3421 NW 5Th Ave Miami, FL 33127

Property Details for 3421 NW 5Th Ave

Year built

1948

Property size

7,250 SF

Property type

Small apartment buildings

Description

This exceptional multifamily investment opportunity presents a rare chance to acquire a 2-unit duplex situated on an expansive 7,250 square foot lot in Miami's thriving Wynwood North area. The property, built in 1948, is currently configured as a duplex with four bedrooms and two bathrooms, offering immediate income potential for the buyer. The property's zoning, T6-L, within the Wynwood Norte NRD2 overlay, presents significant upside. This coveted zoning allows for high-density development, permitting up to 150 units per acre and a building height of five stories by right, with a bonus allowing for an additional three stories. The location is highly desirable, just blocks from the Wynwood Walls, renowned museums, breweries, boutiques, bistros, and bars. Its proximity to major transportation arteries, including I-195 and I-95, ensures easy access to Downtown Miami, Midtown Miami, Miami Beach, and the FTX Arena. The asking price is $2,295,000, translating to $316.55 per square foot and $1,147,500 per unit. This presents a compelling investment opportunity with substantial potential for future development and appreciation in one of Miami's most dynamic neighborhoods. The property's size and zoning regulations offer endless possibilities for a savvy investor seeking to capitalize on the area's continued growth.