12116 NE 5th Ave 0.34 Acres of Residential Land Offered at $1,500,000 in North Miami, FL 33161

Shovel-Ready, Permit-Approved 9-Unit Multifamily . Entitlement and permitting risk already eliminated. This 15,000 SF site comes shovel-ready with approved permits for a 9-unit boutique multifamily building — meaning faster time-to-market, lower carrying costs, and a compressed path from acquisition to rent roll.
The numbers:
9 income units — two bedroom 2-bath, each with private outdoor space (the configurations that lease fastest and hold tenants longest)
~10,525 SF gross construction across three stories; ~27.6% lot coverage leaves room and keeps the site code-compliant on open space (20%+ green vs. 10% required)
15 on-site parking spaces (incl. 1 ADA) + bike parking — a leasing advantage and value-add in this submarket
Why North Miami, why now:
North Miami offers a materially lower basis than Brickell or South Beach while sitting in an active revitalization corridor along Biscayne Boulevard — the classic appreciation-runway play rather than a stabilized, fully-priced market. Direct I-95 and Biscayne Blvd access, minutes to MIA. Rental demand is structurally supported by FIU's Biscayne Bay campus, regional medical/tech employment, and a growing young-professional and family base — translating to durable occupancy and rent growth.
The thesis is straightforward: acquire a de-risked, ready-to-build asset in an appreciating submarket, build to a strong yield-on-cost, and capture both cash flow and the corridor's upside.