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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.

PROPERTY FACTS

Price Per Unit $511,078 CAD
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

PROPERTY TAXES

Parcel Number
18-3207-020-0210
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$2,753,244 CAD

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.)
  • Listing ID: 25031660

  • Date on Market: 2022-02-10

  • Last Updated:

  • Address: 519 NE 83rd St, Miami, FL 33138

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