Mixed-Use Apartment and Retail
For Sale
$16,000,000
249 Collins Ave, Miami Beach, FL 33139
Existing income-producing apartments and retail on a lot that a feasibility study supports for up to five-story redevelopment.
Property Size16,421 SF
Days on Market330
Property Features for 249 Collins Ave
General Information
Standard status
Active
Size
16,421 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$93,460
Building Details
Building Size
16,421 SF
Year Built
1920
Listing Agency:
BHHS EWM Realty
Listed By:
Ben Brissi · License #3288847
(561) 870-2211
Source:
Theelainegroup
Added: Oct 10, 2025
Changed: Sep 3
Last Checked: Aug 12 at 3:11AM
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 BHHS EWM Realty
Investment Insights
Based on property information with market context.
This mixed-use development opportunity comprises 249 Collins Ave, 255 Collins Ave, and 247 Ocean Ct on an approximately 13,000 SF lot. The current improvements include 15 apartments and 2 retail spaces, generating $467,900 in gross annual income, with rents described as well below market. The property also benefits from a development feasibility study supporting redevelopment to a higher-density configuration.
According to the feasibility study, the site has the potential to be developed up to five stories with 26 residential units and approximately 22,750 SF of buildable area without variances. The remarks further note the possibility of increasing the development outcome by leveraging the Live Local Act or other state, county, and city development bonuses. The property is identified as RPS-3 zoning.
For buyers and developers, the combination of existing apartment and retail income with documented redevelopment capacity can support an operator’s strategy from day one through potential conversion to a larger residential program. The stated feasibility parameters and zoning designation provide a practical foundation for underwriting redevelopment timelines and unit yield, while the current structure continues to produce gross annual rent based on the information provided.
According to the feasibility study, the site has the potential to be developed up to five stories with 26 residential units and approximately 22,750 SF of buildable area without variances. The remarks further note the possibility of increasing the development outcome by leveraging the Live Local Act or other state, county, and city development bonuses. The property is identified as RPS-3 zoning.
For buyers and developers, the combination of existing apartment and retail income with documented redevelopment capacity can support an operator’s strategy from day one through potential conversion to a larger residential program. The stated feasibility parameters and zoning designation provide a practical foundation for underwriting redevelopment timelines and unit yield, while the current structure continues to produce gross annual rent based on the information provided.
Key Highlights
- 13,000 SF lot includes 249 Collins Ave, 255 Collins Ave, and 247 Ocean Ct
- Existing improvements: 15 apartments and 2 retail spaces producing $467,900 gross annually
- Rents are reported to be well below market
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,940
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Existing income-producing apartments and retail on a lot that a feasibility study supports for up to five-story redevelopment.
Where is this apartment building located?
The property is located at 249 Collins Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $16,000,000.
What are key features of this property?
This property features: 13,000 SF lot includes 249 Collins Ave, 255 Collins Ave, and 247 Ocean Ct; Existing improvements: 15 apartments and 2 retail spaces producing $467,900 gross annually; Rents are reported to be well below market
