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 Market2643
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: Aug 31
Last Checked: Sep 4 at 5:34PM
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
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 = 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
$122,419
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
4.16%
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%
$2,448,380
$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
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
$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 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%
$2,448,380
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.
Property Analytics
Property Profile
Current Use
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
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 - 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
