5540 Northeast 1st Avenue

Miami, FL 33137

Listing ID: 214640
$450,000
For Sale
  • Property Type Land : Apartment Land
  • Lot Size Acres 0.104
  • Land Sq Ft 4,550
  • Land Price per Sq Ft $98.90
Description

Fausto Commercial is proud to present the Buena Vista Multifamily Development located at 5540 NE 1st Place, 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 lot totaling 4,550 Sq. ft, zoned T4-R. Investor has the opportunity to build by right up to 3 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, 3 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.

RENTAL MARKET:

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 Population29,518277,635810,012
Population Median Age383839
Population by Age0-9 Yrs3902 (13%)33574 (12%)89775 (11%)
10-19 Yrs3278 (11%)27613 (9%)74833 (9%)
20-29 Yrs4389 (14%)39808 (14%)109517 (13%)
30-39 Yrs4635 (15%)55643 (20%)146939 (18%)
40-49 Yrs4134 (14%)39205 (14%)119251 (14%)
50-59 Yrs3238 (10%)35563 (12%)108484 (13%)
60-69 Yrs2940 (9%)24569 (8%)81958 (10%)
70+ Yrs3002 (10%)21660 (7%)79256 (9%)
Median HH Income$32,682$49,689$51,261
Total Household Income< 24K4351 (41%)31808 (28%)91062 (27%)
25-49K2534 (24%)24250 (21%)69215 (21%)
50-74K1617 (15%)18263 (16%)51335 (15%)
75-99K842 (8%)12627 (11%)34687 (10%)
100-199K797 (7%)15934 (14%)49150 (15%)
200K+338 (3%)8753 (7%)31288 (9%)
Highest Education LevelNo Diploma490533986104721
Diploma or GED592746339142410
Some College32893077880372
Assoc. Degree17361751447744
Bachelors Degree317042487125913
Higher Degree128230019102109
Total Housing Units12,120135,630431,833
--Owner-Occupied2,82435,497115,075
--Renter-Occupied7,65576,138211,662
Owner-Occupied Values< 100K33436949157
100-199K628544017582
200-299K525745525764
300-399K291381214912
400-499K175356910637
500K+8711152837023
Total Working Age Population23,635226,662674,152
In Work Force14,196152,481442,402
Not In Work Force9,43874,181231,750
Workforce Employed12,765142,269416,929
Workforce Unemployed1,43110,20324,952
Civlian Workforce14,196152,472441,881
Military Workforce09520
Total Households10,478111,635326,737
Family Households5,61957,628173,747
Non-Family Households4,86054,007152,991
Married Couple2,54933,103108,534
Other Family3,07024,52565,213
Married w/Child1,10412,31239,185
Single Male w/Child1161,9746,797
Single Female w/Child1,07210,04922,734

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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