786-271-5598
, Hialeah, FL for Sale
FOR SALE
1/7
null | Request Cap Rate

497-499 W 23rd St
Hialeah, FL
Seminola City


HIGHLIGHTS

  • Fully Approved, Shovel-Ready Development
  • Existing retail component on-site provides interim cash flow, reducing carry costs during pre-development and construction phases.
  • Average rents in Hialeah remain meaningfully more affordable than the broader Miami market.
  • Recent sales averaging ~$259K/unit and ~$13M per transaction, with institutional buyers actively acquiring stabilized assets in the submarket.

OVERVIEW

Cushman & Wakefield is pleased to present a rare, shovel-ready development opportunity in the urban core of Hialeah—one of Miami-Dade County’s most densely populated and supply-constrained rental submarkets. The property consists of a ±18,650-square-foot corner parcel zoned C-2, fully approved and entitled for the development of a 28-unit multifamily project. The approved plans allow for immediate execution, enabling investors to bypass the entitlement process and capitalize on near-term development upside. The site is currently improved with a retail component generating in-place income, providing interim cash flow to partially offset carry costs during the development phase. The approved unit mix—comprised of 27 one-bedroom units and one two-bedroom unit—is strategically aligned with the area’s strong demand for attainable and workforce housing. Positioned within a high-demand rental corridor, Hialeah continues to benefit from limited new supply, high population density, and proximity to major employment centers, including Miami International Airport and surrounding industrial and logistics hubs. These fundamentals support sustained occupancy and rent growth, positioning the asset for a stable, income-driven exit or long-term hold strategy. With approvals secured and income in place, this offering represents a low-risk, high conviction development opportunity in a fundamentally strong and underserved market.

ASK ABOUT THIS PROPERTY

Mitash Kripalani, CCIMCushman & WakefieldMore Info
786-271-5598

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

Mitash Kripalani, CCIMCushman & WakefieldMore Info
786-271-5598

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