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    287 31St St Miami, FL 33127

    For Sale
    $1,800,000

    Prime Miami lot, 24-unit potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional 7,200 sq ft lot in Miami's Wynwood Norte neighborhood presents a lucrative redevelopment opportunity. Zoned T4-R, this property allows for the construction of up to 24 units, eliminating the need for parking. Currently featuring a single-family home generating approximately $3,000 monthly rental income, the site offers immediate cash flow while planning commences. Located near Wynwood, Midtown, and the Design District, this area boasts convenient access to I-95 and I-195, placing it within easy reach of Miami's vibrant cultural scene and numerous employment centers. The surrounding area is experiencing rapid growth, with hundreds of new developments underway, fueled by a 35% population increase in Miami from 2010 to 2022. The high demand for housing, coupled with Wynwood Norte's strong rental market (over 80% renter occupancy), makes this a compelling investment. The property's proximity to acclaimed restaurants, art galleries, and retail establishments further enhances its appeal. The asking price is $1,800,000, with a land value of $250 per square foot. The APN is 01-3125-019-3130. This is a rare chance to capitalize on Miami's booming real estate market and create a high-demand residential development in a rapidly appreciating neighborhood.

    Property Features for 287 31St St

    General Information

    Property type
    Multifamily properties

    Building Details

    Stories
    1

    HighLights

    • Approved for 24‑unit development, no parking required.
    • Wynwood Norte boasts an 80%+ rental occupancy rate.
    • Miami's 35% population growth (2010‑2022) fuels high housing demand.
    • Develop stylish units in a burgeoning neighborhood, minutes from Wynwood, Edgewater, and the Design District.
    • Strong job growth in South Florida drives significant population influx.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Realty agency Dental Office Spa & Massage Hair Salon Restaurant Nail Salon Building Supply Daycare Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.200935
    Latitude
    25.8058148

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    FAQs

    What type of property is this?
    Multifamily property - Prime Miami lot, 24-unit potential.
    Where is this multifamily property located?
    The property is located at 287 31St St Miami, FL.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Approved for 24-unit development, no parking required.; Wynwood Norte boasts an 80%+ rental occupancy rate.; Miami's 35% population growth (2010-2022) fuels high housing demand.
    (786) 261-5393
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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
    287 31St St Miami, FL 33127
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