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    606 Flagler St Miami, FL 33130

    For Sale
    $18,000,000

    1.82-acre mixed-use development opportunity

    Property size:
    79,487 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    361
    This exceptional 1.82-acre assemblage in Miami, Florida, presents a unique investment opportunity. Located at 606 W Flagler St, this property boasts 79,487 square feet and is comprised of eleven contiguous parcels spanning a full block, from W Flagler Street to SW 1st Street. The site benefits from a T6-12-O zoning designation, allowing for a diverse range of uses including high-density multifamily, hotel, retail, and office development. As of right, the zoning permits 274 multifamily units, with potential for expansion to over 342 units under the Live Local Act. The property's strategic location offers easy access to major highways and is in close proximity to Downtown Miami (0.4 miles), Brickell (0.6 miles), and the Miami River (0.15 miles). Multiple ingress and egress points via W Flagler Street, SW 1st Street, and SW 6th Avenue enhance accessibility. The site's ease of development is further enhanced by the absence of inferior zoning on abutting parcels. Current market rents in the Little Havana submarket exceed $3.50 per square foot for newer construction, with vacancy rates below 3.5%. The asking price for this prime development site is $18,000,000, translating to $226.45 per square foot. The property is currently vacant.

    Property Features for 606 Flagler St

    General Information

    Property type
    Multifamily properties
    Square Feet
    79,487 SF
    Lot Size
    79,279 SF

    HighLights

    • Excellent access via West Flagler Street (outbound) and SW 1st Street (inbound).
    • SW 6th Avenue provides convenient north‑south access.
    • T6‑12‑O zoning allows for multifamily, office, hotel, and retail development.
    • Close proximity to Miami River (0.15 miles), Downtown (0.4 miles), and Brickell (0.6 miles).
    • 274 buildable units as‑of‑right, expandable to 342 units with Live Local Act.
    • Easy development with no adverse abutting zoning.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Seybold Zsuzsanna V ... Doctor Fox Medical Centers: ... Family Practice Physician Dr. Gem Jagmohan Family Practice Physician Physicians Associates: Chamorro ... Doctor Physicians Associates: Caso ... Doctor

    Suggested Use

    Restaurant Realty agency Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.2046501
    Latitude
    25.7735286

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    FAQs

    What type of property is this?
    Multifamily property - 1.82-acre mixed-use development opportunity
    Where is this multifamily property located?
    The property is located at 606 Flagler St Miami, FL.
    What is the asking price?
    The asking price for this property is $18,000,000.
    What are key features of this property?
    This property features: Excellent access via West Flagler Street (outbound) and SW 1st Street (inbound).; SW 6th Avenue provides convenient north-south access.; T6-12-O zoning allows for multifamily, office, hotel, and retail development.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    606 Flagler St Miami, FL 33130
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