2742 SW 8th Street Miami, FL 33135

This property, located at 2742 SW 8th St & 833 SW 29th Ave, offers a covered land play opportunity. The site encompasses 40,245 square feet of gross leasable area on a 75,923 square foot lot, which is approximately 1.74 acres. Situated on SW 8th St, just off 27th Ave, the location benefits from high traffic exposure, with over 35,000 vehicles passing by daily. 27th Avenue provides direct access to Coconut Grove, approximately 2.5 miles to the south. The current zoning permits the construction of a 280-unit multifamily building by right, with the potential for a 300-unit multifamily building utilizing the Live Local Act. Currently, the property houses 36 tenants on short-term leases, generating over $850,000 annually in net operating income. This provides developers with consistent cash flow during the permit approval process for redevelopment. The property is centrally located near Miami's desirable neighborhoods, including Coral Gables, Brickell, Coconut Grove, and Downtown Miami. It is less than 3 miles from Brickell City Centre and Coconut Grove's Coco Walk, and within 1.5 miles of Little Havana's Ball and Chain nightclub and Cafe La Trova. Little Havana has a high population density, with approximately 40,000 residents per square mile and over 300,000 residents within a 3-mile radius. The multifamily vacancy rates in Little Havana are below 5%.