$950,000
$950,000
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6,969 Sqft Lot
SOLD DATE : 10/03/2022
Key Details
Sold Price $950,000
Property Type Vacant Land
Sub Type Residential
Listing Status Sold
Purchase Type For Sale
Subdivision Lawrence Estate Land Co
MLS Listing ID A11257309
Sold Date 10/03/22
HOA Y/N No
Annual Tax Amount $5,895
Tax Year 2021
Lot Size 6,969 Sqft
Acres 0.16
Lot Dimensions 50x140
Property Description
Site Plan Approved 2-story 10-unit development site in Little Havana, Miami, Florida w/ 100% parking reduction. Permit approval & 100% parking reduction approval in next 2 to 3 months. “The Pennant Apartments” has the permit set available for review during due diligence. Plans & renderings by Modis Architects. Zoned T5, the project is on a 7,000 SF lot w/ 8,745 planned buildable & 6,593 leasable SF. Existing improvements generate current income of $2,300/mo covering expenses until demo. Hot Little Havana continues to develop as Brickell expands wests & achieves $4/SF/mo in rental rates. See attached proforma rental model & development/IRR model showing a approx. 32% return. Near the Stadium & well positioned between Brickell, Wynwood, the Hospital District, Roads, Gables & Grove.
Location
State FL
County Miami-dade County
Community Lawrence Estate Land Co
Area 41
Direction Sign on property. Don't bother tenants. Please see attachments to include the survey, property information, development and IRR Model. Full permits in 2 to 3 months.
Exterior
Utilities Available Sewer Available, Trash Collection, Water Available
Waterfront No
Present Use Multi-Family
Street Surface Paved
Building
Lot Description <1 Acre
Sewer Public Sewer
Water Public
Others
Tax ID 01-41-02-005-8270
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
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