EDGEWATER GATEWAY | COVERED LAND PLAY SITE 161 NE 24th St 15,817 SF 100% Leased Retail Building Miami, FL 33137 $16,500,000 ($1,043.18/SF)

DWNTWN Realty Advisors is pleased to exclusively present for sale Edgewater Gateway (the "Property"), a two-building, 15,817 SF mixed-use retail and apartment property on a 20,397 SF lot at the hard corner of NE 2nd Avenue and NE 24th Street in Miami's Edgewater neighborhood. The Property comprises a 7,473 SF retail building fronting NE 2nd Avenue and an 8,344 SF mixed-use building on an adjoining lot (folios 01-3125-009-0280 and 01-3125-009-0300), together commanding 100 feet of frontage on NE 2nd Avenue with 16 dedicated on-site parking spaces, a scarce feature in the parking-constrained Edgewater submarket.
The Property is 100% leased to 15 tenants, with four retail units which include Nail Culture, Revive Pilates, and The Golden Needle Tattoos anchoring the NE 2nd Avenue retail frontage. Media Labs Group, a content creation studio and office user, occupies the ground-floor of 161 NE 24th Street as the fifth commercial tenant. There are ten apartment units, six one-bedrooms and four studios completing the rent roll. Leases are predominantly gross structures on short remaining terms, preserving a near-term path to full site control while in-place income underwrites carrying costs through entitlement, design, and permitting. Year 1 net operating income is projected at $580,200 under the five-year covered land model.
Zoned T6-12-O, the site permits 8.0 FAR by right, supporting approximately 163,176 SF of buildable area and roughly 70 units at 150 units per acre with no rezoning required, while a preliminary massing study under the 30% Public Benefit bonus program supports up to 187,200 SF in a 12-story, 119-unit podium tower with 86 structured parking stalls. Beyond current code, a conceptual T6-36 rezoning, consistent with recent approvals elsewhere in Edgewater, would allow up to 244,764 SF at 150 to 500 units per acre through programs such as the Live Local Act, presented as upside only and not an existing entitlement. Five minutes from Wynwood and the Design District and seven from South Beach, this is a covered land play with income in place today, by-right density available now, and rezoning optionality ahead. An additional 21,000 SF of adjacent land is available upon request.