Lenox Landing Apartments 1000 Lenox Ave 18 Unit Apartment Building $3,750,000 ($208,333/Unit) 1.95% Cap Rate Miami Beach, FL 33139

Lenox Landing Apartments is an 18-unit apartment building, located at 1000
Lenox Avenue, which is on the corner of Lenox and 10th Street. The property is
located about a block east of Alton Road and a few blocks south of Flamingo Park
in the heart of South Beach. The property has been under the current ownership
for over 35 years and has maintained the classic South Beach charm. The
building has an attractive unit mix with four very spacious one bedroom units
and 14 studio apartments. The building was constructed in 1956 of concrete
block construction with painted stucco. Water, sewer and trash removal are
included in the rent.
Lenox Landing Apartments is ideally located just half a mile south of Lincoln
Road Mall which stretches from Alton Road to Washington Avenue. The mall
has over 200 boutiques, local merchants, retail stores, restaurants and bars and
has been one of the top attractions of Miami Beach since the early 1950’s when
it was designed by Morris Lapidus. The property also sits a block east of Alton
Road which is a main retail corridor through Miami Beach. Collins Avenue and
the beach are also a short walk to the east. The property has a Walk Score of
94 which is considered a “Walker’s Paradise” and daily errands do not require a
car to complete.
The South Beach section of Miami Beach spans from Dade Boulevard
(approximately 23rd Street) south to Southpoint Park and Government Cut. South
Beach is known around the world for its beaches, glamorous lifestyle, hospitality,
shopping, nightlife, restaurants, bars and clubs. The Lenox Beach Apartments is
located in the Flamingo Park area which is bordered from 5th Street to Lincoln
Road and from Alton Road to Washington Avenue. The area is made up of mostly
low and medium density multifamily buildings anchored by Flamingo Park which
is a 36-acre park including facilities for just about any sport including an aquatic
center, football/soccer stadium, baseball and softball fields, running track,
tennis courts as well as playgrounds and dog parks.