1080 93Rd St Bay Harbor Islands, FL 33154

Property Details for 1080 93Rd St

Year built

1965

Lot size

0.52 lot acres

Property size

30,017 SF

Property type

Commercial real estate

APN

13-2227-001-2900

Description

This exceptional value-add investment opportunity presents a vacant, fully gutted 30,017 square foot, four-story apartment building situated on a 0.52-acre lot in the highly desirable Bay Harbor Islands, Florida. The property, currently vacant, boasts approved plans for a sophisticated renovation transforming it into a luxury residential complex. The existing building, constructed in 1965, comprises 24 units within a Class B building, offering a unique chance to create upscale living spaces. The approved plans envision expansive layouts, serene courtyards, and a modern lobby, catering to the area's demand for high-end residences. Located on 93rd Street, the property benefits from prime waterfront proximity to the renowned Bal Harbour Shops, Miami's top beaches, and high-end dining options. The asking price is $10,700,000, translating to $356.46 per square foot and $445,833.33 per unit. The land value alone is $472 per square foot. The property features 1.2 parking spaces per 1,000 square feet and is zoned RM-2. Potential federal and local tax incentives further enhance the project's feasibility, making this a truly unparalleled value-add opportunity in a sought-after market. The property is currently distressed and offers a streamlined path for immediate renovation.