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Lenox Beach Apartments 1535 Lenox Ave 8 Unit Apartment Building $2,350,000 ($293,750/Unit) 1.27% Cap Rate Miami Beach, FL 33139
INVESTMENT HIGHLIGHTS
- Highly Sought After South Beach Location
- Walking proximity to Lincoln Road Mall and Alton Road
- Ability to Increase Rental Rates
- Extremely Strong Rental Market
- Attractive Unit Mix of Studios, 1-Bedroom and 2-Bedroom Units
- Many New Developments in the Area
EXECUTIVE SUMMARY
Lenox Beach Apartments is an 8-unit apartment building, located at 1535 Lenox
Avenue. The property is located about a block south of Lincoln Road and one
block east of Alton Road 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 very spacious
studios, one-bedroom and two-bedroom apartments. The owner is in the
process of obtaining the 40 year recertification, updated electric and the roof
was replaced earlier this year (2024). The building was constructed in 1940
of concrete block construction with painted stucco. Water, sewer and trash
removal are included in the rent.
Lenox Beach Apartments is ideally located just steps from the 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 91
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.
Avenue. The property is located about a block south of Lincoln Road and one
block east of Alton Road 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 very spacious
studios, one-bedroom and two-bedroom apartments. The owner is in the
process of obtaining the 40 year recertification, updated electric and the roof
was replaced earlier this year (2024). The building was constructed in 1940
of concrete block construction with painted stucco. Water, sewer and trash
removal are included in the rent.
Lenox Beach Apartments is ideally located just steps from the 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 91
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.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$116,820
|
$20.55
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,505
|
$0.62
|
| Effective Gross Income |
$113,315
|
$19.93
|
| Taxes |
$35,556
|
$6.25
|
| Operating Expenses |
$47,842
|
$8.42
|
| Total Expenses |
$83,398
|
$14.67
|
| Net Operating Income |
$29,917
|
$5.26
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $116,820 |
| Annual Per SF | $20.55 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,505 |
| Annual Per SF | $0.62 |
| Effective Gross Income | |
|---|---|
| Annual | $113,315 |
| Annual Per SF | $19.93 |
| Taxes | |
|---|---|
| Annual | $35,556 |
| Annual Per SF | $6.25 |
| Operating Expenses | |
|---|---|
| Annual | $47,842 |
| Annual Per SF | $8.42 |
| Total Expenses | |
|---|---|
| Annual | $83,398 |
| Annual Per SF | $14.67 |
| Net Operating Income | |
|---|---|
| Annual | $29,917 |
| Annual Per SF | $5.26 |
PROPERTY FACTS
| Price | $2,350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $293,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.18 AC |
| Cap Rate | 1.27% | Building Size | 5,685 SF |
| Gross Rent Multiplier | 20.12 | Average Occupancy | 95% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1940 |
| Property Subtype | Apartment | ||
| Zoning | RM-1 - Low intensity, low rise, single-family and multiple-family residences. | ||
| Price | $2,350,000 |
| Price Per Unit | $293,750 |
| Sale Type | Investment |
| Cap Rate | 1.27% |
| Gross Rent Multiplier | 20.12 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 5,685 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1940 |
| Zoning | RM-1 - Low intensity, low rise, single-family and multiple-family residences. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | $1,034 | 633 |
| 1+1 | 3 | $1,400 | 750 |
| 2+1 | 1 | $1,400 | 900 |
1 1
Walk Score®
Walker's Paradise (97)
Bike Score®
Very Bikeable (83)
PROPERTY TAXES
| Parcel Number | 02-3234-002-1670 | Total Assessment | $1,814,240 (2025) |
| Land Assessment | $1,600,000 (2025) | Annual Taxes | $35,556 ($6.25/SF) |
| Improvements Assessment | $214,240 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
02-3234-002-1670
Land Assessment
$1,600,000 (2025)
Improvements Assessment
$214,240 (2025)
Total Assessment
$1,814,240 (2025)
Annual Taxes
$35,556 ($6.25/SF)
Tax Year
2024
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Lenox Beach Apartments | 1535 Lenox Ave
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