505 82Nd St Miami, FL 33138

Property Details for 505 82Nd St

Year built

1947

Property size

7,494 SF

Property type

Commercial real estate

APN

01-3207-023-0020

Description

This 12-unit apartment building in Miami, FL, presents a compelling redevelopment opportunity. The property, located at 505 NE 82nd St, 33138, boasts 7,494 square feet on a 17,238 square foot lot. All twelve units are identical one-bedroom, one-bathroom apartments, recently renovated in 2020. Currently operating at 100% occupancy, the property generates a pro-forma NOI of $165,700, representing a 5.95% pro-forma cap rate at an asking price of $2,785,500. The building's C-class designation and 1947 construction date, coupled with the 2020 renovations, offer a solid foundation for future growth. Importantly, the property is zoned T-6-8-0, permitting mixed-use development. This zoning, combined with its Transit-Oriented Development (TOD) designation and proximity to 7950 NE Bayshore Court (allowing for up to 21 stories under the Live Local Act), unlocks significant potential. The TOD designation eliminates parking requirements, while the zoning allows for the construction of up to 61 apartments, with a possible 10% bonus, plus commercial space. This translates to a substantial increase in density and potential revenue streams. The current price per unit is $232,125, and the land value is $174 per square foot. This property represents a strategically located long-term development play with significant upside potential in a rapidly growing Miami neighborhood. The property is conveniently located near public transit, I-95, the beach, and the Design District. A new roof is currently being installed.