For Sale
Call for price

0 163Rd StNorth Miami Beach, FL 33162

380-unit complex, prime location, high occupancy.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional redevelopment opportunity encompasses a 380-unit multifamily property situated on a 34,830 square foot lot in North Miami Beach, Florida. The property boasts a 97% occupancy rate and is comprised of a two-story building with a total of 440,000 square feet. The property is zoned MU/EC and is located within both the North Miami Beach Community Redevelopment Area (CRA) and a federally designated Opportunity Zone, presenting significant tax advantages for investors. The CRA designation allows developers to apply for the Direct Financial Incentive Program, potentially refunding 40% to 60% of the net new tax increment revenue generated by the project. The property's strategic location offers easy access to major thoroughfares, with 67,000 vehicles passing daily on Northeast 163rd Street. Its proximity to Biscayne Boulevard, Aventura, Sunny Isles, and Bal Harbor, coupled with its walking distance to the planned Tri-Rail Coastal Link Station and minutes from Florida International University's Biscayne Campus, ensures high demand and strong rental potential. Furthermore, the potential for assemblage with an adjacent lot could expand the property to a total of 2.14 acres, unlocking even greater development possibilities. This income-producing asset presents a compelling investment opportunity for those seeking significant returns in a rapidly developing area.

Highlights

  • 380-unit multifamily property redevelopment opportunity in North Miami Beach, FL.
  • 97% occupancy rate, 440,000 square feet on a 34,830 square foot lot.
  • Located in Opportunity Zone & North Miami Beach CRA, offering significant tax advantages including potential for 40-60% refund of net new tax increment revenue.
  • High-traffic location (67,000 vehicles daily on NE 163rd Street), near major thoroughfares, Aventura, Sunny Isles, Bal Harbor, and future Tri-Rail station.
  • Potential for assemblage with adjacent lot, expanding to 2.14 acres.

Property Details for 0 163Rd St

Property type
Office properties, Mixed-use properties
Square Feet
440,000 SF
Buildings
1
Stories
2
Units
380

Location Insight

City
North Miami Beach
County
Miami-Dade
State
Florida
Latitude
25.926159008917
Longitude
-80.158227656525
163Rd St, North Miami Beach, Florida

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0 163Rd St
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