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01930c7fc2d4f545cc3b94f9e9e163d4_01930c7fc2d4f545cc3b94f9e9e163d4-m6_cd04f66d0765951888c861e94af17d84-1db87a14

Prime Commercial Land for Multifamily Development in Miami

Two contiguous lots near key Miami hubs, zoned for high-density multifamily use with existing rental income.

$3,900,000

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MLS #A11833062

Listing Updated: 2026-07-02 18:30:10

Listed By: RE/MAX 360 Real Estate

Overview

This commercial land offering in Miami spans approximately 34,000 square feet, ideal for multifamily development. Zoned T6-8-O, the site supports up to 116 residential units by right, presenting significant development flexibility. Located just 2.5 miles from Miami International Airport, it offers excellent access to Wynwood, Downtown, and the Health District. The property currently generates around $250,000 annually from a blend of short-term commercial and residential tenants, providing steady income during development planning. The Live Local Act incentives further enhance value with no parking requirements in transit-oriented zones and allowances for increased density and height.

Property Highlights

34,000 SF commercial land with T6-8-O zoning; by-right development for 116 multifamily units; annual rental income approx. $250,000; near Miami International Airport; close to Wynwood and Downtown; benefits from Live Local Act incentives.

Property Details

City: Miami

State: FL

Zip Code: 33142

Address:

Year Built:

Property Type: Commercial Land

Property Sub Type:

Listing Office Name: RE/MAX 360 Real Estate

County: Miami-Dade County

Garage Spaces:

Parking Features:

Interior Features:

Exterior Features:

Waterfront: No

Pool: No

HOA Fee: $0

Annual Tax: $34,774

Days On Market: 339 Days

Original Listing Description

The offering includes two contiguous lots totaling approximately 34,000 SF or 0.77 acres zoned T6-8-O. That means you’re looking at a by-right development potential for up to 116 multifamily units. Here’s the value-add: the site currently generates approx. $250,000.00 in annual rental income from a mix of short-term tenants across residential and commercial structures. That provides a strong carry while pursuing entitlements or finalizing plans. Add to that the Live Local Act incentives — no parking required in TOD zones, increased FAR, density, and height — and this site offers significant development upside. Just 2.5 miles from Miami International Airport and minutes from Wynwood, Downtown, and the Health District, this location combines accessibility with strong long-term potential.

Property Location

Explore the surrounding area, nearby amenities, and neighborhood access for this property.

About This Neighborhood

Situated in a vibrant Miami district just minutes from prominent areas like Wynwood and Downtown, this land benefits from the city’s dynamic urban environment. The neighborhood balances access to business hubs, creative spaces, and healthcare facilities, fostering a diverse community lifestyle. Close proximity to Miami International Airport also enhances regional connectivity for residents and commercial tenants alike.

Walkability & Lifestyle

This property benefits from its situation in a growing urban center with walkable access to dining, shopping, and cultural attractions. Residents can enjoy nearby entertainment and restaurant options as well as public transit access, reducing dependence on cars. The Live Local Act zoning supports a pedestrian-friendly environment, promoting vibrant street life and community engagement.

Things To Do Nearby

Living near this site offers proximity to Miami’s cultural hotspots such as Wynwood’s galleries, Downtown’s nightlife, and the Health District’s amenities. Outdoor enthusiasts can take advantage of local parks, waterfront activities, and convenient access to Miami’s beaches. The location is well suited for residents who appreciate an active, city-oriented lifestyle with diverse recreational options.

Nearby Schools

Families and future residents will find convenient educational access within reasonable distances, supporting community needs in Miami’s expanding urban zones. The area's connectivity allows easy commutes to a variety of nearby public and private schools, contributing to its appeal for multifamily housing targeting diverse households.

Why Buyers Like This Area

Buyers are drawn to this Miami property for its exceptional development opportunity combined with steady rental income and excellent location. The proximity to major employment centers, urban neighborhoods, and the airport enhances convenience, while zoning incentives provide advantageous building options. This unique blend of factors appeals to developers and investors focusing on sustainable urban growth.

Investment Potential

This Miami commercial land offers strong potential for multifamily development, supported by its by-right zoning for up to 116 units. The site’s existing rental income contributes to carrying costs, making it a practical option for developers seeking to maximize value while pursuing entitlements or project planning. Its location near several high-demand neighborhoods improves long-term appeal for residential projects, aligning with evolving urban trends and live-work-play environments.

Market Trends

Miami's multifamily and commercial real estate markets continue to see steady interest due to population growth and urban revitalization efforts. Incentives such as the Live Local Act support higher density developments in transit-oriented locations, reflecting a market trend toward sustainable, walkable communities. Properties with established income streams and zoning flexibility are particularly attractive amid competitive development landscapes.

Rental Income Potential

The property’s existing annual rental income of approximately $250,000 is generated from a mix of short-term residential and commercial tenants. This income provides a valuable cash flow buffer during development phases. Its central location near airport and key districts makes the site appealing for potential renters and short-term lease opportunities, enhancing the property's operational stability in the meantime.