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244 NW 32nd St 3 Unit Apartment Building $1,175,000 ($391,667/Unit) Miami, FL 33127
Investment Highlights
- Covered land play with a stabilized income stream during entitlement and planning phases.
- No parking requirement enhances design flexibility and reduces development costs.
- Suitable for apartments, rental housing, or fee-simple townhouse projects.
- T4-R zoning within NRD-2 overlay allowing up to 24 residential units by right.
- Located within walking distance of Wynwood, Midtown, and the Design District for high tenant demand.
- Positioned in a high-growth Miami corridor with proximity to retail, dining, and employment hubs.
Executive Summary
This Wynwood Norte covered land play is a rare opportunity that combines immediate income with significant future development potential in one of Miami’s most dynamic neighborhoods. The existing improvements feature a maintained triplex delivering approximately $4,000 in monthly income, providing cost offsets while plans and permits are prepared.
The property sits on a 7,100-square-foot lot zoned T4-R under the NRD-2 overlay, allowing for up to 24 residential units without the need for parking or variances. This flexible zoning unlocks multiple redevelopment strategies such as apartments, rental housing, or fee-simple townhomes. Situated near NW 2nd Avenue and just steps from major growth corridors, this site offers unmatched connectivity to Wynwood, Midtown Miami, and the Design District.
With its income-producing structure and future development upside, the property provides near-term returns with strong long-term capital appreciation prospects, appealing to both developers and investors looking to secure a position in an urban infill market experiencing rapid transformation.
The property sits on a 7,100-square-foot lot zoned T4-R under the NRD-2 overlay, allowing for up to 24 residential units without the need for parking or variances. This flexible zoning unlocks multiple redevelopment strategies such as apartments, rental housing, or fee-simple townhomes. Situated near NW 2nd Avenue and just steps from major growth corridors, this site offers unmatched connectivity to Wynwood, Midtown Miami, and the Design District.
With its income-producing structure and future development upside, the property provides near-term returns with strong long-term capital appreciation prospects, appealing to both developers and investors looking to secure a position in an urban infill market experiencing rapid transformation.
Property Facts
| Price | $1,175,000 | Property Subtype | Apartment |
| Price Per Unit | $391,667 | Apartment Style | Garden |
| Sale Type | Investment | Building Size | 2,000 SF |
| No. Units | 3 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1990 |
| Zoning | T4-R - NRD-2 Overlay-Multifamily | ||
| Price | $1,175,000 |
| Price Per Unit | $391,667 |
| Sale Type | Investment |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Size | 2,000 SF |
| No. Stories | 1 |
| Year Built | 1990 |
| Zoning | T4-R - NRD-2 Overlay-Multifamily |
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Exceptionally walkable
90/100
Moderately drivable
60/100
Good public transit
70/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 01-3125-019-3050 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $407,574 |
Property Taxes
Parcel Number
01-3125-019-3050
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$407,574
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244 NW 32nd St
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