Log In/Sign Up
Your email has been sent.
497-499 W 23rd St 2 Properties in Hialeah, FL
Investment Highlights
- Fully Approved, Shovel-Ready Development
- Average rents in Hialeah remain meaningfully more affordable than the broader Miami market.
- Existing retail component on-site provides interim cash flow, reducing carry costs during pre-development and construction phases.
- Recent sales averaging ~$259K/unit and ~$13M per transaction, with institutional buyers actively acquiring stabilized assets in the submarket.
Executive Summary
Cushman & Wakefield is pleased to present a rare, shovel-ready development opportunity in the urban core of Hialeah—one of Miami-Dade County’s most densely populated and supply-constrained rental submarkets. The property consists of a ±18,650-square-foot corner parcel zoned C-2, fully approved and entitled for the development of a 28-unit multifamily project. The approved plans allow for immediate execution, enabling investors to bypass the entitlement process and capitalize on near-term development upside. The site is currently improved with a retail component generating in-place income, providing interim cash flow to partially offset carry costs during the development phase. The approved unit mix—comprised of 27 one-bedroom units and one two-bedroom unit—is strategically aligned with the area’s strong demand for attainable and workforce housing. Positioned within a high-demand rental corridor, Hialeah continues to benefit from limited new supply, high population density, and proximity to major employment centers, including Miami International Airport and surrounding industrial and logistics hubs. These fundamentals support sustained occupancy and rent growth, positioning the asset for a stable, income-driven exit or long-term hold strategy. With approvals secured and income in place, this offering represents a low-risk, high conviction development opportunity in a fundamentally strong and underserved market.
Property Facts
| Sale Condition | Redevelopment Project | Individually For Sale | 0 |
| Sale Type | Investment | Total Building Size | 7,473 SF |
| Status | Active | Total Land Area | 0.43 AC |
| Number of Properties | 2 |
| Sale Condition | Redevelopment Project |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 7,473 SF |
| Total Land Area | 0.43 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 497 W 23rd St, Hialeah, FL 33010 | Office | 3,097 SF | 1940 | - |
| 499 W 23rd St, Hialeah, FL 33010 | Retail | 4,376 SF | 2006 | - |
1 1
Contacts
-
Mitash Kripalani, CCIM -
Alain Crego, MSIRE -
Virgilio Fernandez, CCIM, MSIRE -
Cushman & Wakefield
1 of 8
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
497-499 W 23rd St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.