100, 103 & 111 N Perviz Avenue
100 N Perviz Avenue, Opa-locka, FL 33054
Marketing description
Cushman & Wakefield is pleased to present a rare development opportunity in the heart of historic Opa-locka - one of Miami-Dade County's most supply-constrained affordable housing markets and an active CRA district experiencing accelerating institutional investment.
The offering encompasses three contiguous parcels totaling approximately 1.09 gross acres at 100, 103, and 111 Perviz Avenue. The site carries a fully approved Administrative Site Plan for a 9-story, 140-unit 100% affordable mixed-use residential tower with 5,380 SF of ground-floor commercial space, 191 parking spaces, and a total construction area of 168,426 SF.
The approved development program is structured under Florida's Live Local Act (Senate Bill 102 / Ordinance 2024-21), providing a 30-year ad valorem tax exemption. When combined with an estimated $10M-$15M in available Opa-locka CRA incentives, the project benefits from a highly attractive capital stack and enhanced development economics.
Investment highlights
- Fully Approved, Shovel-Ready Entitlement: Administrative Site Plan approved by the City of Opa-locka Planning & Community Development under Ordinance 2024-21 / SB 102. No rezoning or variance required — eliminating entitlement risk and enabling immediate vertical construction.
- Live Local Act — 30-Year Tax Exemption: Qualifies for a full ad valorem tax exemption, reducing stabilized OpEx from ~33% to ~28%, materially improving NOI and making the project feasible where conventional financing would fall short.
- $10M–$15M in CRA Subsidy Available: The Opa-locka CRA has identified approximately $10M–$15M in available funding per ownership. At the midpoint of $12.5M, the subsidy effectively bridges the project's pre-incentive funding gap and serves as a key catalyst for project feasibility.
- Resilient, Demand-Driven Submarket: The Opa-locka/Brownsville submarket maintains a 5.3% vacancy rate with asking rent growth of +1.8% in Q1 2026 — the fastest pace since October 2024. No competitive supply is expected in 2026, with vacancy forecast to decline to 4.9% by year-end.
- High-Traffic, Transit-Connected Site: Positioned on Ali Baba Avenue (7,100 AADT), with direct access to I-95, SR-826 (Palmetto Expressway), and the Florida Turnpike. Miami-Opa Locka Executive Airport is within 0.5 miles.
- Deep Renter-by-Necessity Base: Median HHI of $42,392 precisely aligns with the 100%/120% AMI program band, validating structural renter demand without wage-growth reliance.
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