Building facts
- Address
- 248 Washington Avenue
- Neighborhood
- South of Fifth
- Year built
- 1998
- Floors
- 3
- Residences
- 4
- Status
- Completed
- Pricing
- Starting at $3.5 Million
Key Takeaways
- Four homes, and they are not variations on a theme — two are 1,390 and 1,530 square feet. The other two are 3,100 and 3,130. There is nothing in between, and no two homes here are the same size.
- The large pair has multiplied more than sevenfold — a 3,130 sq ft home sold for $441,000 in 1998 and $3,212,500 in February 2022. Per square foot that is $141 to $1,026.
- The small pair has not traded in fifteen years — the last sale of either was $740,000 in March 2011. Everything since has been one of the two large homes.
- Nothing at all has sold since February 2022 — no qualified sales in 2023, 2024, 2025 or 2026. Four homes and four years of silence — there is no current market price for this building.
- The county assesses the four homes 5:1 apart — from $525,418 to $2,603,461 for 2026. In a four-home building that spread is the whole story: this is really two buildings sharing a roof.
- Every folio is a home — no commercial unit, no parking folio, no reference folio, and the declaration closes at exactly 100.0000%. Nothing is missing and nothing needs excluding.
248 Washington Avenue, Miami Beach, Florida 33139 | Neighborhood: South Beach
El Cyclon has four homes. Two of them are roughly 1,400 square feet and two are
roughly 3,100. That is not a range — it is a split, and it runs through everything the county
records about this address, including which homes actually sell.
What the county records at 248 Washington Avenue
The Miami-Dade County Property Appraiser holds four folios at 248 Washington
Avenue, all in one declaration, EL CYCLON CONDO. All four are homes. There is
no commercial folio, no parking folio and no reference folio, and the
common-element shares close at exactly 100.0000% — so the pull is the whole
building and nothing has to be separated out.
The four homes are 1,390, 1,530, 3,100 and 3,130 square feet. Two are
two-bedrooms and two are three-bedrooms. No two are the same size, which in a
four-home building means there is no such thing as a comparable sale within these walls.
For 2026 the county assesses them from $525,418 to $2,603,461, a median of
$1,658,690. The top assessment is five times the bottom.
Two pairs, and only one of them trades
Splitting the twelve recorded sales by size makes the pattern immediate.
The two large homes — 3,100 and 3,130 sq ft:
| Date | Size | Price | $/sq ft |
|---|---|---|---|
| August 1998 | 3,130 sq ft | $441,000 | $141 |
| August 1998 | 3,100 sq ft | $420,000 | $135 |
| October 2002 | 3,130 sq ft | $990,000 | $316 |
| September 2007 | 3,130 sq ft | $2,100,000 | $671 |
| January 2018 | 3,100 sq ft | $3,060,000 | $987 |
| February 2022 | 3,130 sq ft | $3,212,500 | $1,026 |
The 3,130 sq ft home has sold four times and gone up every single time —
$441,000, $990,000, $2,100,000, $3,212,500. Across twenty-four years that is a multiple of
7.3, and on a per-foot basis $141 became $1,026. Its twin followed the same path:
$420,000 in 1998, $3,060,000 in 2018.
The two small homes — 1,390 and 1,530 sq ft: the 1,390 sold in 2000
($350,000), 2002 ($345,000) and 2004 ($500,000). The 1,530 sold in 2001 ($350,000), 2007 ($625,000)
and March 2011 ($740,000). Neither has traded since.
So of the twelve sales on record, the last five have all been the two large homes. Whatever is
driving value at this address is attached to the big floorplates, and the small pair has been held
rather than sold for fifteen years.
The price record, and the four empty years
| Year | Qualified sales | Median price | Median $/sq ft |
|---|---|---|---|
| 2023 | 0 | — | — |
| 2024 | 0 | — | — |
| 2025 | 0 | — | — |
| 2026 to date | 0 | — | — |
That table is not an error. The most recent qualified sale at El Cyclon was
February 2022. There have been none since, which is unremarkable for a building with four homes and
worth stating plainly rather than filling with an average of nothing.
It also means the honest answer to “what is a home here worth” is a range built from
2018 and 2022 evidence, adjusted, and openly uncertain. The building’s highest recorded sale is
$3,212,500, in February 2022. The most recent sale of a small home is
$740,000, in 2011, and that number is old enough to be a historical fact rather than
a guide.
Who this building suits, and who it does not
It suits a buyer who wants a very large home in a very small building. Two
homes here are over 3,100 square feet in a four-unit condominium on Washington Avenue. That
combination is rare, and the sale record shows consistent demand for it across four separate decades.
It suits a long holder. Every owner of a large home who has sold did so at a
gain, and the gains were substantial. The building rewards patience because it offers nothing else
— there is no liquidity here to trade.
It suits badly anyone who needs to know what it is worth today. Four years with
no sales is four years with no evidence. Any valuation is an extrapolation from 2022, and should be
presented as one.
And it suits badly a buyer who wants a comparable. All four homes are different
sizes, so even within the building there is no like-for-like. The nearest thing to a comparable for a
large home is its own previous sale.
If you are selling here: you are selling into a market with no recent local
evidence, which cuts both ways. The 3,130 sq ft home’s own history is your strongest argument
— four sales, four increases, $141 to $1,026 per foot — and it is far more persuasive than
any building-wide figure, because there is no building-wide figure. If you own one of the small homes,
be aware that nothing comparable to yours has traded since 2011.
Verified 25 August 2026 against the Miami-Dade County Property Appraiser record for 248 Washington Avenue — all four folios retrieved individually, grouped by subdivision and filtered to residential homes; there are no commercial, parking or reference folios in this declaration, and the common-element shares close at exactly 100.0000%. Sale figures are qualified, arm’s-length transactions only, with bulk/portfolio transfers collapsed to a single transaction. There are no qualified sales in the 2023–2026 window; the figures cited are from 1998 to 2022 and are stated with their dates. Building age, storey count and amenity detail are omitted: no primary source has been confirmed for them. Re-check when the next tax roll publishes.
El Cyclon — Frequently Asked Questions
How many units are in El Cyclon?
Four. The county returns four folios at 248 Washington Avenue, all residential homes, and the declaration’s common-element shares close at exactly 100.0000% — so the building is complete at four and nothing is missing from the record.
How big are the homes at El Cyclon?
1,390, 1,530, 3,100 and 3,130 square feet. Two two-bedrooms and two three-bedrooms, and no two homes are the same size.
What have homes at El Cyclon sold for?
The highest recorded sale is $3,212,500 in February 2022, for a 3,130 sq ft home at $1,026 per square foot. The same home sold for $441,000 in 1998. The last sale of one of the two smaller homes was $740,000 in March 2011.
When did a home at El Cyclon last sell?
February 2022. There have been no qualified sales in 2023, 2024, 2025 or 2026. With only four homes in the building, long gaps are normal — but it does mean there is no recent evidence of what a home here is worth.
Is there commercial space in the building?
No. All four folios are residential homes — no commercial unit, no parking folio and no reference folio.
Sources and further reading
Interested in selling at El Cyclon?
Learn more about selling your at El Cyclon with Josh Stein.
El Cyclon and the truth about Miami lofts
Miami has almost no true converted-warehouse lofts. That single fact explains the whole category, and almost nobody says it plainly. Unlike SoHo, Tribeca or Chicago’s West Loop, Miami’s urban core was never built out as multi-story manufacturing, so there was very little industrial stock to convert. Nearly every building marketed here as a loft is purpose-built new construction in a loft aesthetic — high ceilings, concrete floors, open plans, floor-to-ceiling glass — constructed between roughly 2002 and 2016. Parc Lofts at 1749 NE Miami Court is the notable exception, described in the trade as one of the few genuine industrial-loft buildings in the city, with 15-foot ceilings on floors one to four and 20-foot ceilings above.
El Cyclon was built in 1998 in South of Fifth with 4 units across 3 floors. That pre-dates the main 2002 to 2016 loft-construction window, which makes its history worth checking building by building.
The value case, in numbers
Loft product is the genuine affordability play inside Miami’s urban core. Downtown loft-style condominiums trade at roughly $414 to $451 per square foot — Neo Lofts at $414, Loft Downtown I at $425, Loft Downtown II asking $451 — against a Downtown luxury benchmark of $730 per square foot in Q1 2026. That is 55 to 62 per cent of the going rate for comparable urban-core square footage.
Two further numbers matter. Loft Downtown II’s trailing six-month sold average was $422 per square foot against a $451 asking average, at 129 days on market — sellers are taking less than ask, and taking a while. And Downtown carried 46 months of luxury inventory in Q1 2026, the highest in Greater Downtown. If you are buying, that is as much negotiating leverage as this market offers anywhere.
Carrying cost is the quiet advantage
Loft buildings are small, low-amenity and cheap to run, and it shows in the monthly. Loft Downtown II carries an HOA of about $0.93 per square foot per month and Neo Lofts about $1.15. A South Beach trophy tower runs $4 to $7 per square foot per month — The Setai sits near $4.55. On a 1,000 square foot unit that is a difference of roughly $3,000 to $6,000 every month, before you have paid a mortgage. For investors, it is the entire reason the rental maths works.
Why no more lofts will be built
Land economics closed the category. Edgewater luxury traded at $978 per square foot and Brickell at $950 in Q1 2026, while loft product sits near $420. No developer builds a four to six-storey, 35 to 70-unit loft building on land that pencils for a 40-storey tower. High ceilings make it worse: a 20-foot ceiling consumes the volume of nearly two conventional floors, so under fixed height and FAR limits every foot of ceiling is traded directly against sellable units.
The consequence is a permanently closed supply category with structurally tiny unit counts — Ilona Lofts has 16 units, Wynwood Lofts 35, Montclair 41, Star Lofts 47, Bay Lofts 54, Uptown 66, Parc Lofts 70, Filling Station 81. In buildings that small, one owner deciding not to sell measurably moves availability.
Where Miami’s lofts actually are
- Downtown Miami — Loft Downtown I and II. The walkable core, on the Metromover, and the most accessible luxury submarket in the city.
- Arts & Entertainment District — Parc Lofts and Filling Station Lofts, next to the Adrienne Arsht Center, between Downtown and Wynwood.
- Wynwood — Wynwood Lofts, in the gallery district by Wynwood Walls, with Midline Miami’s 10,000 square foot live-music venue at Arlo Wynwood open since January 2026.
- Edgewater — Star Lofts, Bay Lofts and Uptown Lofts, in the top-performing Miami neighbourhood of Q1 2026 with 120 per cent year-on-year sales growth.
- Miami River and Brickell edge — Neo Lofts, on the riverfront dining corridor. Brickell is Greater Downtown’s fastest-selling submarket at 75 days on market.
Who buys lofts in Miami
Creative professionals first — Parc Lofts is documented as a favourite among photographers, musicians and artists, and Wynwood Lofts is explicitly marketed as a live/work building. Then entry-point urban buyers, because Downtown lofts start around $282,000 to $307,000, well under the $425,000 Miami-Dade condo median. And rental investors, drawn by the low carry: Loft Downtown II listed 17 units for rent against 15 for sale in July 2026.
At the top of the market the buyer is different again. Parc Lofts units run 1,970 to 3,774 square feet with 15 to 20-foot ceilings at $1.3M to $3.0M. That is a fundamentally different proposition from a 700 square foot Brickell tower unit at the same price — and there is nowhere else in Miami to buy it.
Frequently asked questions
Are there real converted-warehouse lofts in Miami?
Very few. Parc Lofts at 1749 NE Miami Court is described in the trade as one of the few true industrial-loft buildings in Miami, with 15-foot ceilings on floors one to four and 20-foot ceilings on floors five and six. Most Miami buildings marketed as lofts, including Neo Lofts, Filling Station Lofts, Wynwood Lofts and Loft Downtown I and II, are purpose-built new construction in a loft aesthetic dating from 2002 to 2016.
How much does a loft cost in Miami?
Downtown loft-style condominiums start around $282,000 to $307,000 and average $414 to $451 per square foot across Neo Lofts, Loft Downtown I and Loft Downtown II, on 2026 data. Large-format industrial lofts sit far higher: Parc Lofts runs roughly $1.3 million to $3.0 million at about $756 per square foot for units of 1,970 to 3,774 square feet.
Are Miami lofts good value compared with condos?
On a per-square-foot basis, clearly. Downtown loft product trades at roughly $414 to $451 per square foot while the Downtown luxury condo segment ran $730 per square foot in Q1 2026. Carrying costs are lower too: Loft Downtown II has an HOA near $0.93 per square foot per month against $4 to $7 in South Beach trophy towers.
Which Miami neighborhoods have lofts?
The concentrations are Downtown Miami with Loft Downtown I and II, the Arts and Entertainment District with Parc Lofts and Filling Station Lofts, Wynwood with Wynwood Lofts, Edgewater with Star, Bay and Uptown Lofts, and the Miami River and Brickell edge with Neo Lofts. South Beach has a small cluster of boutique loft buildings including Ilona Lofts and Montclair Lofts, and Coconut Grove has Lofts at Mayfair.
What are the largest lofts in Miami?
Parc Lofts has the largest floorplates of any loft building in the city, with units from 1,970 to 3,774 square feet. Filling Station Lofts runs 832 to 1,639 square feet with 18-foot ceilings. Most Downtown loft towers top out near 1,150 to 1,185 square feet.
Why does nobody build new lofts in Miami anymore?
Land economics. Edgewater and Brickell luxury condos traded at $978 and $950 per square foot in Q1 2026 while loft product trades near $420. A four to six-storey building with 35 to 70 units cannot compete for the same land as a 40-storey tower, and 20-foot ceilings consume roughly two conventional floors of height under fixed limits. No meaningful loft supply has been added since about 2016.
How long do Miami lofts take to sell?
Loft Downtown II averaged 129 days on market over the six months ending July 2026, with sold prices averaging $422 per square foot against an asking average of $451. Downtown carried 46 months of luxury inventory in Q1 2026, the highest in Greater Downtown, which gives buyers meaningful negotiating room.
Who buys lofts in Miami?
Three groups. Creative professionals, since Parc Lofts is documented as a favourite among photographers, musicians and artists and Wynwood Lofts is marketed as a live/work building. Entry-point urban buyers, because Downtown lofts start below $310,000 against a $425,000 Miami-Dade condo median. And rental investors attracted by the low HOA structure, with Loft Downtown II listing 17 units for rent against 15 for sale in July 2026.
Related coverage
Part of Miami Lofts.