255 32Nd St Miami, FL 33127
- Commercial real estate
- 2,588 SF
Current Use by Public Records
- Commercial real estate
Property Details for 255 32Nd St
- Property size
- 2,588 SF
- Property type
- Commercial real estate
Description
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.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Miami
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.200728648163
- Latitude
- 25.806568729407
