1235 2Nd StMiami, FL 33135

This exceptional Miami property, located at 1235 SW 2nd St, offers a compelling investment opportunity. The 4,424 square foot multifamily building, constructed in 1914, sits on a sizable 7,500 square foot lot in Miami-Dade County, Florida (zip code 33135). Currently generating income from five units – a large four-bedroom, two-bathroom unit, four one-bedroom, one-bathroom units, and one studio – this property presents a diversified rental portfolio. The building's unit mix caters to a range of tenants, enhancing its overall stability and appeal. Importantly, the property boasts T6-12-O mixed-use high-density zoning, unlocking significant development potential. The 40-year recertification was recently completed in June 2024. This zoning, coupled with eligibility for affordable housing density bonuses and the recently passed Live-Local legislation, allows for substantial expansion. Developers can potentially increase building height to over 20 stories and significantly raise the unit count by reserving 40% of new units for those earning up to 120% of the Area Median Income (AMI), which is near current market rents. This translates to a multitude of mixed-use possibilities, including retail, residential, hospitality, and office spaces, making this a truly unique covered land play with substantial upside. The asking price for this prime Miami property is $1,300,000.