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    255 32Nd St Miami, FL 33127

    For Sale
    $2,350,000

    Miami Mixed-Use Property: High Potential

    Property size:
    2,588 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    362
    This exceptional mixed-use property in Miami's Wynwood Norte area presents a compelling redevelopment opportunity. Situated on a 10,000 square foot lot, the property comprises two buildings totaling 2,588 square feet. The existing structures include a duplex with two 3-bedroom, 1-bathroom units (approximately 900 square feet each) and a separate 3-bedroom, 2-bathroom ancillary unit, also roughly 900 square feet. Currently 100% occupied with month-to-month leases at $1,795 per month per unit, generating a gross annual income of $65,000, the property offers immediate cash flow with significant upside potential due to below-market rents. The T4-R zoning with NRD 2 Overlay allows for increased density, permitting approximately 33 units per acre. This presents a unique chance to capitalize on the vibrant Wynwood area's growth and demand for residential and mixed-use development. The asking price is $2,350,000, translating to a land value of $330 per square foot. Seller financing may be available. The property's prime location offers easy access to Midtown, Wynwood, and the Design District. This is an ideal investment for developers seeking a covered land play with substantial upside in a rapidly appreciating market.

    Property Features for 255 32Nd St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    2,588 SF

    Building Details

    Buildings
    2
    Stories
    2
    Units
    3

    HighLights

    • Seller financing available.
    • Income‑producing, 10,000 SF lot with redevelopment potential; currently generating $65,000 annual gross income from three occupied units.
    • Prime Wynwood location, near Midtown and Design District.
    • Wynwood NRD2 zoning allows for increased density, approximately 33 units per acre.
    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
    -80.200728648163
    Latitude
    25.806568729407

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    FAQs

    What type of property is this?
    Mixed-use property - Miami Mixed-Use Property: High Potential
    Where is this mixed-use property located?
    The property is located at 255 32Nd St Miami, FL.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: Seller financing available.; Income-producing, 10,000 SF lot with redevelopment potential; currently generating $65,000 annual gross income from three occupied units.; Prime Wynwood location, near Midtown and Design District.
    (310) 710-5080
    Request Owner's contact information
    255 32Nd St Miami, FL 33127
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    Miami, FL 33127
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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
    255 32Nd St Miami, FL 33127
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