Two Parcels of Land Up for Grabs in South Miami, Steps Away from Sunset Shoppes

11/12/17

Alex Zylberglait

Located in the second largest Medical District in the county, two parcels of land totaling 35,221 square feet have hit the market steps from the Shoppes at Sunset Place. The price tag for both parcels is: $9.75 million. Marcus & Millichap Investment Broker Alex Zylberglait is marketing the South Miami property, which is at 7109 SW 61st Ct, South Miami.

"As the baby boomer population ages, the demand for medical office space is increasing significantly," Zylberglait said. "The future of development in Miami is in urban infill areas that are centrally located and near mass transit, like this site."

The zoning allows for a medical building of up to four stories. Yet, the site has the potential to be rezoned to allow for a greater variety of uses including apartment condominiums.

The South Miami Medical District is home to the largest Doctor of Osteopathic teaching hospital in the country. The parcels are one block north of the South Miami Hospital, across the street from the Larkin Community Hospital of South Miami, two blocks west of the South Miami Metrorail Station and three blocks west of the Shoppes at Sunset Place. The area provides easy access to South Dixie Highway (US- 1), University of Miami and the Palmetto Expressway (SR-826).

"The demographics of South Miami are excellent with a population of about 348,000 and an average household income of over $96,000 within a three-mile radius," said Zylberglait. "Investors and developers have quietly been flocking to South Miami this real estate cycle, redeveloping the area and seeking out investment opportunities in one of Miami-Dade's most affluent suburbs bordering Coral Gables."

South Miami has numerous redevelopment projects in the pipeline such as, the Treo Somi Station, the SoMi Building, and the redevelopment of the Shoppes at Sunset Place. The Treo Somi Station will be connected to the South Miami Metrorail Station and will consist of a total of 195,850 square feet, which includes 23,000 square feet of retail and restaurant space, 200,000 square feet of office space and 99 apartments. The SoMi Building is a four-story complex, which consists of 40,000 square feet of office and 11,000 square feet of retail space. The redevelopment of the Shoppes at Sunset Place will add 400 apartment units and 200 hotel room units to the mall on the South Dixie Highway side

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