3501-3535 NE 2nd Ave is a landmark property located at the intersection between Edgewater, Midtown and The Design District. The site is comprised of 15,719 SF of land with two buildings producing income.The site has a strategic location at the border of Edgewater, a neighborhood that has seen a massive influx of residential and mixed-use development, becoming one of the most sought after development markets in Miami. The property is zoned T6-36A-O, which allows for a wide variety of uses as well as favorable density and height. There is $354,000 of in place net income, consisting of six retail tenants occupying seven spaces, with one vacancy (8 spaces total). The NOI is estimated at least $384,000 if the one vacancy is filled. All of the leases are NNN and include cancellation clauses in the event of redevelopment.The property is just off the intersection of NE 2nd Avenue and NE 36th Street, which see 11,500 and 18,900 vehicles per day respectively. It is also visible from I-95 expressway which sees 151,000 vehicles per day. Exposure to these three thoroughfares and proximity to Biscayne Boulevard gives the property massive advertising & branding potential.The property also falls within a Qualified Opportunity Zone.
Lot Size: 15,719 SF
Bldg Size: 6,329 SF (combined)
Zoning: T6-36a-O
Allowed Height: 36 Stories
Buildable SF: 188,628 SF
Allowed Uses: Retail, Office, Hotel, Multifamily Etc..
NOI: $354,624
*Estimated NOI at $384,624 if one vacancy is filled
