Miami Covered Land Play
2742 SW 8th Street Miami, FL 33135
40,245 SF property on 1.74 acres with redevelopment potential.
Type:Retail
Property size:
40,245 SFLot size:
1.74 AcresPrice / SF:
$447/SF- Added:
- May 19, 2026
- Days on Market:
- 53
- Last Refresh:
- Jun 25 at 8:48 am
Property Features for 2742 SW 8th Street
General Information
- Standard status
- Active
- Size
- 40,245 SF
- Lot size
- 1.74 Acres
- Property subtype
- Retail
Building Details
- Year Built
- 1977
Listing office Marcus & Millichap (786) 522-7078
Listing date May 19, 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 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).
Local Financial Insights For Retail
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 | $2.09M | $51.96 |
| − Vacancy | −$215.4k | −$5.35 |
| EGI | $1.88M | $46.61 |
| − OpEx | −$562.7k | −$13.98 |
| NOI | $1.31M | $32.63 |
40,245 SF · lease $51.96/SF/yr · vacancy 10.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$18.76M
$16.41M – $21.88M
NOI $1,313,021 @ 7.0% cap · market cap 7.29%
Second Best
Apartment 5plus
$10.62M
$9.29M – $12.39M
NOI $743,462 @ 7.0% cap · market cap 4.13%
Theoretical Best
Specialty Retail
$27.17M
$23.77M – $31.69M
NOI $1,901,594 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Ernesto Martinez DDS ...
Dental Office
Contrateras Yvette
Dental Office
Centro Calle Ocho ...
Business Service Center
Papo Barber Shop
Barber Shop
Soy Miami Barbershop
Barber Shop
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FAQs
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 Street 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).
