1080 93Rd StBay Harbor Islands, FL 33154

  • Residential income properties
  • 30,017 SF
For Sale
$10,700,000 View listing

Property Details for 1080 93Rd St

Year built
1965
Lot size
0.52 AC
Property size (Sq ft)
30,017 SF
Property type
Residential income properties
Property subtype
Multifamily properties

Description

This exceptional value-add investment opportunity presents a vacant, fully gutted 30,017 square foot, four-story apartment building situated on a 0.52-acre lot in the highly desirable Bay Harbor Islands, Florida. The property, currently vacant, boasts approved plans for a sophisticated renovation transforming it into a luxury residential complex. The existing building, constructed in 1965, comprises 24 units within a Class B building, offering a unique chance to create upscale living spaces. The approved plans envision expansive layouts, serene courtyards, and a modern lobby, catering to the area's demand for high-end residences. Located on 93rd Street, the property benefits from prime waterfront proximity to the renowned Bal Harbour Shops, Miami's top beaches, and high-end dining options. The asking price is $10,700,000, translating to $356.46 per square foot and $445,833.33 per unit. The land value alone is $472 per square foot. The property features 1.2 parking spaces per 1,000 square feet and is zoned RM-2. Potential federal and local tax incentives further enhance the project's feasibility, making this a truly unparalleled value-add opportunity in a sought-after market. The property is currently distressed and offers a streamlined path for immediate renovation.

1080 93Rd St, Bay Harbor Islands, Florida

Location Insight

City
Bay Harbor Islands
County
Miami-Dade
State
Florida
Latitude
25.8835
Longitude
-80.1308

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