2830 5Th AveMiami, FL 33127

Property Details for 2830 5Th Ave

Year built

1950

Construction

CONCRETE

Lot size

0.39 AC

Property size (Sq ft)

13,930 SF

Zone code

6100:COMMERCIAL,NEIGHBRHD

Property type

Retail properties

Property subtype

Outlet malls

APN

01-3125-024-2600

APU

131250242600

Description

This exceptional 17,160 square foot lot, located at 2830 NW 5th Avenue in Miami's vibrant Wynwood neighborhood, presents a remarkable redevelopment opportunity. Currently vacant, the property boasts a 14,000 square foot building and is zoned T6-8 O NRD-1, allowing for a wide range of uses, including residential, hotel, office, and retail. With a permitted zoning that allows for up to 12 stories with bonuses, the site offers significant potential for a high-density mixed-use development. The impressive 164,736 square feet of buildable floor area (with bonuses) allows for a project of substantial scale. The asking price is $11,900,000, with a pro-forma cap rate of 9.24% and a pro-forma NOI of $1,100,000. This value-add investment presents a unique chance to capitalize on Wynwood's thriving market and create a landmark development. The by-right residential density is 150 units per acre, with a maximum of 225 units per acre permitted via bonus, equating to 89 units/177 keys. The property's location along NW 5th Avenue offers excellent visibility and accessibility. This is an exceptional opportunity for adaptive reuse or redevelopment in one of Miami's most sought-after neighborhoods. The price per square foot is $850.

• CAP approach

  CAP return

  Valuation

  6%

  $15,878,834

  6.5%

  $14,657,385

  7%

  $13,610,429

• Comparable approach

  Method

  Valuation

  Relative Method

  $13,439,764

  Geo Method

  $13,439,764

• Alternative Use

  Use

  Valuation

  Residential

  $12,364,053

  Hospitality

  $11,325,406

  Educational

  $9,422,605

  Medical

  $9,746,663

  Retail

  $14,657,385

Location Insight

City

Miami

County

Miami-dade

State

Florida

Latitude

25.8034

Longitude

-80.2036

CBSA code

33100

CBSA name

MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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