606 Flagler StMiami, FL 33130

Property Details for 606 Flagler St

Year built

1968

Construction

CONCRETE

Lot size

0.23 AC

Property size (Sq ft)

8,521 SF

Zone code

6110:COMM/RES-DESIGN DIST

Property type

Office buildings

APN

01-0201-030-1010

APU

102010301010

Description

This exceptional 1.82-acre assemblage in Miami, Florida, presents a unique investment opportunity. Located at 606 W Flagler St, this property boasts 79,487 square feet and is comprised of eleven contiguous parcels spanning a full block, from W Flagler Street to SW 1st Street. The site benefits from a T6-12-O zoning designation, allowing for a diverse range of uses including high-density multifamily, hotel, retail, and office development. As of right, the zoning permits 274 multifamily units, with potential for expansion to over 342 units under the Live Local Act. The property's strategic location offers easy access to major highways and is in close proximity to Downtown Miami (0.4 miles), Brickell (0.6 miles), and the Miami River (0.15 miles). Multiple ingress and egress points via W Flagler Street, SW 1st Street, and SW 6th Avenue enhance accessibility. The site's ease of development is further enhanced by the absence of inferior zoning on abutting parcels. Current market rents in the Little Havana submarket exceed $3.50 per square foot for newer construction, with vacancy rates below 3.5%. The asking price for this prime development site is $18,000,000, translating to $226.45 per square foot. The property is currently vacant.

• CAP approach

  CAP return

  Valuation

  6%

  $7,356,890

  6.5%

  $6,790,974

  7%

  $6,305,905

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,262,350

  Geo Method

  $3,262,350

• Alternative Use

  Use

  Valuation

  Residential

  $8,420,809

  Hospitality

  $7,713,416

  Educational

  $6,417,471

  Medical

  $6,638,178

  Retail

  $9,982,733

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.7736

Longitude

-80.2046

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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