Berkshire Hathaway HomeServices EWM Realty
Listed by Berkshire Hathaway HomeServices EWM Realty, BHHS EWM Realty Miami Beach
$16,000,000
249 Collins Ave
Details
APN 02-42-03-003-0420
Property Type Multifamily, Retail
Sub Type Storefront
Square Footage 16,421
Units 17
Occupancy 100%
Pro-Forma Cap Rate 4.40%
Pro-Forma NOI $700,000
Class B
Year Built 1920
Buildings 1
Stories 2
Lot Size (SqFt) 13,000
Zoning 3003
Investment Type Redevelopment
Rare Development Site for Luxury Condos in South of 5th Miami Beach
Marketing description
Ultra Rare South of Fifth development opportunity. This 13,000 SF lot includes 249 Collins Ave, 255 Collins Ave & 247 Ocean Ct. Existing improvements feature 15 apartments + 2 retail spaces producing $467,900 gross annually with rents well below market. A development feasibility study confirms the potential to build up to 5 stories with 26 residential units and 22,750 SF of buildable area without variances. Potential to increase this even more by taking advantage of the Live Local Act or other state, county, & city development bonuses. Exceptional chance to create a new project in Miami Beach's most coveted neighborhood, blending immediate income with prime development upside. RPS-3 Zoning.
Listing Contacts
Berkshire Hathaway HomeServices EWM Realty
Listed by Berkshire Hathaway HomeServices EWM Realty, BHHS EWM Realty Miami Beach
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