Woma Wynwood's $25M NW 5th Ave assemblage prices land at $515/sf

Miami-Dade County has recorded a $25 million deed on the blocks at NW 5th Avenue and NW 32nd Street, north of Wynwood’s arts core in what the appraiser codes as the Old San Juan neighborhood. Woma Wynwood LLC took title from Kambucha LLC. The sale date on the instrument is June 5, and county recording runs roughly three to seven weeks behind a closing, so this is a records-lag story rather than a trade that happened last week. It is also a deed that is easy to read wrong.

Why it matters

County sales files publish the full deed price against every folio on the deed. Pull one folio, 444 NW 33rd Street, a 9,657 square foot lot with a 1953 duplex on it, and the arithmetic says $2,589 per square foot of land. That would be a Wynwood record set on a two-unit rental, and it is not real. The appraiser qualifies the transaction as a multi-parcel sale, and the deed carries four folios. Combined, they run 48,552 square feet, about 1.11 acres, which prices the land at $515 a foot. Same public file, two numbers, five times apart. Only the second one is a comp you can underwrite against.

The numbers

The four parcels are 444 NW 33rd Street at 9,657 square feet, 3225 NW 5th Avenue at 7,250, 3223 NW 5th Avenue at 3,600, and 431 NW 32nd Street at 28,045. Three are coded vacant commercial land. All four now show Woma Wynwood LLC as owner and all four carry T5-L zoning under Miami 21. Documentary stamps on the deed were $150,000, consistent with the $25 million consideration. The county’s own 2026 market value across the assemblage is $7.38 million, built off a $150 per square foot land rate, so the buyer paid 3.4 times the roll. Kambucha LLC had picked up the 444 NW 33rd Street piece for $600,000 in August 2017.

What’s next

Nobody pays 3.4 times the roll for two rental units and three parking-grade lots, so the exit is vertical. The public markers to watch on the City of Miami side are a unity of title or covenant binding the four folios, then a T5-L warrant. Until one appears, $515 a foot is the number to beat on these blocks. More South Florida coverage.