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.
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
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.
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.
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.
|Population Median Age||38||38||39|
|Population by Age||0-9 Yrs||3902 (13%)||33574 (12%)||89775 (11%)|
|10-19 Yrs||3278 (11%)||27613 (9%)||74833 (9%)|
|20-29 Yrs||4389 (14%)||39808 (14%)||109517 (13%)|
|30-39 Yrs||4635 (15%)||55643 (20%)||146939 (18%)|
|40-49 Yrs||4134 (14%)||39205 (14%)||119251 (14%)|
|50-59 Yrs||3238 (10%)||35563 (12%)||108484 (13%)|
|60-69 Yrs||2940 (9%)||24569 (8%)||81958 (10%)|
|70+ Yrs||3002 (10%)||21660 (7%)||79256 (9%)|
|Median HH Income||$32,682||$49,689||$51,261|
|Total Household Income||< 24K||4351 (41%)||31808 (28%)||91062 (27%)|
|25-49K||2534 (24%)||24250 (21%)||69215 (21%)|
|50-74K||1617 (15%)||18263 (16%)||51335 (15%)|
|75-99K||842 (8%)||12627 (11%)||34687 (10%)|
|100-199K||797 (7%)||15934 (14%)||49150 (15%)|
|200K+||338 (3%)||8753 (7%)||31288 (9%)|
|Highest Education Level||No Diploma||4905||33986||104721|
|Diploma or GED||5927||46339||142410|
|Total Housing Units||12,120||135,630||431,833|
|Owner-Occupied Values||< 100K||334||3694||9157|
|Total Working Age Population||23,635||226,662||674,152|
|In Work Force||14,196||152,481||442,402|
|Not In Work Force||9,438||74,181||231,750|
|Single Male w/Child||116||1,974||6,797|
|Single Female w/Child||1,072||10,049||22,734|
Population Change Last Two Decades - Plus Projection
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.