For Sale
$2,350,000

255 32Nd StMiami, FL 33127

Miami Mixed-Use Property: High Potential

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional mixed-use property in Miami's Wynwood Norte area presents a compelling redevelopment opportunity. Situated on a 10,000 square foot lot, the property comprises two buildings totaling 2,588 square feet. The existing structures include a duplex with two 3-bedroom, 1-bathroom units (approximately 900 square feet each) and a separate 3-bedroom, 2-bathroom ancillary unit, also roughly 900 square feet. Currently 100% occupied with month-to-month leases at $1,795 per month per unit, generating a gross annual income of $65,000, the property offers immediate cash flow with significant upside potential due to below-market rents. The T4-R zoning with NRD 2 Overlay allows for increased density, permitting approximately 33 units per acre. This presents a unique chance to capitalize on the vibrant Wynwood area's growth and demand for residential and mixed-use development. The asking price is $2,350,000, translating to a land value of $330 per square foot. Seller financing may be available. The property's prime location offers easy access to Midtown, Wynwood, and the Design District. This is an ideal investment for developers seeking a covered land play with substantial upside in a rapidly appreciating market.

Highlights

  • Seller financing available.
  • Income-producing, 10,000 SF lot with redevelopment potential; currently generating $65,000 annual gross income from three occupied units.
  • Prime Wynwood location, near Midtown and Design District.
  • Wynwood NRD2 zoning allows for increased density, approximately 33 units per acre.

Property Details for 255 32Nd St

Property type
Mixed-use properties
Square Feet
2,588 SF
Buildings
2
Stories
2
Units
3

Location Insight

City
Miami
County
Miami-Dade
State
Florida
Latitude
25.806568729407
Longitude
-80.200728648163
255 32Nd St, Miami, Florida

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
255 32Nd St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message