249 Collins Ave, Miami Beach, FL 33139

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.