244 NW 32nd St - Apartments FOR SALE


Miami, FL 33127- Wynwood
$1,175,000 USD
786-261-5393
244 NW 32nd St, Miami, FL for Sale
$1,175,000 USD
Apartments - FOR SALE
1/1
null | Request Cap Rate

244 NW 32nd St
Miami, FL 33127
Wynwood


HIGHLIGHTS

  • Covered land play with a stabilized income stream during entitlement and planning phases.
  • T4-R zoning within NRD-2 overlay allowing up to 24 residential units by right.
  • No parking requirement enhances design flexibility and reduces development costs.
  • Located within walking distance of Wynwood, Midtown, and the Design District for high tenant demand.
  • Suitable for apartments, rental housing, or fee-simple townhouse projects.
  • Positioned in a high-growth Miami corridor with proximity to retail, dining, and employment hubs.

OVERVIEW

This Wynwood Norte covered land play is a rare opportunity that combines immediate income with significant future development potential in one of Miami’s most dynamic neighborhoods. The existing improvements feature a maintained triplex delivering approximately $4,000 in monthly income, providing cost offsets while plans and permits are prepared. The property sits on a 7,100-square-foot lot zoned T4-R under the NRD-2 overlay, allowing for up to 24 residential units without the need for parking or variances. This flexible zoning unlocks multiple redevelopment strategies such as apartments, rental housing, or fee-simple townhomes. Situated near NW 2nd Avenue and just steps from major growth corridors, this site offers unmatched connectivity to Wynwood, Midtown Miami, and the Design District. With its income-producing structure and future development upside, the property provides near-term returns with strong long-term capital appreciation prospects, appealing to both developers and investors looking to secure a position in an urban infill market experiencing rapid transformation.

FOR SALE DETAILS

PRICE

$1,175,000 USD

PRICE/SF

$588 USD /SF

# OF UNITS

3

PRICE/UNIT

$391,667

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1990

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

T4-R

APN/PARCEL ID

01-3125-019-3050

ASK ABOUT THIS PROPERTY

Robin PerezFausto Commercial Realty ConsultantsMore Info
786-261-5393

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Robin PerezFausto Commercial Realty ConsultantsMore Info
786-261-5393

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.