100 21St StMiami, FL 33137

  • Hotels
  • 116,335 SF
For Sale
$10,630,000 View listing

Property Details for 100 21St St

Year built
1948
Construction
CONCRETE
Lot size
1.38 AC
Property size (Sq ft)
116,335 SF
Zone code
4100:MULTI-FAMILY,101+U/A
Property type
Hotels
APN
02-3226-001-0040
APU
232260010040

Description

This exceptional 35,365 square foot development site presents a unique opportunity in Miami's vibrant Edgewater neighborhood. Located at 100-126 NE 21st Street, this property boasts T6-8-O zoning, allowing for the construction of up to an 8-story building with 121 units by right. Miami 21 code bonuses for public benefits could potentially increase this significantly, even exceeding 800 units and 36 stories with over 500,000 buildable square feet. The site's strategic location, just outside the Arts & Entertainment District and a block from Wynwood access, offers unparalleled connectivity. Its proximity to Young Arts, the Adrienne Arsht Center, and a Publix supermarket further enhances its appeal. The asking price of $10,630,000 represents a competitive $332 per square foot, especially considering the potential for a larger-scale project compared to similar sites in eastern Edgewater, which trade at $450-$600 per square foot. This property is situated within a Qualified Opportunity Zone (QOZ) and abuts the Braman campus. The site was recently expanded to include an additional 7,100 square foot parcel at 126 NE 21st Street, bringing the total land area to 0.81 acres. The original 28,265 square foot parcel at 100-118 NE 21st Street is also available separately for $9,500,000, allowing for the development of 97 units by right. The property's APN is 0131250160300.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $114,085,032
    6.5%
    $105,309,256
    7%
    $97,787,168
  • Comparable approach

    Method
    Valuation
    Relative Method
    $104,669,040
    Geo Method
    $104,669,040
  • Alternative Use

    Use
    Valuation
    Residential
    $114,967,112
    Hospitality
    $105,309,256
    Educational
    $87,616,064
    Medical
    $90,629,320
    Retail
    $136,291,664

Location Insight

City
Miami Beach
County
Miami-dade
State
Florida
Latitude
25.7958
Longitude
-80.1277
CBSA code
33100
CBSA name
MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$406,076
$21,479,262
$10,000
$21,489,262
-
$21,479,262
$10,000
$21,489,262

FAQs

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