Brickell
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