Site Plan Approved Land for 18
1552 Northwest 15th Avenue Miami, FL 33125
1552 Northwest 15th Avenue, Miami, FL, 33125
$1,190,000
Pending
For Sale
$1,190,000
Pending
Land parcel with site plan approval for 18 units, with plans/MEPS submitted and a duplex on-site.
Property Size5,400 SF
Lot Size0.12 Acres
Days on Market1261
Property Features for 1552 Northwest 15th Avenue
General Information
- Standard status
- Pending
- Size
- 5,400 SF
- Lot size
- 0.12 Acres
- Property subtype
- Land-Commercial/Business/Agricultural/Industrial / Income/Multi Family
Listing agency
Douglas Elliman
(305) 677-5000
Listed by
Brian Carter PA · License #3022095
(305) 677-5000
Source
Compass
Added: Feb 7, 2023 Updated: Jul 22 at 11:03AM Checked: Jul 22 at 11:03AM
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 Douglas Elliman
Investment Insights
Based on property information with market context.
This development site has site plan approval for 18 units, with plans and MEPS submitted. The proposed development is designed by Miguel Riondia, Arch., providing approximately 7,200 SF +/- of leasable space and approximately 10,000 SF +/- of buildable space on a 5,400 SF lot. Current improvements include a duplex on the property.
The area is undergoing rapid redevelopment. The site is approximately 4.5 blocks to Civic Center Metro Station on NW 12th Ave. It is also positioned near major employers including the University of Miami and Jackson Memorial Hospitals, Miami Dade College Medical Campus, and VA Miami Medical Center, with shopping and dining along NW 12th Ave and 14th St, and River Landings Shops & Residences within walking distance.
The area is undergoing rapid redevelopment. The site is approximately 4.5 blocks to Civic Center Metro Station on NW 12th Ave. It is also positioned near major employers including the University of Miami and Jackson Memorial Hospitals, Miami Dade College Medical Campus, and VA Miami Medical Center, with shopping and dining along NW 12th Ave and 14th St, and River Landings Shops & Residences within walking distance.
Key Highlights
- Land parcel with site plan approved for an 18‑unit development
- Plans/MEPS submitted for the project, with current improvements including a duplex
- Development plans include 7,200 SF +/- leasable and 10,000 SF +/- buildable SF
Local Financial Insights For Multifamily LT 5
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 | $165.2k | $30.60 |
| − Vacancy | −$10.5k | −$1.95 |
| EGI | $154.7k | $28.65 |
| − OpEx | −$46.4k | −$8.60 |
| NOI | $108.3k | $20.06 |
5,400 SF · lease $30.60/SF/yr · vacancy 6.37% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.55M
$1.35M – $1.81M
NOI $108,300 @ 7.0% cap · market cap 9.10%
Second Best
Apartment 5plus
$1.43M
$1.25M – $1.66M
NOI $99,756 @ 7.0% cap · market cap 8.38%
Theoretical Best
Specialty Retail
$3.65M
$3.19M – $4.25M
NOI $255,152 @ 7.0% cap · market cap 21.44%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Land parcel with site plan approval for 18 units, with plans/MEPS submitted and a duplex on-site.
Where is this duplex located?
The property is located at 1552 Northwest 15th Avenue Miami, FL.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Land parcel with site plan approved for an 18‑unit development; Plans/MEPS submitted for the project, with current improvements including a duplex; Development plans include 7,200 SF +/- leasable and 10,000 SF +/- buildable SF
