519 NE 83rd St | Miami, FL 33138
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519 NE 83rd St
Miami, FL 33138
BISCAYNE FLATS · Multifamily Property For Sale · 16 Units
Investment Highlights
- WELL-LOCATED MIAMI DEVELOPMENT SITE (JUST WEST OF BISCAYNE BLVD IN URBAN CORE)
- PROPERTY BORDERS 15-ACRE MEGA-DEVELOPMENT SITE (DOWNTOWN EL PORTAL MIXED-USE DISTRICT)
- HIGH-DENSITY ZONING - 150/UNITS PER ACRE + REDUCED PARKING REQUIREMENTS
Executive Summary
BEST ZONING IN EL PORTAL - ZONE 5/URBAN CENTER - WHICH ALLOWS 150 UNITS/ACRE, 80% LOT COVERAGE, 6-8 STORIES, AND AS LITTLE AS 1/2 PARKING SPACE PER UNIT! BUILD 94 UNITS WITH SURFACE PARKING, WITH FLEXIBLE SHORT/LONG TERM LEASING OPTIONS (see Massing Study in attachments for details).
Just west of Biscayne Blvd, in close proximity to the upcoming BRIGHTLINE Train Station, & abutting a new 15 acre mega-development site, this property offers very liberal zoning that can generate both stable long-term cashflow and lucrative short-term income. Office and pure hotel use (188 keys) also allowed. On City of Miami borderline.
Currently 14 legal units on the site, with a majority of month-to-month tenants, grossing about ~$230,000/yr - collect income while you finalize your development plans. Property Recertification completed in December 2021.
OM, Property Survey, and Massing Study available in CoStar/Loopnet. Financials upon request.
Just west of Biscayne Blvd, in close proximity to the upcoming BRIGHTLINE Train Station, & abutting a new 15 acre mega-development site, this property offers very liberal zoning that can generate both stable long-term cashflow and lucrative short-term income. Office and pure hotel use (188 keys) also allowed. On City of Miami borderline.
Currently 14 legal units on the site, with a majority of month-to-month tenants, grossing about ~$230,000/yr - collect income while you finalize your development plans. Property Recertification completed in December 2021.
OM, Property Survey, and Massing Study available in CoStar/Loopnet. Financials upon request.
PROPERTY FACTS
| Price Per Unit | $359,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.63 AC |
| Cap Rate | 4% | Building Size | 8,178 SF |
| Sale Conditions | Redevelopment Project | Average Occupancy | 93% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 2.2/1,000 SF |
| Apartment Style | Low Rise |
| Price Per Unit | $359,375 |
| Sale Type | Investment |
| Cap Rate | 4% |
| Sale Conditions | Redevelopment Project |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 8,178 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 2.2/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 13 | - | - |
| 2+1 | 3 | - | - |
PROPERTY TAXES
| Parcel Number | 18-3207-020-0210 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,936,000 |
PROPERTY TAXES
Parcel Number
18-3207-020-0210
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,936,000
zoning
| Zoning Code | RU-4A (ZONE 5/URBAN CENTER: 150 UNITS/ACRE; 80% LOT COVERAGE; 6-8 STORIES; 1/2 SPACE PER UNIT, OK PER CODE. MULTIFAMILY, SHORT TERM, OFFICE, HOTEL, USES OK.) |
| RU-4A (ZONE 5/URBAN CENTER: 150 UNITS/ACRE; 80% LOT COVERAGE; 6-8 STORIES; 1/2 SPACE PER UNIT, OK PER CODE. MULTIFAMILY, SHORT TERM, OFFICE, HOTEL, USES OK.) |
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