Development Opportunity Near 79th
259 NE 79th St, Miami, FL 33138
Call to check price and availability
18,000 SqFt lot with redevelopment potential in growing area.
Type:Land
Property size:
7,301 SFLot size:
0.41 AcresPrice / SF:
$260/SF- Added:
- Mar 4, 2026
- Days on Market:
- 88
- Last Refresh:
- Mar 16 at 2:21 pm
Property Features for 259 NE 79th St
General Information
- Standard status
- Active
- Size
- 7,301 SF
- Lot size
- 0.41 Acres
- Property subtype
- Land
Listing agent Chris Canizares License #3593754
Listing office Fausto Commercial Realty Consultants (305) 510-6627
Listing date Mar 4, 2026
Source Crexi
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 Fausto Commercial Realty Consultants
HighLights
- Prime location on the 79th Street Business Corridor, a rapidly growing area.
- T6‑8‑O zoning allows for potential development of up to 54 units.
- Large 18,000 SqFt lot suitable for significant redevelopment.
- Proximity to Magic City, Wynwood, and the Design District.
- Immediate income potential from the existing 10‑unit building (7,301 SqFt).
- Close to the transformative redevelopment project of the former Immigration Building (hotel, condos, retail).
Overview
This property presents an investment opportunity within the 79th Street Business Corridor, situated minutes from Magic City, Wynwood, and the Design District. The surrounding area is undergoing rapid growth, with high-profile developments planned, including the redevelopment of the former Immigration Building at the corner of 79th Street and Biscayne Boulevard, which is slated to include a hotel, condominiums, and ground-level retail spaces. The 18,000 SqFt lot is zoned T6-8-O, offering the potential for the construction of 54 units. Currently, there is an existing 10-unit building spanning 7,301 SqFt, which provides immediate income potential while redevelopment plans are underway. This property is suitable for developers and investors.
Local Financial Insights For Apartment 5plus
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 | $262.8k | $36.00 |
| − Vacancy | −$17.6k | −$2.41 |
| EGI | $245.2k | $33.59 |
| − OpEx | −$110.4k | −$15.11 |
| NOI | $134.9k | $18.47 |
7,301 SF · lease $36.00/SF/yr · vacancy 6.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $134,874 @ 7.0% cap · market cap 7.10%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.93M
$4.31M – $5.75M
NOI $344,976 @ 7.0% cap · market cap 18.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Commercial land
Location Insight
- Map
- Local Demand
- City
- Miami
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.191582
- Latitude
- 25.848139
Nearby Similar for Sale
FAQs
What type of property is this?
Commercial land - 18,000 SqFt lot with redevelopment potential in growing area.
Where is this commercial land located?
The property is located at 259 NE 79th St Miami, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Prime location on the 79th Street Business Corridor, a rapidly growing area.; T6‑8‑O zoning allows for potential development of up to 54 units.; Large 18,000 SqFt lot suitable for significant redevelopment.
