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- LoopNet Team
554 NW 54th St
Miami, FL 33127
Potential Covered Land Play: Little Haiti T5O · Land For Sale
·
0.31 AC
INVESTMENT HIGHLIGHTS
- Potential 6% Cap Rate after improvements and lease up
- Develop up to 19 units by-right
- Minutes to the Design District, Wynwood, Edgewater, & the MIMO district.
- Potential Investor Covered Land Play
- Near Miami's Magic City Innovation District (“Little Haiti MCID”)
- Sold As-Is
PROPERTY FACTS
| Property Type | Land | Total Lot Size | 0.31 AC |
| Property Subtype | Commercial | No. Stories | 1 |
| Proposed Use | |||
| Zoning | T5-O - Mixed Used Retail, Office, Warehouse, or Apartments | ||
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.31 AC |
| No. Stories | 1 |
| Zoning | T5-O - Mixed Used Retail, Office, Warehouse, or Apartments |
DESCRIPTION
Potential covered land-play in hot Little Haiti. Priced at $89.6/SF land value in-line with the $99/SF average closed comps in the area. The T5-0 zoning allows building up to 5 stories and 19 apartments. Current improvements and use are retail, office & warehouse. Warehouse has 12’ + ceilings clear and a partial mezzanine. Potential 6% cap rate if remodeled and leased. Rents in area up to $40/SF. Owner retiring and will vacate the property prior to closing. 554 NW 54th Street is central between the MIMO District of Miami’s Upper East Side, residences of Upper Buena Vista, the Haute retail at the Design District, Midtown Miami, Wynwood and Edgewater. This infill area of Little Haiti will see rapid appreciation as the Magic City Innovation District (“Little Haiti MCID”) comes to fruition from 54th to 69th Streets. Long term, the Little Haiti - MCID will add 2,600 + residences, over 400 + hotel rooms, 2 mm + SF of office and over 350,000 SF of retail; integrating and connecting all of the surrounding neighborhoods.
PROPERTY TAXES
| Parcel Number | 01-3124-013-1781 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,013,100 |
PROPERTY TAXES
