12850 Southwest 248th Street
PRINCETON RESERVE | SHOVEL-READY 25-UNIT ENTITLED MULTIFAMILY | PERMIT-READY INFILL SITE
Marketing description
DWNTWN Realty Advisors has been retained exclusively by ownership to arrange the sale of Princeton Reserve, a fully entitled, permit-ready 25-unit multifamily development site located at SW 127th Ave & SW 248th Street in Princeton (South Dade), FL 33032. Offered at $1,000,000 ($40,000/unit), the site represents one of the most execution-ready infill opportunities in the South Dade submarket.
The 68,825 SF (1.58 AC) site is approved for 25 units across an efficient 2-story/mezzanine breezeway walk-up design totaling 22,578 SF (~910 SF avg.), with 35 surface parking spaces and no amenity burden. Architecture, MEP, civil, and structural permits are in hand — a buyer can pull permits within 1–2 months of closing upon payment of estimated impact (~$280,000) and permit fees. The entitlement work is done.
Demand risk is materially de-risked by the phased development already underway at this address. Phase I is 95% leased; Phase II is actively absorbing at 14-16 units per month — direct proof of concept at the exact location. The surrounding one-mile demographic profile further supports long-term rental stability: population growth of +16% since 2020, median household income of $74,500, and a 74.7% Hispanic origin base reflective of the workforce renter profile this product type serves.
The site carries PCUC (Princeton Community Urban Center) zoning — the strongest designation in the submarket — with R-Edge classification and 18 du/ac density, offering a regulatory moat that raw or unentitled comparables cannot match. At $40,000/unit, ownership estimates a buyer captures approximately $10,000/unit in embedded savings relative to acquiring raw land and absorbing design, carry, legal, and market timing costs independently.
Princeton Reserve is sized for private capital and mid-market developers seeking a low-friction, high-certainty path to a stabilized South Dade asset.
Investment highlights
Shovel Ready Architecture, MEP, civil, and structural permits are approved and in hand. A buyer can pull permits within 1–2 months of closing upon payment of impact fees (est. ~$280,000) and permit fees — no entitlement risk.
$40,000 Per Unit Listed at $1,000,000 — $40K per entitled unit which is $633,000 per acre. Competitively priced for a permitted, shovel-ready 25-unit infill site with a full due diligence package in place, including approved plans and zoning confirmation.
Proven Rental Demand Phase I (Casa Princeton I) is 95% leased. Phase II (Casa Princeton II) is actively leasing at 14-16 units per month, demonstrating strong and durable market absorption velocity at this exact address.
~$10,000 / Unit in Savings Buyers avoid raw-land costs: architecture fees (~$150K+), permitting timelines (12–18 months), market carry, legal iteration, and design costs — estimated at $10,000 per unit in total savings vs. raw land.
Efficient Low-Amenity Design 22,578 SF | 25 units | ~910 SF avg | 35 surface parking spaces | Breezeway-style walk-ups | Purposefully minimal amenities with no pool — designed to maximize NOI by keeping OpEx lean.
Strong Market Demographics 1-mile population grew +16% since 2020 (18,608 est. 2025). Median HH income $74.5K. 74.7% Hispanic market. Avg HH size 3.4. Median age 37 — a prime workforce-age renter profile ideally suited for 2BD/3BD units.
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