Arts Center Apartments

11-09-2021
11-09-2021

1315 NE Miami Ct, Miami, FL 33132

Property Description

The Porosoff Group of Compass Commercial is proud to present 1315 NE Miami Court, a three-story, a 35-Unit building built in 1960, with 17,969 SF of rentable space on an 18,750 (0.43 Acres) lot. The property is zoned T6-24A-O under Miami-21 zoning which has an overlay of 500 units per acre and allows for high-rise apartment/condo development in addition to short-term hospitality, office buildings, hotels, and other mixed uses.

The property is currently 100% occupied by month-to-month tenants at below-market rents. The unit mix is 34 One-bedroom units and 1 Two-bedroom unit. As a result of significant high-rise development surrounding the property, there is a much higher and better use for the property. Surrounding projects include Melo Group – Art Plaza Tower (2019) 667 units which are direct across the street from the subject property, Melo Group – Square Station (2018) 710 Units, Melo Group – Miami Plaza (2020) 425 units, Melo Group – Melody (2017) 497 units, NR Developers - Canvas Miami (2017) 513 units, PMG - E11even Residences 400 units and more in the planning stages. An additional new driver to the area is the Nite Owl Drive-In movie theatre created by the Estefan Family on a nearby city block, they own which is also prime for future development. This irreplaceable location is steps away from the new 395 Signature Bridge & Park Project, Miami Worldcenter, Brightline, and is within close proximity to the surrounding neighborhoods of Wynwood, Edgewater, Brickell, and downtown Miami. 
One route to consider would be to convert the existing building into a short-term hospitality option. Post-covid Miami is seeing extreme demand for hotel rooms as Miami was one of the first major markets to reopen fully post-covid. Under this scenario, a savvy investor should be able to achieve an average nightly rate of $125 annualized with proper capital improvements and marketing. Additional information regarding the operations for the short-term hospitality scenario is on page 16. 
The alternative scenario would be to purchase the property for immediate development. A zoning study on the property revealed the ability to build 215 residential units and commercial space allowing up to 248,674 gross square feet subject to a zoning variance. **CONTACT DAVID COHEN @ 954-661-4908 or David@porosoff.com for additional details.

Key Property Information

Listing Status
Available
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 10,999,000
No. of Units
35
Year Built
1960
Building Size
17,969 Sq ft
Lot Size
18,730 Sq ft
No. of Stories
3
Opportunity Zone
Off
Price per unit
$ 314,257
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