Bayfront development site in North Miami hits the market

27-unit building is generating $470K a year in gross income

Miami /
Nov.November 14, 2019 06:06 PM
Mika Mattingly and Cecilia Estevez with the Mid Bay Club Apartments

Mika Mattingly and Cecilia Estevez with the Mid Bay Club Apartments

UPDATED, Nov. 15, 8:47 a.m.: A South Florida family is looking to cash out on a waterfront development site in North Miami.

The Mid Bay Club Apartments, a 34,275-square-foot site at 11950 North Bayshore Drive, hit the market with brokers Mika Mattingly and Cecilia Estevez of Colliers International South Florida, Mattingly said.

Property records show an LLC controlled by William R., William E. and Eileen Prevatel, and Patricia Wood, own the property. It includes a 27-unit apartment building completed with one and two-bedroom units. It was built in 1964.

The building is generating $470,000 a year in gross income. Comparable properties have sold for $400 to $500 per square foot, Mattingly said. Based on an average of $450 per square foot, the site could trade for roughly $15.4 million. Mattingly said she expects it sell for a higher price because of the property’s wide bay frontage.

It’s zoned B-Z, which stands for Bayshore Zone, and allows 100 units per acre, or 90 units for that specific property. The zoning also allows for 115 feet, or roughly 11 stories, with over 200,000 square feet of development, according to a release.

Mattingly called it “the only covered land play” in the area, meaning the only income-producing development site on the water in North Miami. A buyer could also assemble land to the north and south to build a larger project.

The building last sold in 2011 for $1.5 million, records show.

The property offers views of Indian Creek Village, Bay Harbor Islands and North Bay Village. North Miami is going through a renaissance, Mattingly said. A number of projects are underway, including LeFrak and Turnberry Associates’ $4 billion Solé Mia project, which is located on 184 acres in a designated Opportunity Zone.

Former NFL player Elvis Dumervil has assembled more than 700 apartment units in North Miami and North Miami Beach.

Miami Heat veteran Udonis Haslem is also partnering with a developer to build a 134-unit rental apartment project for low-income residents of North Miami.


Related Articles

arrow_forward_ios
The Johnson and Wales campus and PMG principals Kevin Maloney and Ryan Shear (PMG)
PMG buying shuttered Johnson and Wales North Miami campus, planning redevelopment
PMG buying shuttered Johnson and Wales North Miami campus, planning redevelopment
An aerial of the proposed development site and warehouse with Sergio Rok and Jimmy Tate
Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
Neighbor sues to short-circuit Jimmy Tate and Sergio Rok’s no-bid North Miami project
North Miami Studios and two productions, “The Birdcage” and “Miami Vice" (Getty)
North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
North Miami studios, home to “Miami Vice” and “The Birdcage,” sells to developer that plans mixed-use project
The JP Morgan Chase North Miami branch and attorney Howard DuBosar  
Hand over the money: JP Morgan Chase loses lawsuit over North Miami branch rent increases
Hand over the money: JP Morgan Chase loses lawsuit over North Miami branch rent increases
A rendering of Villa Solé with Jackie Soffer of Turnberry Associates and Richard LeFrak of the LeFrak Organization (Rendering courtesy of SoLé Mia, Getty, Turnberry)
SoLé Mia in North Miami scores $32M multifamily construction loan
SoLé Mia in North Miami scores $32M multifamily construction loan
A Biscayne Boulevard development site between Miami Shores and North Miami hit the market for $11M. (Jio Realtor)
Biscayne Boulevard dev site hits market for $11M
Biscayne Boulevard dev site hits market for $11M
2095 Northeast 121st Road, North Miami (Realtor)
Centinela Tequila family buys waterfront spec mansion in North Miami for $10M
Centinela Tequila family buys waterfront spec mansion in North Miami for $10M
Renders of the new development on 1155 Northeast 126th Street (Kivvit)
North Miami CRA approves financing for new workforce housing development
North Miami CRA approves financing for new workforce housing development
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...