Remodeled 18-Unit Apartment
For Sale
$3,199,000
Pending
1524 LENOX AV, Miami Beach, FL 33139
All 18 units are rented, including two one-bedroom units and 16 studios, with a legal short-term rental condo conversion.
Property Size8,500 SF
Days on Market4672
Property Features for 1524 LENOX AV
General Information
Standard status
Pending
Size
8,500 SF
Property subtype
General Commercial
Occupancy
100%
Units
Unit Mix
2 x 1BR 640 sqft, 16 x studio 460 sqft
Multifamily Units
18
Amenities
3
Building Details
Year Built
1956
Year Renovated
2005
Listing Agency:
Morgan Whitney Inc
(305) 345-3738
Listed By:
Jackeline Londono · License #0661728
(305) 345-3738
Source:
Xome
Added: Oct 23, 2013
Changed: Jul 30
Last Checked: Jul 30 at 10:35AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Morgan Whitney Inc
Investment Insights
Based on property information with market context.
This remodeled 18-unit apartment building includes two one-bedroom units and 16 studio units. All 18 units are rented. The property has a legal condo conversion allowing short-term rentals.
The building is located at 1524 Lenox Ave, Miami Beach, FL 33139. The whole building was remodeled in 2005, including new kitchens, new flooring, new plumbing, and new electric. The building was originally built in 1956.
The one-bedroom units are listed as 640 SF each, and the studio units are listed as 460 SF each. The property size is 8,500 SF. Interior guest facilities are listed as 3. There is no pool.
The building is located at 1524 Lenox Ave, Miami Beach, FL 33139. The whole building was remodeled in 2005, including new kitchens, new flooring, new plumbing, and new electric. The building was originally built in 1956.
The one-bedroom units are listed as 640 SF each, and the studio units are listed as 460 SF each. The property size is 8,500 SF. Interior guest facilities are listed as 3. There is no pool.
Key Highlights
- 18 units, all rented
- Whole building remodeled in 2005 with new kitchens, flooring, plumbing, and electric
- Legal condo conversion for short‑term rentals
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$130,724
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,614,480
$2.6M
Cap Rate 7%
$1,867,486
$1.9M
Cap Rate 9%
$1,452,489
$1.5M
Market Conditions
NOI Build-Up for 8,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$248.9K $29.28/SF
− Vacancy
−$11.2K −$1.32/SF
EGI
$237.7K $27.96/SF
− OpEx
−$107.0K −$12.58/SF
NOI
$130.7K $15.38/SF
Area
Miami-Dade County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,614,480
Cap Rate 7%
$1,867,486
Cap Rate 9%
$1,452,489
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.63M – $2.18M
NOI $130,724 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.31M
$3.77M – $5.03M
NOI $301,869 @ 7.0% cap · market cap 9.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
8,799
Businesses Nearby
Explore this area
Business Placement
Demographics for 33139, FL
36,286
Population
30,166
Households
1.2
Avg Household Size
43
Median Age
53%
College-Educated
89%
High-School Grad
2.8 sq mi
ZIP Area
12,959
Density / Sq Mi
$63,368
Median Household Income
$48,608
Median Earnings
$1,745
Median Rent
$480,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - All 18 units are rented, including two one-bedroom units and 16 studios, with a legal short-term rental condo conversion.
Where is this apartment building located?
The property is located at 1524 LENOX AV Miami Beach, FL.
What is the asking price?
The asking price for this property is $3,199,000.
What are key features of this property?
This property features: 18 units, all rented; Whole building remodeled in 2005 with new kitchens, flooring, plumbing, and electric; Legal condo conversion for short‑term rentals
