Hialeah 28 Residences
497 W 23rd St, Hialeah, FL 33010, 499 W 23rd St, Hialeah, FL 33010
Marketing description
Cushman & Wakefield is pleased to present a rare, shovel-ready development opportunity in the urban core of Hialeah--one of Miami-Dade County's most densely populated and supply-constrained rental submarkets.
The property consists of a +/-18,650-square-foot corner parcel zoned C-2, fully approved and entitled for the development of a 28-unit multifamily project. The approved plans allow for immediate execution, enabling investors to bypass the entitlement process and capitalize on near-term development upside.
The site is currently improved with a retail component generating in-place income, providing interim cash flow to partially offset carry costs during the development phase. The approved unit mix--comprised of 27 one-bedroom units and one two-bedroom unit--is strategically aligned with the area's strong demand for attainable and workforce housing.
Positioned within a high-demand rental corridor, Hialeah continues to benefit from limited new supply, high population density, and proximity to major employment centers, including Miami International Airport and surrounding industrial and logistics hubs. These fundamentals support sustained occupancy and rent growth, positioning the asset for a stable, income-driven exit or long-term hold strategy.
With approvals secured and income in place, this offering represents a low-risk, high-conviction development opportunity in a fundamentally strong and underserved market.
Investment highlights
- Fully Approved, Shovel-Ready Development - 28-unit multifamily project with approvals in place--eliminating entitlement risk and allowing for immediate vertical construction.
- Covered Land with In-Place Income - Existing retail component on-site provides interim cash flow, reducing carry costs during pre-development and construction phases.
- Prime Infill Location in the Urban Core of Hialeah - Centrally located within one of Miami-Dade's most densely populated and supply-constrained rental submarkets.
- Strong Demand Fundamentals with Continued Absorption - The submarket absorbed ~560 units over the past 12 months, reflecting sustained renter demand despite elevated deliveries.
- Attractive Rental Positioning vs. Greater Miami - Average rents in Hialeah remain meaningfully more affordable than the broader Miami market, supporting deep tenant demand and long-term occupancy stability.
- Transit-Oriented Growth & Connectivity - Increasing development focused around transit corridors with direct access to major employment hubs including Miami International Airport, Downtown Miami, and the Health District.
- Limited Historical Supply, Accelerating Growth Story - Historically underbuilt submarket now benefiting from new zoning initiatives, driving long-term appreciation potential as institutional capital continues to enter.
- Proven Investor Liquidity & Exit Depth - Recent sales averaging ~$259K/unit and ~$13M per transaction, with institutional buyers actively acquiring stabilized assets in the submarket.
- Scalable Entry Point into a Growing Submarket - Ideal basis for developers and investors seeking exposure to Hialeah's evolving multifamily landscape with a manageable unit count and strong fundamentals.
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