Aventura Development Opportunity with
2660 NE 189th St Miami, FL 33180
For Sale
$18,750,000
1.86 acres approved for 327 multifamily units with retail.
Property Size36,494 SF
Lot Size1.86 Acres
Price / SF$513.78
Days on Market68
Property Features for 2660 NE 189th St
General Information
Standard status
Active
Size
36,494 SF
Lot size
1.86 Acres
Property subtype
Commercial
Listing Agency:
Gridline Properties
(786) 325-5647
Listed By:
Alfredo Riascos · License #3210686
(786) 325-5647
Source:
Elliman
Added: May 21
Changed: Jul 10
Last Checked: Jul 27 at 3:53AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Gridline Properties
Investment Insights
Based on property information with market context.
This property, known as Aventura Pointe, presents a covered land opportunity consisting of approximately 1.86 acres. It is located at 2655 & 2660 NE 189th Street, Miami, FL, in the Aventura submarket. The site is improved with approximately 36,494 square feet of commercial space that is fully occupied by three tenants: Armadi Showroom, Habitus Showroom, and Five Star Frame & Alignment. The existing income from these tenants provides stable cash flow. The property is fully approved for a 327-unit multifamily development with ground-floor retail. The UC-MCI zoning permits a range of uses including multifamily, healthcare, office, retail, industrial, and mixed-use development. The location has a bike score of 70, indicating it is very bikeable, a walk score of 80, indicating it is very walkable, and a transit score of 61, indicating good transit options.
Key Highlights
- Fully approved for a 327‑unit multifamily development with ground‑floor retail, enabling immediate development.
- ±1.86 acres in the heart of the Aventura submarket.
- UC‑MCI zoning permits a wide range of uses including multifamily, healthcare, office, retail, industrial, and mixed‑use development.
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.90M | $51.96 |
| − Vacancy | −$195.3k | −$5.35 |
| EGI | $1.70M | $46.61 |
| − OpEx | −$510.3k | −$13.98 |
| NOI | $1.19M | $32.63 |
36,494 SF · lease $51.96/SF/yr · vacancy 10.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$17.01M
$14.88M – $19.84M
NOI $1,190,642 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$9.63M
$8.43M – $11.24M
NOI $674,168 @ 7.0% cap · market cap 3.60%
Theoretical Best
Specialty Retail
$24.63M
$21.55M – $28.74M
NOI $1,724,358 @ 7.0% cap · market cap 9.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Commercial land - 1.86 acres approved for 327 multifamily units with retail.
Where is this commercial land located?
The property is located at 2660 NE 189th St Miami, FL.
What is the asking price?
The asking price for this property is $18,750,000.
What are key features of this property?
This property features: Fully approved for a 327‑unit multifamily development with ground‑floor retail, enabling immediate development.; ±1.86 acres in the heart of the Aventura submarket.; UC‑MCI zoning permits a wide range of uses including multifamily, healthcare, office, retail, industrial, and mixed‑use development.
