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    7090 59 Pl South Miami, FL 33143

    Sponsored
    For Sale
    $989,000

    Prime South Miami location, redevelopment opportunity.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a 1964-built apartment building located at 7090 SW 59th Pl, South Miami, FL 33143, currently listed at $989,000. The property, known as SomiWalk, is situated on two parcels spanning a city block, and is slated for redevelopment by Alta Development. The project will feature separate entrances for residential and office components, capitalizing on the high-demand South Miami market. This prime location is just two blocks from the University of Miami and Coral Gables, within walking distance of upscale amenities such as Fresh Market and Whole Foods. The proximity to the upcoming Sunset Place Redevelopment further enhances the property's value and potential for future growth. The surrounding neighborhood is known for its exclusivity, with home prices averaging around $5.3 million, making SomiWalk an attractive entry point into this affluent area at a significantly lower cost. The building's mixed-use nature, encompassing apartment and office space, offers diverse income streams and redevelopment possibilities. While the current building dates back to 1964, the redevelopment plan presents a chance to create a modern, high-value property in a highly desirable location. The property's size is suitable for a range of redevelopment scenarios, with spaces potentially ranging from 1,000 to 30,000 square feet. Future residents will enjoy access to amenities such as indoor pickleball courts and a gym.

    Property Features for 7090 59 Pl

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1964

    HighLights

    • $989,000 asking price.
    • Mixed‑use property (Office, Multifamily) with Apartment Building subtype, built in 1964.
    • Located at 7090 SW 59th Pl, South Miami, FL 33143, near University of Miami and Coral Gables.
    • Two‑parcel redevelopment project by Alta Development, offering residential and office space with separate entrances.
    • Offers access to amenities including indoor pickleball courts and a gym.
    Property Profile Location Intelligence

    Current Use by Public Records

    Fast Care Mechanics Mechanic AAA Sliding Glass ... Glass Repair Service

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Dental Office Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    South Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.2906441
    Latitude
    25.7054405

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    FAQs

    What type of property is this?
    Multifamily property - Prime South Miami location, redevelopment opportunity.
    Where is this multifamily property located?
    The property is located at 7090 59 Pl South Miami, FL.
    What is the asking price?
    The asking price for this property is $989,000.
    What are key features of this property?
    This property features: $989,000 asking price.; Mixed-use property (Office, Multifamily) with Apartment Building subtype, built in 1964.; Located at 7090 SW 59th Pl, South Miami, FL 33143, near University of Miami and Coral Gables.
    Request Owner's contact information
    7090 59 Pl South Miami, FL 33143
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    South Miami, FL 33143
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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
    7090 59 Pl South Miami, FL 33143
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