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249 Collins Ave 0.3 Acres of Commercial Land Offered at $21,827,841 CAD in Miami Beach, FL 33139
Executive Summary
Ultra Rare South of Fifth development opportunity! This 13,000 SF lot includes 249 Collins Ave, 255 Collins Ave & 247 Ocean Ct. Existing improvements feature 15 apartments + 2 retail spaces producing $467,900 gross annually with rents well below market. A development feasibility study confirms the potential to build up to 5 stories with 26 residential units and 22,750 SF of buildable area without variances. Potential to increase this even more by taking advantage of the Live Local Act or other state, county, & city development bonuses. Exceptional chance to create a new project in Miami Beach's most coveted neighborhood, blending immediate income with prime development upside. RPS-3 Zoning. See attached 2022 Zoning Feasibility Report.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per AC (CAD) |
|---|---|---|
| Gross Rental Income |
$638,328
|
$2,139,168.63
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$638,328
|
$2,139,168.63
|
| Taxes |
$127,502
|
$427,285.10
|
| Operating Expenses |
$65,484
|
$219,448.80
|
| Total Expenses |
$192,985
|
$646,733.91
|
| Net Operating Income |
$445,343
|
$1,492,434.73
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $638,328 |
| Annual Per AC | $2,139,168.63 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $638,328 |
| Annual Per AC | $2,139,168.63 |
| Taxes (CAD) | |
|---|---|
| Annual | $127,502 |
| Annual Per AC | $427,285.10 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $65,484 |
| Annual Per AC | $219,448.80 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $192,985 |
| Annual Per AC | $646,733.91 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $445,343 |
| Annual Per AC | $1,492,434.73 |
Property Facts
| Price | $21,827,841 CAD | Property Subtype | Commercial |
| Sale Type | Investment or Owner User | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 0.30 AC |
| Property Type | Land | ||
| Zoning | RPS-3 - RPS-3 Zoning | ||
| Price | $21,827,841 CAD |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.30 AC |
| Zoning | RPS-3 - RPS-3 Zoning |
1 Lot Available
Lot
| Price | $21,827,841 CAD | Lot Size | 0.30 AC |
| Price Per AC | $73,140,041.37 CAD |
| Price | $21,827,841 CAD |
| Price Per AC | $73,140,041.37 CAD |
| Lot Size | 0.30 AC |
Description
Ultra Rare South of Fifth development opportunity! This 13,000 SF lot includes 249 Collins Ave, 255 Collins Ave & 247 Ocean Ct. Existing improvements feature 15 apartments + 2 retail spaces producing $467,900 gross annually with rents well below market. A development feasibility study confirms the potential to build up to 5 stories with 26 residential units and 22,750 SF of buildable area without variances. Potential to increase this even more by taking advantage of the Live Local Act or other state, county, & city development bonuses. Exceptional chance to create a new project in Miami Beach's most coveted neighborhood, blending immediate income with prime development upside.
1 1
Very walkable
80/100
Very drivable
80/100
Some public transit
40/100
Very bikeable
80/100
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249 Collins Ave
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