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- LoopNet Team
6310 SW 25th St
Miramar, FL 33023
26 Unit Buildable Lot · Land For Sale
·
0.32 AC
Investment Highlights
- Build 26 Unit Apartment Complex in Miramar
- Micro Units OK: Keep Costs Low By Keeping Square Footage Low
- Opportunity Zone
- Approx 50% OFF Market Value
- Seller Financing Available
- Currently Producing Cashflow
Property Facts
| Property Type | Land | Proposed Use | Multifamily |
| Property Subtype | Residential | Total Lot Size | 0.32 AC |
| Zoning | TOC-RM - Transit Oriented Corridor-Residential Multifamily | ||
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Multifamily |
| Total Lot Size | 0.32 AC |
| Zoning | TOC-RM - Transit Oriented Corridor-Residential Multifamily |
Description
Best deal in Broward County COUNTY. Opportunity to build 26 units. According to zoning code you can build micro units of just 350 sqft each; this will allow you to bring something unique and in high demand to the market while keeping costs low by keeping square footage low. Total square footage: 10k+/-. Total construction cost: $2M+/-. Monthly rent per unit based on comps: $1,500. Gross annual income $468,000. All in cost $3M+/-. $5M+ value once built based on a 6%-7% cap rate. $2M in equity once complete. Seller will finance. Opportunity zone: huge tax benefits. Seller had preliminary development meeting with city: confirmed included plans for 26 unit building are in accordance with current zoning. You could build larger 1 bedroom units if desired. Air BNB could be a great option for the micro units as the property is so close to the Hard Rock and main highways. Active comps:$58k-$138k per unit for land. Recently sold comps:$50k-$59k per unit for land. Subject property under $27k per unit for the land; approx 50% OFF. See photos for comps. Large duplex on the property producing cashflow. Call for details. Do not disturb tenants.
