T5-O Commercial Development
For Sale
$4,900,000
2824 NW 5th Ave, Miami, FL 33127
The Wynwood parcel allows five stories by right, with additional height available through the public benefits program.
Property Size13,719 SF
Days on Market58
Property Features for 2824 NW 5th Ave
General Information
Standard status
Active
Size
13,719 SF
Property subtype
Flex Space
Site & Location
Neighborhood
Fashion District
Taxes and HOA fees
Annual Taxes
$47,288
Building Details
Building Size
13,719 SF
Year Built
1972
Listing Agency:
Riviera Horizons LLC
Listed By:
Mikael Hamaoui · License #3299155
(305) 776-5345
Source:
Vanessafrankmiami
Added: Sep 1
Changed: Oct 26
Last Checked: Oct 26 at 1:02PM
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 Riviera Horizons LLC
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Investment Insights
Based on property information with market context.
This 7,150-square-foot Wynwood site is zoned T5-O within the Wynwood NRD-1. Development allowances include five stories by right, with height up to eight stories through the public benefits program and density of 150 units per acre. The property may also be assembled with neighboring parcels.
An existing vacant, two-story building contains more than 13,700 square feet across two floors, with no interior columns. The upper level has 16-foot ceilings beneath a twin-T roof and a 54-by-45-foot open hall at the rear; the lower level has approximately 8.5-foot ceilings and storefront access on NW 5th Avenue. Both floors are air-conditioned.
The site is about a quarter mile from land being donated for Carnegie Mellon University's planned Miami campus. Griffin and Goldman Properties acquired 545wyn, approximately 500 feet away, in January 2026. Measured floor plans and an offering memorandum are available; some photographs depict an edited vacant condition, and renderings are conceptual.
An existing vacant, two-story building contains more than 13,700 square feet across two floors, with no interior columns. The upper level has 16-foot ceilings beneath a twin-T roof and a 54-by-45-foot open hall at the rear; the lower level has approximately 8.5-foot ceilings and storefront access on NW 5th Avenue. Both floors are air-conditioned.
The site is about a quarter mile from land being donated for Carnegie Mellon University's planned Miami campus. Griffin and Goldman Properties acquired 545wyn, approximately 500 feet away, in January 2026. Measured floor plans and an offering memorandum are available; some photographs depict an edited vacant condition, and renderings are conceptual.
Key Highlights
- 7,150‑square‑foot parcel zoned T5‑O in the Wynwood NRD‑1
- Development allowance of 5 stories by right, up to 8 through the public benefits program; density of 150 units per acre
- Existing building has more than 13,700 SF on two floors, with no interior columns
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$447,592
Cap Rate
9.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,951,840
$9.0M
Cap Rate 7%
$6,394,171
$6.4M
Cap Rate 9%
$4,973,244
$5.0M
Market Conditions
NOI Build-Up for 13,719 SF
Gross rent
$712.8K $51.96/SF
− Vacancy
−$73.4K −$5.35/SF
EGI
$639.4K $46.61/SF
− OpEx
−$191.8K −$13.98/SF
NOI
$447.6K $32.63/SF
Area
Miami, FL
Vacancy
10.30%
Lease Rate
$51.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,951,840
Cap Rate 7%
$6,394,171
Cap Rate 9%
$4,973,244
Alternative Uses
Best Use
Retail
$6.39M
$5.59M – $7.46M
NOI $447,592 @ 7.0% cap · market cap 9.13%
Second Best
Office B
$5.62M
$4.92M – $6.56M
NOI $393,564 @ 7.0% cap · market cap 8.03%
Theoretical Best
Specialty Retail
$9.26M
$8.10M – $10.80M
NOI $648,229 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
5,003
Businesses Nearby
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Business Placement
Demographics for 33127, FL
27,692
Population
11,245
Households
2.5
Avg Household Size
37
Median Age
13%
College-Educated
69%
High-School Grad
3.3 sq mi
ZIP Area
8,392
Density / Sq Mi
$41,125
Median Household Income
$30,240
Median Earnings
$1,394
Median Rent
$398,800
Median Home Value
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Market
Vacancy Rate% for Office in Miami, FL
Frequently Asked Questions
What type of property is this?
Commercial land - The Wynwood parcel allows five stories by right, with additional height available through the public benefits program.
Where is this commercial land located?
The property is located at 2824 NW 5th Ave Miami, FL.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 7,150‑square‑foot parcel zoned T5‑O in the Wynwood NRD‑1; Development allowance of 5 stories by right, up to 8 through the public benefits program; density of 150 units per acre; Existing building has more than 13,700 SF on two floors, with no interior columns
