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56 NW 60th St - Develop two 2-story townhomes

0.14 Acres of Residential Land Offered at $350,000 in Miami, FL 33127

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Investment Highlights

Existing duplex rented for current income | Covered Land Play
Between high growth areas of Magic City, MIMO District & the Design District
See attachments in Data Room for due diligence, disclosure & details

Potential redevelopment to two - 2-story duplex townhomes for rent or re-sale
Text agent to request video and pics of the interior

Executive Summary

Potential Redevelopment or Renovation of existing property in Miami, FL. Duplex-zoned land (T3-O) with the benefit of being a covered land play. Currently a duplex rented at $55,200 annually for a potential 6% + Cap. Front is a 3/2 & back is a 2/1.5. Redevelop: Potentially a new two (2) unit, 2-story duplex townhome development. Cash only as property has violations & a demolition order. Text agent to schedule discuss or see attached information. Investors are rolling into this hot area w/in walking distance to the Magic City Tech Hub Development between 59th & 64th Street. Minutes to the Design District, Midtown Miami Shopping, Wynwood Entertainment District, Edgewater/Downtown & the MIMO District of Miami’s Upper East Side. See attachments in Due Diligence Vault. See template agreements to make offers attached.

Disclosure Disclaimer Property Condition and Information

Map of Neighborhood

INTERIOR PROPERTY SKETCH

Financial Summary

Comparable Sales

CR-5x_P. Lead Based Paint Disclosure

Flood Disclosure_FD-1

Property Tax Carter Oct 2024

AS IS Contract & LBP 56 Template P&S Agreement

Template Addendum for Purchase

Property Facts

Price	$350,000	Property Type	Land
Sale Type	Investment	Property Subtype	Residential
Sale Conditions	Redevelopment Project	Total Lot Size	0.14 AC
No. Lots	1	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Price	$350,000
Sale Type	Investment
Sale Conditions	Redevelopment Project
No. Lots	1
Property Type	Land
Property Subtype	Residential
Total Lot Size	0.14 AC
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

1 Lot Available

Lot 1

Price	$350,000	Lot Size	0.14 AC
Price Per AC	$2,584,075

Price	$350,000
Price Per AC	$2,584,075
Lot Size	0.14 AC

T3-O Zoned Lot of 5,900 SF. Covered land play. See Disclaimer attached for property & sales conditions. Existing structure is rented as a duplex w/ one side being non-conforming. Either legalize structure or redevelop to two 2-story duplex townhomes

Description

The property (56 NW 60th Street) currently has violations for non-conforming use and an existing demolition order. A new buyer could submit plans to fix the violations to the property, bringing the property to use within code and legalize the back unit. Property is zoned duplex, but the current use is single family home. The back unit is non-permitted and enclosed 2/1.5 under a flat roof that adjoins the pitched room of the front home. To bring the property into conformity, Buyer would need to open a permit to include (Mechanical, Structural, Roof, Plumbing, Electrical & Sewer), raise the floor as well the ceiling of the back unit to code, and add a 2nd legal electrical meter, then close out the permit(s). An alternative would be to vacate the property, demolish the property, thus removing the violations, and build a new two (2) unit, 2-story duplex townhome development for a rental or sale of each of the two units. See attachments in Due Diligence Vault. See template agreements to make offers attached.

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Walk Score ®

Very Walkable (79)

Bike Score ®

Very Bikeable (74)

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Transit Score® measures access to public transit.

Bike Score® measures bikeability of a location.

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, Transit Score® & Bike Score?

Walk Score® measures the walkability

of any address. Transit Score®

measures access to public transit. Bike Score®

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zoning

Zoning Code	T3-O (T3-O Zoned. Duplex zoning. Build up to 2-stories. See attachments in Due Diligence Vault.)
T3-O (T3-O Zoned. Duplex zoning. Build up to 2-stories. See attachments in Due Diligence Vault.)