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- LoopNet Team
1547 NW 2nd St
Miami, FL 33125
Little Havana Site Plan Approved for 10 Units · Land For Sale
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0.16 AC
Investment Highlights
- Site Plan approved for 10 units & 100% parking reduction; a rare find.
- 100% parking reduction - only a few properties have them by exception since May 1st, 2022. This is value.
- Between Wynwood, Allapattah, Roads, Gables & Grove
- A few months from full permits
- Near Marlins Stadium, Brickell & Hospital District
- See attached development analysis showing proforma 30% + IRR
Property Facts
Description
Site Plan Approved 2-story 10-unit development site in Little Havana, Miami, Florida w/ 100% parking reduction. Permit approval & 100% parking reduction approval in next 2 to 3 months. “The Pennant Apartments” has the permit set available for review during due diligence. Plans & renderings by Modis Architects. Zoned T5, the project is on a 7,000 SF lot w/ 8,745 planned buildable & 6,593 leasable SF. Existing improvements generate current income of $2,300/mo covering expenses until demo. Hot Little Havana continues to develop as Brickell expands wests & achieves $4/SF/mo in rental rates. See attached proforma rental model & development/IRR model showing a approx. 32% return. Near the Stadium & well positioned between Brickell, Wynwood, the Hospital District, Roads, Gables & Grove.
Property Taxes
| Parcel Number | 01-4102-005-8270 | Improvements Assessment | $0 |
| Land Assessment | $700,000 | Total Assessment | $700,000 |
Property Taxes
