87 Northeast 55th Street

Miami, FL 33137

Listing ID: 214629
$750,000
For Sale
  • Property Type Multifamily
  • Lot Size Acres 0.201
  • Building Sq Ft 9,000
  • Building Price per Sq Ft $83.33
  • Land Sq Ft 8,760
  • Land Price per Sq Ft $85.62
87 Northeast 55th Street - main image
87 Northeast 55th Street - alt image 2
Description

Fausto Commercial is proud to present the Buena Vista Multifamily Development located at 85-87 NE 55th Street, Miami FL 33137. The property is a short, four-block walk from the popular Upper Buena Vista stylish shopping spot and restaurant.The parcel is a corner to corner lot totaling 8,760 Sq. ft, zoned T4-R. Investor has the opportunity to build by right up to 7 units on one of the most desirable and popular areas in Miami right now. Another bonus this deal features, it’s the location, site is located in the opportunity zone were new buyer will have tax incentives.

OPPORTUNITY ZONES:

 The acquisition of this property qualifies the owner/developer for Opportunity Zone Tax incentives by deferring or reducing investment capital gain taxes over 5,7- or 10-year holding periods. These tax savings will provide increased Net Operating Income for the subject property compared to a similar comparable property located outside the Opportunity Zone.

DEVELOPMENT SITE:

 Under the current zoning, the property allows an owner/developer to build a Two (2) story, 6 apartment rental unit building. The subject site has easy access to public transportation, which could potentially reduce the amount of parking required for the property.

 The rental market for new construction for studios/one-bedroom apartments are approximately $1,450, two bedrooms/one-bathroom units are generating $1,750, the two bedrooms/two-bathroom units are being rented at $1,850, and the three bedrooms/two-bathroom apartments are being leased at approximately $2,500. If an owner/developer applies and is awarded Low Income Housing Tax Credits, a developer can reduce taxes by 4% annually (for acquisitions costs) and reduce taxes by 9% annually (for development costs) over the first 10 years (after the building is fully operational.

Listing Demographics

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population29,048278,437812,216
Population Median Age383839
Population by Age0-9 Yrs3835 (13%)33571 (12%)90136 (11%)
10-19 Yrs3239 (11%)27587 (9%)74739 (9%)
20-29 Yrs4310 (14%)39873 (14%)109660 (13%)
30-39 Yrs4538 (15%)55937 (20%)147535 (18%)
40-49 Yrs4064 (13%)39361 (14%)119727 (14%)
50-59 Yrs3212 (11%)35724 (12%)108620 (13%)
60-69 Yrs2899 (9%)24605 (8%)82120 (10%)
70+ Yrs2952 (10%)21780 (7%)79678 (9%)
Median HH Income$32,816$49,568$51,369
Total Household Income< 24K4234 (41%)32037 (28%)91494 (27%)
25-49K2445 (23%)24372 (21%)69205 (21%)
50-74K1590 (15%)18329 (16%)51435 (15%)
75-99K835 (8%)12631 (11%)34889 (10%)
100-199K788 (7%)15948 (14%)49456 (15%)
200K+338 (3%)8826 (7%)31633 (9%)
Highest Education LevelNo Diploma483634223104727
Diploma or GED583246507142421
Some College32723084880422
Assoc. Degree17151754047759
Bachelors Degree309842694126798
Higher Degree125230131103063
Total Housing Units11,853136,296433,785
--Owner-Occupied2,83335,528115,468
--Renter-Occupied7,39776,616212,643
Owner-Occupied Values< 100K33836979158
100-199K633541417482
200-299K518746125853
300-399K293381215019
400-499K172356610723
500K+8801157737234
Total Working Age Population23,261227,476675,972
In Work Force13,927152,959443,709
Not In Work Force9,33474,516232,263
Workforce Employed12,539142,743418,142
Workforce Unemployed1,38810,20725,044
Civlian Workforce13,927152,950443,186
Military Workforce010523
Total Households10,230112,144328,112
Family Households5,50257,730174,204
Non-Family Households4,72854,414153,908
Married Couple2,49933,207108,924
Other Family3,00324,52365,279
Married w/Child1,08512,33339,371
Single Male w/Child1161,9706,818
Single Female w/Child1,03510,04722,708

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Florida15,982,378+1818,801,310+1421,517,610+1324,340,457
Miami-Dade County2,253,362+112,496,435+152,861,579+113,190,242
Monroe County79,589-873,090+174,004074,301

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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