A unique 20-unit multifamily building located at 1175 98th St in Bay Harbor Islands has been sold as a redevelopment site. The property, extensively renovated and equipped, offers a rare opportunity for redevelopment on a corner site. It features 27 street parking spaces and is conveniently situated just steps away from the Kane Concourse main street. The property spans a total of 19,321 square feet, with a price per square foot of $404. The sale price for the property was $7,800,000.

Summary of transaction details

• Property Type: Redevelopment Site
• Transaction Amount: $7,800,000
• Address: 1175 98th St, Bay Harbor Islands
• Market: Bay Harbor Islands
• Square Footage: 19,321

The buyer of the property is The Rente Group, represented by Josef Amir and Lior Avital from The Rente Group. On the other hand, Miguel Serrano, PLLC from Douglas Elliman represented the seller. With over 25 years of experience in development management, owner/investor representation, and general contracting, Miguel Serrano is a leading agent in the Miami, Fort Lauderdale, and Palm Beach, Florida markets. He specializes in high-end luxury real estate and has a strong track record of serving high-net worth clients. Miguel's expertise includes complex spec projects, new construction estates, and commercial properties.