251 Flagler StMiami, FL 33131

Property Details for 251 Flagler St

Year built

1994

Construction

CONCRETE

Lot size

0.99 AC

Property size (Sq ft)

91,127 SF

Zone code

6401:COMMERCIAL

Property type

Community centers

APN

01-0111-080-1140

APU

101110801140

Description

Prime 2.51-acre development site in Downtown Miami, offering unparalleled redevelopment potential. The property, encompassing three parcels (APN: 01-0111-080-1020, 01-0111-080-1140, 1-0111-080-1040), boasts 250 linear feet of Flagler Street frontage and extends a full city block on NE 1st Street. Currently improved with a 164,000-square-foot, three-story shopping center anchored by Marshalls, existing leases include a 180-day demolition clause, allowing for expedited redevelopment while providing immediate income. The T6-80-O zoning, within the Downtown Density Overlay, permits up to 1,000 housing units per acre, structures up to 80 stories, and a maximum gross building capacity of 3.9 million square feet, ideal for a mixed-use high-rise. The site benefits from exceptional walkability to Brickell City Centre, Whole Foods, Bayfront Park, and Miami World Center. Its proximity to over 12 million square feet of downtown office space, Miami Dade College's main campus, and government/judicial buildings, coupled with nearby entertainment and sporting venues, ensures high demand. The adjacent Metromover station provides seamless access to Metrorail and Brightline, enhancing connectivity. This location represents a unique opportunity to capitalize on the ongoing Flagler Street revitalization and Miami's thriving urban core. The property's addresses include 251 E Flagler St, 40 NE 3rd Ave, and 244 NE 1st St, Miami, FL 33131/33132.

• CAP approach

  CAP return

  Valuation

  6%

  $86,958,500

  6.5%

  $80,269,400

  7%

  $74,535,800

• Comparable approach

  Method

  Valuation

  Relative Method

  $36,284,400

  Geo Method

  $36,284,400

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $153,128,000

  Mixed-Use / Specialty

  $81,359,100

  Hospitality / Lodging

  $61,481,900

  Office

  $82,308,800

  Institutional / Educational

  $85,072,400

  Residential Income

  $99,534,700

  Multifamily

  $111,749,000

  Automotive / Energy

  $72,919,200

  Parking / Income-Based Land

  $23,804,200

  Restaurant / Food Service

  $45,251,900

  Healthcare / Senior Housing

  $82,021,300

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.7747

Longitude

-80.189

CBSA code

33100

CBSA name

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

Property Tax & Assessments

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