Marcus & Millichap Inc.
08/15/2024 | Press release | Archived content
Marcus & Millichap Brokers Sale of Prime RM 1 Zoned 23,040 Square Foot Lot in Miami Beach
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Marcus & Millichap Brokers Sale of Prime RM-1 Zoned 23,040-Square-Foot Lot in Miami Beach
August 15, 2024
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MIAMI BEACH, August 15, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a prime 23,040-square-foot RM-1 zoned vacant lot in Miami Beach. The site presents an ideal opportunity for a developer to build a multi-unit residential project. The asset sold for $5,250,000.
"Miami Beach has a limited supply of residential land, so the buyer was attracted to the opportunity to acquire over 23,000 square feet of RM-1 zoned property just east of Alton Road. Our marketing efforts attracted interest from both national and international investors looking to build apartments in this core beach location," says Ryan Shaw, First Vice President Investments. "Miami Beach is experiencing a new wave of development, attracting ultra-wealthy residents who seek the best in restaurants, entertainment, and exclusivity for their homes and offices, something the beach has always offered, but now on a much different level."
Shaw and Drew Kristol, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, a local-private investor. The buyer was procured by Bento Queiroz Group.
The land at 1440 Michigan Ave. features a 23,040-square-foot lot, located just south of 15th Street, a key east-west corridor connecting Alton Road to the beaches. The site's dimensions, approximately 72 by 320 feet, offer ample space for development. RM-1 zoning allows for up to 28,800 buildable square feet with a maximum height of 50 feet, providing developers with significant residential project potential.
The area has seen increased population density since the pandemic, driving demand for upscale residential, office, and retail spaces. The location's versatility supports various development options, from building up to 28 residential units to creating two mansion-style single-family homes.
"Miami Beach has a limited supply of residential land, so the buyer was attracted to the opportunity to acquire over 23,000 square feet of RM-1 zoned property just east of Alton Road. Our marketing efforts attracted interest from both national and international investors looking to build apartments in this core beach location," says Ryan Shaw, First Vice President Investments. "Miami Beach is experiencing a new wave of development, attracting ultra-wealthy residents who seek the best in restaurants, entertainment, and exclusivity for their homes and offices, something the beach has always offered, but now on a much different level."
Shaw and Drew Kristol, investment specialists in Marcus & Millichap's Miami office, had the exclusive listing to market the property on behalf of the seller, a local-private investor. The buyer was procured by Bento Queiroz Group.
The land at 1440 Michigan Ave. features a 23,040-square-foot lot, located just south of 15th Street, a key east-west corridor connecting Alton Road to the beaches. The site's dimensions, approximately 72 by 320 feet, offer ample space for development. RM-1 zoning allows for up to 28,800 buildable square feet with a maximum height of 50 feet, providing developers with significant residential project potential.
The area has seen increased population density since the pandemic, driving demand for upscale residential, office, and retail spaces. The location's versatility supports various development options, from building up to 28 residential units to creating two mansion-style single-family homes.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.