287 31St St Miami, FL 33127

Property Details for 287 31St St

Property type

Commercial real estate

APN

01-3125-019-3130

Description

This exceptional 7,200 sq ft lot in Miami's Wynwood Norte neighborhood presents a lucrative redevelopment opportunity. Zoned T4-R, this property allows for the construction of up to 24 units, eliminating the need for parking. Currently featuring a single-family home generating approximately $3,000 monthly rental income, the site offers immediate cash flow while planning commences. Located near Wynwood, Midtown, and the Design District, this area boasts convenient access to I-95 and I-195, placing it within easy reach of Miami's vibrant cultural scene and numerous employment centers. The surrounding area is experiencing rapid growth, with hundreds of new developments underway, fueled by a 35% population increase in Miami from 2010 to 2022. The high demand for housing, coupled with Wynwood Norte's strong rental market (over 80% renter occupancy), makes this a compelling investment. The property's proximity to acclaimed restaurants, art galleries, and retail establishments further enhances its appeal. The asking price is $1,800,000, with a land value of $250 per square foot. The APN is 01-3125-019-3130. This is a rare chance to capitalize on Miami's booming real estate market and create a high-demand residential development in a rapidly appreciating neighborhood.