231 Flagler StMiami, FL 33131

Property Details for 231 Flagler St

Year built

1982

Construction

CONCRETE

Lot size

0.32 AC

Property size (Sq ft)

12,920 SF

Zone code

6401:COMMERCIAL

Property type

Retail properties

Property subtype

Outlet malls

APN

01-0111-080-1120

APU

101110801120

Description

This exceptional 0.32-acre land parcel, located at 231 E. Flagler St. in Miami's vibrant Downtown submarket, presents a compelling redevelopment opportunity. Zoned T6-80-O, this property allows for high-intensity mixed-use development, with an 80+ story height limit and the potential for 321 dwelling units as-of-right. The site's 14,000 square foot area is ideally situated on East Flagler Street, a key location undergoing significant revitalization as a pedestrian-friendly boulevard. This prime location benefits from reduced or no parking requirements for multifamily developments, mirroring successful projects on similar lots. The area's transformation is further enhanced by nearby developments like Miami Worldcenter and Met Square, bringing increased shopping and entertainment options. Cultural attractions such as the FTX Arena, Perez Art Museum Miami, and Bayside Marketplace are also within easy reach. Exceptional transportation links include the Brightline train station at Miami Central, the Metromover, Metrorail, and convenient access to I-95 and I-395. This offering represents a unique chance to capitalize on Miami's thriving urban core and its robust infrastructure. The Flagler Beautification Project, a public-private initiative, will further enhance the area's walkability and appeal, solidifying East Flagler Street's position as a premier destination. The property's high-density zoning and strategic location make it an ideal investment for high-rise residential or mixed-use projects.

• CAP approach

  CAP return

  Valuation

  6%

  $16,397,721

  6.5%

  $15,136,358

  7%

  $14,055,190

• Comparable approach

  Method

  Valuation

  Relative Method

  $12,465,309

  Geo Method

  $12,465,309

• Alternative Use

  Use

  Valuation

  Residential

  $12,768,084

  Hospitality

  $11,695,497

  Educational

  $9,730,516

  Medical

  $10,065,163

  Retail

  $15,136,358

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.7746

Longitude

-80.1896

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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