Ultra Rare South of Fifth development opportunity! This 13,000 SF lot includes 249 Collins Ave, 255 Collins Ave & 247 Ocean Ct. Existing improvements feature 15 apartments + 2 retail spaces producing $467,900 gross annually with rents well below market. A development feasibility study confirms the potential to build up to 5 stories with 26 residential units and 22,750 SF of buildable area without variances. Potential to increase this even more by taking advantage of the Live Local Act or other state, county, & city development bonuses. Exceptional chance to create a new project in Miami Beach's most coveted neighborhood, blending immediate income with prime development upside. RPS-3 Zoning.
Lot Size
13000 sqft
Property Type
Residential
MLS#
421403636
Area
Ocean Beach Fl Sub
Days on Market
246
Listing courtesy of BHHS EWM Realty
Listing information is deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Data last updated 6/11/2026. Listing provided courtesy of the Miami Association of REALTORS® MLS. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange (IDX) program of the MIAMI Association of REALTORS®.
