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$16,000,000
Est. payment /mo
16,421 SqFt
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 16,421 sqft
Price per Sqft $974
MLS Listing ID A11893497
Style Detached
HOA Y/N No
Year Built 1920
Annual Tax Amount $93,460
Tax Year 2024
Lot Size 0.298 Acres
Property Sub-Type Multi Family
Property Description
Ultra Rare South of Fifth development opportunity. This 13,000 SF lot includes 249 Collins Ave, 255 Collins Ave & 247 Ocean Ct. Existing improvements feature 15 apartments + 2 retail spaces producing $467,900 gross annually with rents well below market. A development feasibility study confirms the potential to build up to 5 stories with 26 residential units and 22,750 SF of buildable area without variances. Potential to increase this even more by taking advantage of the Live Local Act or other state, county, & city development bonuses. Exceptional chance to create a new project in Miami Beach's most coveted neighborhood, blending immediate income with prime development upside.
Location
State FL
County Miami-dade
Area 42
Exterior
Roof Type Built-Up
Private Pool Yes
Building
Story 2
Sewer Public Sewer
Water Public
Architectural Style Detached
Level or Stories Two
Structure Type Stucco
Others
Tax ID 02-42-03-003-0420
Security Features Fenced
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Virtual Tour https://www.propertypanorama.com/instaview/mia/A11893497
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Listed by BHHS EWM Realty
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