1235 2Nd St Miami, FL 33135

Property Details for 1235 2Nd St

Year built

1914

Property size

4,424 SF

Property type

Commercial real estate

Description

This exceptional Miami property, located at 1235 SW 2nd St, offers a compelling investment opportunity. The 4,424 square foot multifamily building, constructed in 1914, sits on a sizable 7,500 square foot lot in Miami-Dade County, Florida (zip code 33135). Currently generating income from five units – a large four-bedroom, two-bathroom unit, four one-bedroom, one-bathroom units, and one studio – this property presents a diversified rental portfolio. The building's unit mix caters to a range of tenants, enhancing its overall stability and appeal. Importantly, the property boasts T6-12-O mixed-use high-density zoning, unlocking significant development potential. The 40-year recertification was recently completed in June 2024. This zoning, coupled with eligibility for affordable housing density bonuses and the recently passed Live-Local legislation, allows for substantial expansion. Developers can potentially increase building height to over 20 stories and significantly raise the unit count by reserving 40% of new units for those earning up to 120% of the Area Median Income (AMI), which is near current market rents. This translates to a multitude of mixed-use possibilities, including retail, residential, hospitality, and office spaces, making this a truly unique covered land play with substantial upside. The asking price for this prime Miami property is $1,300,000.