About This Property

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.

Key Features

• 13,000 sq ft Lot
• Built in 1920

Property Details

• Type: Single Family Home
• Year Built: 1920
• Lot Size: 13,000 sq ft
• HOA: Contact Agent
• Bedrooms: 0
• Bathrooms: 0
• Feature: 13,000 sq ft Lot
• Feature: Built in 1920
• Status: Active
• MLS Number: 1139743806
• Days on Market: 387
• Listed By: BHHS EWM Realty · Ben Brissi
• Zip Code: 33139