Micali Apartments

Vacant land on SW 174th Terrace, between SW 104th and 105th Avenue, in unincorporated South Miami-Dade, minutes from US-1, the TransitWay, and Florida’s Turnpike.MSP Group, LLC is pleased to exclusively offer for sale at $595,000 the Micali Apartments, a rare, truly shovel-ready 8-unit multifamily development opportunity located in West Perrine, Miami-Dade County, Florida. Situated on a spacious 20,625 SF lot, the property comes with a complete set of approved construction plans, with only the payment of applicable impact fees and permit fees remaining before construction can commence. This represents one of the few genuinely shovel-ready multifamily opportunities available, allowing a developer to bypass the lengthy and costly entitlement and approval process and move directly toward construction. The thoughtfully designed project consists of 8 spacious residential units, featuring an attractive mix of four 3-bedroom/2-bathroom units measuring 1,032 SF each and four 4-bedroom/2-bathroom units measuring 1,137 SF each. The development was specifically designed with construction costs and long-term operating efficiency in mind, featuring a simple two-story, all-walk-up design with no elevators and 100% asphalt surface parking, providing two dedicated parking spaces per unit. From an investment standpoint, the project offers compelling economics, with a projected stabilized capitalization rate of approximately 7.70% upon completion. This projection is based on current estimated market rents of $2,950 per month for the 3-bedroom units and $3,250 per month for the 4-bedroom units, with rents grown at a conservative 3% annually to account for the anticipated construction and lease-up timeline. The Micali Apartments offer developers a unique combination of immediate construction readiness, cost-efficient building design, desirable family-sized floor plans, and attractive projected investment returns. With the extensive predevelopment work already completed, this is an exceptional opportunity to bring a new multifamily asset to market while minimizing entitlement risk, development delays, and upfront soft costs.