Investment Overview

The 6372 Collins Avenue lot is a .47 +/- Acre lot that is currently being used as a parking lot. The property is zoned RM-2 which is a Residential Medium Density zoning. The lot has 32 parking spaces including one handicap space. The property is currently used by local hotels as guest and employee parking and it generates between $25,000-$30,000 a month. The property fronts on the west side of Collins Avenue and spans to Indian Creek Drive. The property is zoned RM-2 which allows for the development of a residential or hotel building. There is a 2.0 Floor Area Ratio which means you can build approximately 40,826 SF. The lot does not fall in any of the historic districts, therefore there is a height restriction of 65 feet. The subject site is ideally located in the southern section of North Beach between multiple hotels and condominium buildings. There are a number of new developments in the North Beach area but due to the lack of available land in the subject property’s immediate area there has not been any additional development since 2010. There are several projects currently being developed in the New Town District between 69th and 72nd Street and from Collins Ave to Indian Creek as well as the vacant Deauville site on the ocean which will be redeveloped in the future.