36,953 square feet assemblage, with 215 FT on the water. Related Realty Commercial has been exclusively retained to present the opportunity to acquire a rare, contiguous waterfront assemblage located along Marseille Drive on Normandy Isle, Miami Beach. The property offers a compelling combination of in-place stabilized income, direct Biscayne Bay canal frontage, and clearly defined redevelopment optionality within one of Miami Beach’s most supply-constrained and increasingly institutional submarkets. The assemblage comprises five low-rise buildings across three contiguous parcels, totaling approximately 36,953 square feet (±0.85 acres) of land with approximately 215 feet of waterfront frontage. The site is currently improved with a 27-unit multifamily property, providing immediate cash flow while allowing an investor to control a sizable waterfront footprint with long-term redevelopment upside. Normandy Isle represents a unique inflection point within the broader North Beach corridor. As large-scale redevelopment continues to accelerate in adjacent North Bay Village and along North Beach proper, large, assemblable waterfront sites on Normandy Isle have become increasingly scarce. The subject property benefits from walkable proximity to the beach, strong residential fundamentals, and adjacency to one of the most significant redevelopment cycles currently underway in Miami-Dade County. This offering is best suited for experienced, well-capitalized investors and developers seeking basis discipline, entitlement expertise, and patient capital to execute a thoughtful waterfront redevelopment strategy while mitigating carry risk through existing income. Existing Asset & In-Place Incom The property is currently improved with a fully leased 27-unit multifamily community configured as one-bedroom units. The existing improvements underwent a comprehensive renovation in 2014, including interior unit upgrades, mechanical systems, windows, doors, electrical, plumbing, and landscaping. At the time of the most recent operating snapshot, the asset was 100% occupied. While current rents are considered below replacement and below current market potential, underwriting supports the ability to generate approximately $54,000 in monthly rental income, or approximately $648,000 annually, through continued stabilization and mark-to-market execution The existing buildings are widely viewed as interim use, allowing a buyer to: Carry the asset during entitlement and design phases Offset holding costs with in-place income Maintain operational flexibility while pursuing redevelopment approvals This combination of income and optionality materially reduces basis risk relative to vacant or non-income-producing development sites.