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1189 NW 26th St - Develop 49 Unit West of Wynwood 0.11 Acres of Commercial Land Offered at $1,990,000 in Miami, FL 33127
INVESTMENT HIGHLIGHTS
- Plans submitted for 49 units (48 rentals & 1 commercial unit)
- Proform $1.1 mm + in rents when delivered and stabilized as leased up
- Between Wynwood, Design District, Midtown Miami, Edgewater & the Hospital District
- Plans submitted by right under Live Local & are on the 2nd round of comments
- Near 2 metro stations 4-5 blocks north and south of site for TOD status
- Only $42,000/door land cost
EXECUTIVE SUMMARY
Develop 49 units in a proposed 9-story apartment building West of Wynwood & blocks to the UM Hospital District in Miami, FL. Plans are in process and are on the 2nd round of submission with the City of Miami. Develop by-right via the ‘Live Local Act’, 48 residential units plus one (1) commercial/office. As this site is in a ‘Transit Oriented Development’ (“TOD”) Area, it benefits from the cost savings of zero parking requirements. The location is within blocks of two metro-stations just north and south of the site along NW 12th Ave. Potential for over $1.1 mm in annual proforma revenue when developed, delivered & stabilized. Plans in process on 2nd round of submissions. Only $42,000/door land cost.
FINANCIAL SUMMARY (PRO FORMA - 2026) |
ANNUAL | ANNUAL PER AC |
|---|---|---|
| Gross Rental Income |
$1,132,925
|
$9,868,684.67
|
| Other Income |
$15,000
|
$130,662.02
|
| Vacancy Loss |
$45,317
|
$394,747.39
|
| Effective Gross Income |
$1,102,608
|
$9,604,599.30
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$330,782
|
$2,881,376.31
|
| Net Operating Income |
$771,826
|
$6,723,223.00
|
FINANCIAL SUMMARY (PRO FORMA - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $1,132,925 |
| Annual Per AC | $9,868,684.67 |
| Other Income | |
|---|---|
| Annual | $15,000 |
| Annual Per AC | $130,662.02 |
| Vacancy Loss | |
|---|---|
| Annual | $45,317 |
| Annual Per AC | $394,747.39 |
| Effective Gross Income | |
|---|---|
| Annual | $1,102,608 |
| Annual Per AC | $9,604,599.30 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Total Expenses | |
|---|---|
| Annual | $330,782 |
| Annual Per AC | $2,881,376.31 |
| Net Operating Income | |
|---|---|
| Annual | $771,826 |
| Annual Per AC | $6,723,223.00 |
PROPERTY FACTS
| Price | $1,990,000 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 0.11 AC |
| Property Type | Land | ||
| Zoning | T4-L Live Local - T4-L, TOD, and Live Local allowing 49 units. | ||
| Price | $1,990,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.11 AC |
| Zoning | T4-L Live Local - T4-L, TOD, and Live Local allowing 49 units. |
1 LOT AVAILABLE
Lot 1
| Price | $1,990,000 | Lot Size | 0.11 AC |
| Price Per AC | $17,340,385.67 |
| Price | $1,990,000 |
| Price Per AC | $17,340,385.67 |
| Lot Size | 0.11 AC |
West of Wynwood Lot on NW 12th Ave on the way to the Hospital District within 4-5 blocks of 2 metro stations. Live Local submitted development plans benefitting from TOD, Live Local, & 100% parking reduction for 49 units. Zoned T4-L. 5,000 SF lot.
Walk Score®
Very Walkable (77)
Bike Score®
Very Bikeable (71)
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1189 NW 26th St - Develop 49 Unit West of Wynwood
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