800 NE 85th Street, Miami FL 33138
Fausto Commercial is pleased to present for sale The Miami Shorecrest Development opportunity, a multifamily and vacant land property located at 800 NE 85th Street, Miami FL 33138. The property consists of 4 units sitting on 7,200 Sq. Ft zoned T5-R and 28,065 Sq. Ft T3-R vacant lot, totaling 35,265 Sq. Ft. of land.
Under the current zoning, the property allows an owner developer to build 15 units (10 units multifamily and five single family homes with a retail price of approximately $600,000 each. The developer could partially increase the zoning on the vacant land allowing for an additional 20 units for a total of 30 units or more.
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.