12850 SW 248th St - Princeton Reserve | Permit-Ready Site 1.58 Acres of Residential Land Offered at $1,000,000 in Princeton, FL 33032

DWNTWN Realty Advisors has been retained exclusively by ownership to arrange the sale of Princeton Reserve, a fully entitled, permit-ready 25-unit multifamily development site located at SW 127th Ave & SW 248th Street in Princeton (South Dade), FL 33032. Offered at $1,000,000 ($40,000/unit), the site represents one of the most execution-ready infill opportunities in the South Dade submarket.
The 68,825 SF (1.58 AC) site is approved for 25 units across an efficient 2-story/mezzanine breezeway walk-up design totaling 22,578 SF (~910 SF avg.), with 35 surface parking spaces and no amenity burden. Architecture, MEP, civil, and structural permits are in hand — a buyer can pull permits within 1–2 months of closing upon payment of estimated impact (~$280,000) and permit fees. The entitlement work is done.
Demand risk is materially de-risked by the phased development already underway at this address. Phase I is 95% leased; Phase II is actively absorbing at 14-16 units per month — direct proof of concept at the exact location. The surrounding one-mile demographic profile further supports long-term rental stability: population growth of +16% since 2020, median household income of $74,500, and a 74.7% Hispanic origin base reflective of the workforce renter profile this product type serves.
The site carries PCUC (Princeton Community Urban Center) zoning — the strongest designation in the submarket — with R-Edge classification and 18 du/ac density, offering a regulatory moat that raw or unentitled comparables cannot match. At $40,000/unit, ownership estimates a buyer captures approximately $10,000/unit in embedded savings relative to acquiring raw land and absorbing design, carry, legal, and market timing costs independently.
Princeton Reserve is sized for private capital and mid-market developers seeking a low-friction, high-certainty path to a stabilized South Dade asset.