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1334 SW 1st St - Build 137 Apts btwn Health District& Brickell
0.67 Acres of Commercial Land Offered at $5,750,000 in Miami, FL 33135
INVESTMENT HIGHLIGHTS
- Potential to develop 109 units - Seller may hold to permits for $6.25 mm
- 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
Seller may be willing to hold for a longer closing depending upon negotiated terms.
Seller may be willing to JV at the asking price, with $4.0 mm released at JV-document execution, and with the balance payment to full asking price plus an additional acceptable negotiated returns and payout triggers negotiated
Seller’s Note Offer on Development Site above. Seller willing to take $2,250,000 at closing on a sales price of $6,250,000 and offer Seller’s Note. A 4,000,000 loan (note) at 4.5% annual interest with a balloon payment due 18 months after closing.
Assemblage of 4-lots fronts both SW 1st & 2nd Streets.
Proposed development details: 75,105 leasable SF/ 162,770 buildable SF proposed. Develop under an SB-102/328/Live Local program. Development may benefit from property tax reductions for up to 75% of annual property taxes; as well as up to 100% of credit for impact fees under amendments to City of Miami Chapter 33 Code.
Covered Land Play generating $17,000/month rents. See attached updated OM for more information.
PROPERTY FACTS
| Price | $5,750,000 | 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 | $5,750,000 |
| 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 | $5,750,000 | Lot Size | 0.67 AC |
| Price Per AC | $8,636,901.65 |
| Price | $5,750,000 |
| Price Per AC | $8,636,901.65 |
| Lot Size | 0.67 AC |
Develop 109 + units in Miami, FL. Assembled 29,000 SF in Little Havana between the Hospital/Health District, Brickell/Downtown, Coral Gables, Grove & Miami International Airport. Seller may hold to permits for $6.25 mm.
DESCRIPTION
Exciting Little Havana 137 Unit Development Site minutes to UM Hospitals, Brickell/Downtown Miami, Gables, Grove, & Miami International Airport. Seller may be willing to hold for a longer closing depending upon negotiated terms. Seller may be willing to JV at the asking price, with $4.0 mm released at JV-document execution, and with the balance payment to full asking price plus an additional acceptable negotiated returns and payout triggers negotiated. Proposed 8 stories structure, w/ potential for 12 if desired. Assemblage of 4-lots fronts both SW 1st & 2nd Streets. Proposed development details: 75,105 leasable SF/ 162,770 buildable SF. Proforma returns in attached OM. Covered Land Play generating $17,000/month rents. See attached OM & note: Seller may hold to permits for $6.25 mm
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $1,391,266 |
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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1334 SW 1st St - Build 137 Apts btwn Health District& Brickell
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