Little Havana Development With Income

Marcus & Millichap is proud to present for sale a development opportunity with income, of three contiguous properties totaling 49,000 square feet of area located in the Miami neighborhood of Little Havana. This development opportunity is nestled within the lively enclave of Little Havana, renowned as one of Miami’s most coveted residential districts. Conveniently positioned just under a mile from the 836 Expressway, a mere 10-minute drive from Miami International Airport and walking distance to Marlins Stadium.
The multi-family real estate submarket in Little Havana persists in displaying resilience and promising growth prospects. Fueled by the city's expanding population, robust job opportunities, and allure to both local and global investors, it stands out as a compelling hub for multi-family development. Presently, Little Havana maintains a low 4.5% vacancy rate, indicating a strong demand for residential properties in the area.
1876 NW 7th Street Miami FL 33125 is currently an office building approximately 18,000 square feet of rentable area leased to a security company until 2027. The tenant Integrated Security Systems is on a NNN lease until 2027. The approximate annual income is $673,000 with full pass through of expenses.
1888 – 1898 NW 7th St Miami FL 33125 is currently a vacant office building approximately 4,000 square feet of rentable area. This office building can be leased for $10,000 per month providing additional income as a developer plans the project and gets approvals from the City of Miami.
627 NW 19th Avenue Miami FL 33125 is a fully leased tri-plex multi-family property with approximately 2,000 square feet of rentable area. This property’s annual net income is approximately $49,000.
The trio of properties adhere to Miami 21 Code T6-8 O (Open) zoning regulations. This zoning designation permits the construction of multi-family buildings up to eight stories high without bonuses, with a maximum of 168 dwelling units. Together, the properties span 350 linear feet in length and 140 linear feet in depth. A land use attorney has reviewed the property and there is a high likelihood of significantly increasing density above and beyond 168 units.
The Little Havana submarket has experienced continuous rental growth, and this development opportunity is strategically located to capitalize on this trend. Offering competitive rental rates and meeting the high demand for multifamily units, investors can anticipate a reliable and expanding stream of rental income.
Seller Financing Available To Qualified Buyers