Miami Covered Land Play
For Sale
$17,999,999
2742 SW 8th St, Miami, FL 33135
40,245 SF property on 1.74 acres with redevelopment potential.
Property Size42,000 SF
Lot Size1.74 Acres
Price / SF$447.26
Days on Market107
Property Features for 2742 SW 8th St
General Information
Standard status
Active
Size
42,000 SF
Lot size
1.74 Acres
Property subtype
Mixed-Use
Occupancy
100%
Amenities
40,000+ SF of Existing Improvements on 75,923 SF of Land | Rare Covered Land Opportunity in Miami's Urban Core | Generating $850,000+ NOI with all tenants on month-to-month leases .
Attractive Owner Financing Available: Seller willing to provide up to $10,000,000 in seller financing at 6% interest-only for 3 years with no prepayment penalty.
Current zoning allows, as-of-right, for a minimum of 280 residential units, excluding any additional density incentives available under the Live Local Act.
Ownership has engaged Bercow Radell Fernandez Larkin & Tapanes to complete a zoning study, available upon request to qualified buyers.
Located in the heart of Little Havana, one of Miami-Dade County's most densely populated urban submarkets, with nearly 40,000 residents within a 1-mile radius and more than 300,000 residents within 3 miles.
Owned by the same family for more than 40 years, this generational asset presents a rare opportunity to acquire a true covered land play with near-term lease rollover, allowing investors to strategically reposition, re-tenant, or redevelop the property.
Ideally positioned directly on Calle Ocho with exposure to more than 35,000 vehicles per day and catty-corner to Miami Dade College's Padrón Campus, part of one of the nation's largest college systems serving 120,000+ students annually.
The property's unique parcel configuration creates a highly efficient redevelopment opportunity, allowing for multifamily construction on the rectangular 2742 parcel while utilizing 833 SW 29th Avenue for a detached parking structure—6 potentially resulting in substantial development cost savings.
Building Details
Building Size
42,000 SF
Listing Agency:
Marcus & Millichap
Listed By:
Jonathan De La Rosa · License #License(s): FL: SL3283433
(786) 522-7027
Source:
Marcusmillichap
Added: May 20
Changed: Aug 23
Last Checked: Sep 2 at 1:07PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
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%.
Key Highlights
- Development opportunity zoned for 280‑300 multifamily units.
- Generates over $850,000 annually in NOI from 36 short‑term tenants, providing cash flow during permitting.
- Prime location on SW 8th St near 27th Ave, with high traffic exposure (35,000+ vehicles per day).
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,422
Businesses Nearby
Explore this area
Business Placement
Demographics for 33135, FL
36,232
Population
15,922
Households
2.3
Avg Household Size
44
Median Age
21%
College-Educated
70%
High-School Grad
2.1 sq mi
ZIP Area
17,253
Density / Sq Mi
$37,757
Median Household Income
$28,850
Median Earnings
$1,315
Median Rent
$396,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 40,245 SF property on 1.74 acres with redevelopment potential.
Where is this commercial land located?
The property is located at 2742 SW 8th St Miami, FL.
What is the asking price?
The asking price for this property is $17,999,999.
What are key features of this property?
This property features: Development opportunity zoned for 280‑300 multifamily units.; Generates over $850,000 annually in NOI from 36 short‑term tenants, providing cash flow during permitting.; Prime location on SW 8th St near 27th Ave, with high traffic exposure (35,000+ vehicles per day).
