6229 2Nd AveMiami, FL 33138

Property Details for 6229 2Nd Ave

Year built

1947

Construction

CONCRETE

Lot size

0.28 AC

Property size (Sq ft)

4,380 SF

Zone code

6101

Property type

Mixed-use properties

Property subtype

Retail residential properties

APN

01-3218-015-0090

APU

132180150090

Description

This exceptional Miami property presents a compelling investment opportunity for developers. Situated on a 12,000 square foot lot in Miami-Dade County, at 6229 NE 2nd Ave, zip code 33138, this 4,380 square foot flex space boasts T-5-0 mixed-use high-density zoning. Built in 1947, the existing structure offers a strong foundation for redevelopment. Current plans, already submitted, propose the construction of an 18-unit building with three-bedroom units, capitalizing on Miami's high demand for housing and extremely low vacancy rates. The projected rental income is $8,000 per month, offering significant potential for future growth. This prime location benefits from exceptional proximity to Miami's Design District, Wynwood, Magic City, Midtown, and Miami's Civic Center, ensuring high occupancy and strong rental rates. The asking price for this covered land play is $1,999,000. This is a rare chance to acquire a highly desirable development site in a rapidly growing area of Miami. The property's zoning and location make it an ideal investment for those seeking substantial returns in the thriving Miami real estate market.

• CAP approach

  CAP return

  Valuation

  6%

  $3,523,669

  6.5%

  $3,252,617

  7%

  $3,020,288

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,599,236

  Geo Method

  $2,599,236

• Alternative Use

  Use

  Valuation

  Residential

  $3,252,617

  Hospitality

  $2,979,380

  Educational

  $2,478,809

  Medical

  $2,564,059

  Retail

  $3,855,925

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.8337

Longitude

-80.1918

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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