Marcus & Millichap (NYSE: MMI) has obtained the exclusive right to market 41,554 square feet—almost one acre—of land at 2699 Biscayne Blvd. in Miami’s Edgewater neighborhood.
The redevelopment opportunity is listed for $19,750,000.
“This is an excellent opportunity to acquire one of the largest available Edgewater land parcels with Biscayne Blvd. frontage,” says Ryan Shaw, a vice president investments in Marcus & Millichap’s Miami office. “There are approximately nine projects underway in the area with over 2,500 units that will increase demand for retail space. The zoning for the property is T6-36-A-O, which allows for 498,648 buildable square feet and 143 units.”
Shaw and Al Palacios, a senior associate, also in Marcus & Millichap’s Miami office, are representing the seller, a limited liability company from Miami.
“Currently, there is a 15,034-square-foot strip center which has $300,000 of annual income and six apartment units on the property,” adds Palacios. “An investor can also make a small return with no carry costs while planning for redevelopment.”
Located on the area’s main traffic corridor at 2699 Biscayne Blvd., the property is just blocks from the Design District, between Interstate 395 and Interstate 195 and near Midtown Miami and Wynwood. Miami Airport and the Port of Miami are approximately a 15-minute commute away.
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