Multi-Family
1440 Michigan Avenue Land
1440 Michigan Ave, Miami Beach, FL 33139
Listing Price: $6,999,999
Investment Overview
Marcus & Millichap is proud to market 1440 Michigan Avenue, a 23,040 square foot RM-1 zoned vacant lot with approximate dimensions of 72 feet by 320 feet. The property is an excellent opportunity for a developer to build a multi-unit residential project in the highly sought after South Beach submarket of Miami Beach. Vacant lots of this size are rarely marketed in this part of Miami beach with the current RM-1 zoning allowing for 28,800 buildable square feet with a maximum height of fifty feet. Assuming an average unit size of 1,000 square feet, a developer can build 28 units. The subject property sits just south of busy 15th Street, a major East/ West corridor that connects Alton Road to the Beaches. Immediately surrounding the property are multiple multifamily and retail buildings including a new Shoma Developer multi-family building located immediately to the North. Miami Beach has seen an incredible uptick in population density since the end of the Covid pandemic, resulting in more demand for upscale offices, retail, and newer construction multifamily. This site is ideal for a developer looking to build a smaller to midsized multi-family development in an exclusive area. Additionally, the location can be developed into two mansion-style single family homes.
1440 Michigan Avenue Land
Investment Highlights
- Located in South Beach, Just South of 15th Street in the Heart of the City Just South of Lincoln Road
- RM-1 Zoning Allows for Development of Up to 28,800 Square Feet and Up To 50 Feet in Height
- Developers Can Build Up To 28 Units Based on 1,000 SF Units
- The Site Sits Just South of Busy Fifteenth Street Equidistant from The Bay and The Beaches
- The South Beach Multi-Family Rental Rates Have Skyrocketed Since the End of the Covid Pandemic, with Rental Rates More than Doubling Since 2020
- The Site Can Also Be Developed into Multiple Single Family Homes
Exclusively Listed By
Listing Price: $6,999,999
Investment Highlights
- Located in South Beach, Just South of 15th Street in the Heart of the City Just South of Lincoln Road
- RM-1 Zoning Allows for Development of Up to 28,800 Square Feet and Up To 50 Feet in Height
- Developers Can Build Up To 28 Units Based on 1,000 SF Units
- The Site Sits Just South of Busy Fifteenth Street Equidistant from The Bay and The Beaches
- The South Beach Multi-Family Rental Rates Have Skyrocketed Since the End of the Covid Pandemic, with Rental Rates More than Doubling Since 2020
- The Site Can Also Be Developed into Multiple Single Family Homes
Investment Overview
Marcus & Millichap is proud to market 1440 Michigan Avenue, a 23,040 square foot RM-1 zoned vacant lot with approximate dimensions of 72 feet by 320 feet. The property is an excellent opportunity for a developer to build a multi-unit residential project in the highly sought after South Beach submarket of Miami Beach. Vacant lots of this size are rarely marketed in this part of Miami beach with the current RM-1 zoning allowing for 28,800 buildable square feet with a maximum height of fifty feet. Assuming an average unit size of 1,000 square feet, a developer can build 28 units. The subject property sits just south of busy 15th Street, a major East/ West corridor that connects Alton Road to the Beaches. Immediately surrounding the property are multiple multifamily and retail buildings including a new Shoma Developer multi-family building located immediately to the North. Miami Beach has seen an incredible uptick in population density since the end of the Covid pandemic, resulting in more demand for upscale offices, retail, and newer construction multifamily. This site is ideal for a developer looking to build a smaller to midsized multi-family development in an exclusive area. Additionally, the location can be developed into two mansion-style single family homes.
Exclusively Listed By
