0 163Rd StNorth Miami Beach, FL 33162

Property Details for 0 163Rd St

Property size (Sq ft)

440,000 SF

Property type

Other commercial real estate

Property subtype

Multifamily properties

Description

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.

Location Insight

City

North Miami Beach

County

Miami-Dade

State

Florida

Latitude

25.9262

Longitude

-80.1582

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