Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage rm 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 e orts 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, o er 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.
About Marcus & Millichap, Inc. (NYSE: MMI) Marcus & Millichap, Inc. is a leading brokerage rm
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.
