Marcus & Millichap Exclusively Lists Little Havana Development With Income

Marcus & Millichap announced the exclusive listing of a Little Havana development opportunity with income in Miami.

The Little Havana development encompasses three contiguous properties that span 49,000 square feet. It comprises an office building under lease to a security firm, a vacant office building and a fully leased triplex multifamily property. These properties comply with the Miami 21 Code T6-8 O zoning regulations, allowing for multistory residential buildings up to eight stories high, with a maximum of 168 dwelling units, and may qualify for higher density under the Live Local Act 102. All properties are situated less than one mile from the 836 Expressway and just a ten-minute drive from Miami International Airport.

The offering price is $11 million.

“This is an exclusive opportunity to redevelop a site in one of Miami’s strongest and most stable neighborhoods with incredible in-place return and seller financing,” says Alex Zylberglait, senior managing director investments. “This area is significantly undersupplied, and any development will likely generate tremendous demand just steps from Marlin Stadium.”

Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, are presenting this opportunity on behalf of the seller, Rampante Cavallino Miami LLC.