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    South Beach Multifamily Investment Title is generated by Realmo AI

    645 Lenox Ave, Miami Beach, FL 33139

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    Fully stabilized 6-unit multifamily asset in prime South Beach location.

    Type:Multifamily
    Property size:
    3,600 SF
    Lot size:
    7,500.00 Acres
    Price / SF:
    $875/SF
    Added:
    May 9, 2026
    Days on Market:
    26
    Last Refresh:
    May 14 at 9:23 pm

    Property Features for 645 Lenox Ave

    General Information

    Standard status
    Active
    Size
    3,600 SF
    Lot size
    7,500.00 Acres
    Property subtype
    Multifamily

    Building Details

    Year Built
    1935

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    Listing Contact
    Antonieta Lamarca

    Listing agent Antonieta Lamarca License #3385753

    Listing office Lamarca & Co. Inc

    Listing date May 9, 2026

    Source Crexi

    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 Lamarca & Co. Inc

    HighLights

    • Fully stabilized 6‑unit multifamily asset generating approximately $170,400 gross annual income.
    • Prime South Beach location steps from 500 Alton development, new park, Baptist Health Center, and Publix.
    • 10‑Year Recertification completed and valid through 2035, ensuring structural and electrical compliance.
    • All six units are fully furnished and identically laid out for streamlined management.
    • Separate electric meters for each unit, minimizing owner expenses.
    • 7,500 SF lot with RM‑1 zoning offering long‑term intrinsic land value.

    Overview

    This is a fully stabilized 6-unit multifamily asset located in the heart of South Beach. The property features six well-maintained and fully furnished 650 SF units, all with efficient and identical floor plans designed for streamlined management and operational efficiency. The property is offered in “As-Is” condition and presents immediate income generation with long-term upside potential. The property currently produces a Gross Annual Income of approximately $170,400 based on 2026 actual income figures. Each unit has separate electric meters, minimizing owner expenses. The units include an inventory list for a seamless transition. The property has uniform layouts and a low-maintenance management structure. The 7,500 SF lot has RM-1 zoning offering long-term intrinsic land value. The building has completed and received its 10-Year Recertification in accordance with Miami-Dade Ordinance 8-11(f), valid through 2035. The property is ideally positioned just steps from the transformative 500 Alton development, the new 3-acre public park, Baptist Health Center, and Publix.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Daycare Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miami Beach
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.139222
    Latitude
    25.776552

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    FAQs

    What type of property is this?
    Apartment building - Fully stabilized 6-unit multifamily asset in prime South Beach location.
    Where is this apartment building located?
    The property is located at 645 Lenox Ave Miami Beach, FL.
    What is the asking price?
    The asking price for this property is $3,150,000.
    What are key features of this property?
    This property features: Fully stabilized 6‑unit multifamily asset generating approximately $170,400 gross annual income.; Prime South Beach location steps from 500 Alton development, new park, Baptist Health Center, and Publix.; 10‑Year Recertification completed and valid through 2035, ensuring structural and electrical compliance.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Antonieta Lamarca
    Real Estate License ID: 3385753
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    645 Lenox Ave, Miami Beach, FL 33139
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