TROPHY ASSET

Generational Development Opportunity

Covered Land Play 

 
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Executive Summary

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Metro 1 Commercial is proud to present a rare opportunity to acquire the most important trophy corner property assemblage in Wynwood today. This unique property is comprised of a 10,477 SF retail building which received a first-class complete renovation in 2012 and is nearly fully leased to exciting tenants such as Ducati, BoxElder and Palmar. The properties sit on nearly an acre of land on the best hard corner location in Wynwood. This site is comprised of approximately an acre (41,550 SF) of land, making it prime for future development.

The Property is located within the newly approved Wynwood NRD which was created jointly by the Wynwood BID and the City of Miami with the goal of encouraging development within the district while preserving its unique character. This collaboration has produced one of the most innovative zoning plans in the county and has already earned Wynwood several awards for its progressive zoning. The Properties in particular are well suited to capitalize on the new zoning regulations. The parcels fronting NW 29th Street benefit from the maximum allowable height limits within the district (8 floors with the ability to bonus up to 12 stories) and an increased density of 150 residential units per acre. The parcels to the south benefit from an increased lot coverage area (90%) which increased buildable area on the site.

 

 

Address: 2825 NW 2 Avenue, Miami, FL, 33127

Asking Price: $33,000,000

Total Lot Size: 41,550 SF (.95 Acres)

Gross Leasable Area: 12,440 SF

Total Gross Development SF w/ Bonus: 388,580 SF

Density Allowed: 144 Residential Units / 288 Hotel Units

2018 NOI: $550,890

2018 Proforma NOI: $688,870 

2019 Proforma NOI: $901,023 

A TROPHY ASSET IN A TROPHY LOCATION