321 NW 37Th St Miami, FL 33127

This 5,750 square foot lot, situated in Wynwood Norte, presents a development opportunity. Located one block north of NW 36th Street off NW 3rd Avenue, the RDD2 zoning allows for the construction of up to a six-story mixed-use commercial/residential building, potentially with even greater height subject to 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 in place. A long-term ground lease is in effect, 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 as a co-insured party. The lessor is responsible for real estate taxes. The value of the property lies in its development potential, while the billboard revenue provides ongoing income during the development phase and throughout the lease term, which extends to approximately September 30, 2114. The property is being sold "AS-IS" for cash, and prospective buyers are expected to conduct their own due diligence. The property is near the Design District, Midtown, Civic Center, and Downtown.