14-Unit Apartment
For Sale
$2,940,000
1545 Lenox Avenue, Miami Beach, FL 33139
Boutique multifamily property with one-bedroom and studio residences in Miami Beach’s Art Deco Historic District.
Property Size7,960 SF
Price / SF$369.35
Days on Market2688
Property Features for 1545 Lenox Avenue
General Information
Standard status
Active
Size
7,960 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Units
Unit Mix
12 x 1BR, 2 x Studio
Multifamily Units
14
Taxes and HOA fees
Annual Taxes
$37,054
Building Details
Year Built
1953
Listing Agency:
Portfolio International Real Estate Corp
Listed By:
Fernando Cuesta · License #0608325
(305) 772-1010
Source:
Compass
Added: Jun 12, 2019
Changed: Oct 13
Last Checked: Oct 19 at 9:13AM
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 Portfolio International Real Estate Corp
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Investment Insights
Based on property information with market context.
This apartment building contains 14 residences, including 12 one-bedroom apartments and 2 studio units. Built in 1953, the property offers an established multifamily configuration with 7,960 square feet of building area.
The property is located at 1545 Lenox Avenue in Miami Beach’s Art Deco Historic District, a National Register of Historic Places district known for its collection of Art Deco, Mediterranean, and Streamline Moderne architecture. The district includes hundreds of hotels, apartments, and other structures developed between 1923 and 1943.
The property information identifies potential interest from developers considering improvements, condominium conversion, or continued long-term residential use. It may also be offered with MLS #A10689896 and MLS #A10689942.
The property is located at 1545 Lenox Avenue in Miami Beach’s Art Deco Historic District, a National Register of Historic Places district known for its collection of Art Deco, Mediterranean, and Streamline Moderne architecture. The district includes hundreds of hotels, apartments, and other structures developed between 1923 and 1943.
The property information identifies potential interest from developers considering improvements, condominium conversion, or continued long-term residential use. It may also be offered with MLS #A10689896 and MLS #A10689942.
Key Highlights
- 14‑unit apartment building with 12 one‑bedroom apartments and 2 studio units
- 7,960 square feet of building area
- Built in 1953
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$122,419
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,448,380
$2.4M
Cap Rate 7%
$1,748,843
$1.7M
Cap Rate 9%
$1,360,211
$1.4M
Market Conditions
NOI Build-Up for 7,960 SF
Gross rent
$233.1K $29.28/SF
− Vacancy
−$10.5K −$1.32/SF
EGI
$222.6K $27.96/SF
− OpEx
−$100.2K −$12.58/SF
NOI
$122.4K $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 Rate 5%
$2,448,380
Cap Rate 7%
$1,748,843
Cap Rate 9%
$1,360,211
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,419 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.04M
$3.53M – $4.71M
NOI $282,691 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
8,213
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Boutique multifamily property with one-bedroom and studio residences in Miami Beach’s Art Deco Historic District.
Where is this apartment building located?
The property is located at 1545 Lenox Avenue Miami Beach, FL.
What is the asking price?
The asking price for this property is $2,940,000.
What are key features of this property?
This property features: 14‑unit apartment building with 12 one‑bedroom apartments and 2 studio units; 7,960 square feet of building area; Built in 1953
