321 NW 37Th St Miami, FL 33127

This 5,750 square foot lot, situated in Wynwood Norte, presents a development opportunity near the Design District, Midtown, Civic Center, and Downtown Miami. Zoned RDD2, the property allows for the construction of up to a six-story mixed-use commercial/residential building, potentially with even greater height depending on entitlements. The zoning permits a density of 150 units per acre, with a potential building footprint of approximately 4,600 square feet. The property currently has a billboard operated by a billboard company with ingress and egress rights. A long-term ground lease is in place with approximately 89 years remaining. The lessee is responsible for state taxes, utilities, and a $2 million property and liability insurance policy, with the lessor named as a co-insured. The lessor is responsible for real estate taxes. The value is in the buildable lot, with ongoing billboard revenue during development and throughout the lease term, which extends to approximately September 30, 2114. The property is offered 'AS-IS' for cash sale, and buyers are expected to conduct their own due diligence. This property may be suitable for developers, architects, builders, and investors.