Building facts
- Address
- 1600 NE 1st Avenue
- Neighborhood
- Arts District
- Year built
- 2018
- Floors
- 38
- Residences
- 513
- Status
- Completed
- Developer
- NRI Investments
- Architect
- CFE Architects
- Pricing
- Starting at $369,000
Key Takeaways
- 513 homes and 60 commercial units at 1600 NE 1st Avenue — that commercial count is one of the highest of any building measured here.
- Values rose for three years, then fell sharply — $565, $559, $589, then $506 per square foot in 2026.
- The 2026 drop is 14.1% in a single year — the largest one-year move recorded in this building.
- It is a compact building with very little variation — heated area runs only 580 to 1,055 square feet.
- That narrow range makes the decline harder to explain away — there is little floorplate variation to blame it on.
- The record sale is $650,000 — in July 2023 — and nothing since has come close to it.
1600 NE 1st Avenue, Miami, Florida 33132 | Neighborhood: Arts District
A compact building with a commercial floor
Counted against the Miami-Dade County Property Appraiser record on 18 August 2026, Canvas returns 574 folios: 513 residential homes and 60 commercial units.
That commercial figure stands out. Sixty commercial folios in a 574-folio building — more than one in ten — is among the highest proportions measured anywhere in this series, and it is worth knowing before you buy: a meaningful part of what you are buying into is not residential.
The homes themselves are compact and highly consistent. Heated area runs 580 to 1,055 square feet, with a median of 857 — a total spread of under 500 square feet from the smallest home to the largest. The mix is 243 one-bedrooms, 189 two-bedrooms and 81 studios. There are no three-bedroom homes at all.
The 2026 assessed values run $244,503 to $507,196, with a median of $387,121 — a top-to-bottom spread of about two times, which is exceptionally narrow. This is a building where every home is worth roughly what its neighbours are worth.
Three years up, then a sharp drop
Qualified sales from the county record — arm’s-length transactions only.
| Year | Qualified sales | Median price | Median $/sq ft |
|---|---|---|---|
| 2023 | 39 | $449,000 | $565 |
| 2024 | 33 | $460,000 | $559 |
| 2025 | 22 | $484,400 | $589 |
| 2026 to date | 11 | $452,000 | $506 |
For three years this building was steady to improving — $565, $559, then $589, a gain of about 4% over the period. 2026 has come in at $506: a fall of 14.1% in a single year, and the largest one-year move this building has recorded.
The median sale price registers the same turn, from $484,400 to $452,000, though less dramatically. Both measures agree on the direction, which matters — when a per-foot figure and a median price move together in a building with narrow floorplate variation, there is not much room left for the change to be a sampling artefact.
Volume has thinned alongside it: 39 sales in 2023, 11 so far in 2026. Falling prices with falling volume is the signature of a market where buyers and sellers have not yet agreed on a number.
How seriously to take the 2026 figure
Eleven sales is a modest sample, and I want to be straight about what it can and cannot support.
What strengthens it here is the building itself. Every home at Canvas sits between 580 and 1,055 square feet, and 2026 assessed values span barely a factor of two. In a building like The Crimson or The Peninsula, a one-year swing can usually be explained by which floorplates traded. Here there is very little floorplate variation to hide behind — homes are close to interchangeable, so a 14% move in the per-foot figure is more likely to be a real move in value.
What weakens it is simply the count. Eleven transactions in an incomplete year could still shift as the remaining months are recorded, and a single unusual sale carries more weight at eleven than it would at thirty-nine.
My honest reading: the direction is probably real and the magnitude is uncertain. A buyer should treat 2026 as evidence that values here have turned down, without assuming 14.1% is the final figure. I will re-check when the year completes.
One further point on the ceiling. The record sale is $650,000, from July 2023, and no sale since has approached it. In a building this uniform, the ceiling and the median tend to move together — so a record that is three years old is consistent with the softening the table shows.
Who this building suits
It suits a buyer who wants a compact, low-variation home at an accessible price point and is buying after a correction rather than before one. On the county record, entry today is materially cheaper per foot than it was a year ago.
It suits a space buyer not at all. There are no three-bedroom homes, and the largest residence in the building is 1,055 square feet.
For an investor, weigh two things against each other. The uniformity is genuinely useful — pricing is transparent and comparables are meaningful. Against that, values have just fallen sharply, volume has dropped by more than two thirds since 2023, and the building’s price ceiling has not moved since 2023.
If you are selling here, the difficulty is that your home is nearly identical to your neighbours’, which means the 2026 comparables apply to you directly and there is no floorplate argument to make. Price against the current per-foot figure, and expect a buyer’s agent to have found the same table.
Verified 18 August 2026 against the Miami-Dade County Property Appraiser record for 1600 NE 1st Avenue — all 574 folios retrieved individually, grouped by subdivision and filtered to residential homes, excluding the 60 commercial folios along with parking, cabana and storage. Sale figures are qualified, arm’s-length transactions only, and 2026 is an incomplete year resting on 11 sales — flagged on the page as directionally reliable but uncertain in magnitude. 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.
Canvas — Frequently Asked Questions
How many units are in Canvas?
The Miami-Dade County Property Appraiser records 574 folios at 1600 NE 1st Avenue: 513 residential homes and 60 commercial units. The residential mix is 243 one-bedrooms, 189 two-bedrooms and 81 studios — there are no three-bedroom homes.
Have prices fallen at Canvas?
Sharply, and recently. Median price per square foot went $565, $559 and $589 across 2023 to 2025, then fell to $506 so far in 2026 — a drop of 14.1% and the largest one-year move the building has recorded.
How much should the 2026 figure be trusted?
The direction is probably real; the magnitude is uncertain. It rests on 11 sales in an incomplete year, which is modest. But because every home here sits between 580 and 1,055 square feet, there is little floorplate variation to explain the move away as a sampling artefact, and the median sale price moved the same way.
How large are the homes at Canvas?
Heated area runs from 580 to 1,055 square feet with a median of 857 — a spread of under 500 square feet between the smallest and largest home in the building. 2026 assessed values span only about a factor of two, from $244,503 to $507,196.
Why does Canvas have so many commercial units?
The county record shows 60 commercial folios against 513 homes, more than one in ten — among the highest proportions measured for this site. The record shows the classification but not the reasoning behind it, so I will not speculate; it is simply a fact worth knowing before buying.
What is the most expensive sale at Canvas?
$650,000, recorded in July 2023. No sale since has approached it. The highest 2026 assessed value in the building is $507,196.
Is Canvas a good investment?
The case for it is that you would be buying after a correction rather than before one, in a building where uniformity makes pricing unusually transparent. The case against is that values fell 14.1% in the most recent year, transaction volume has dropped by more than two thirds since 2023, and the building has no large-format stock to fall back on.
Sources and further reading
Interested in selling at Canvas Miami?
Learn more about selling your condo at Canvas Miami with Josh Stein.
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Part of Miami Luxury Condos.