12-Unit Art Deco Apartment
For Sale
$4,800,000
765 Lenox Ave, Miami Beach, FL 33139
Two-story residential property with a defined mix of one-bedroom and studio units.
Property Size9,044 SF
Price / SF$530.74
Days on Market16
Property Features for 765 Lenox Ave
General Information
Standard status
Active
Size
9,044 SF
Property subtype
Income/MultiFamily
Building Details
Building Size
9,044 SF
Year Built
1954
Listing Agency:
One Stop Realty
Listed By:
Lucy Smith · License #0528551
Source:
Allyandaj
Added: Aug 20
Changed: Aug 29
Last Checked: Sep 2 at 1:53AM
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 One Stop Realty
Investment Insights
Based on property information with market context.
Located at 765 Lenox Ave in Miami Beach, this two-story Art Deco apartment building contains 12 residential units and was built in 1954. The unit mix includes one-bedroom residences and studios, with wood flooring in living areas and tile in the bathrooms. Residential-only use and street parking are among the property’s stated features.
The property is within walking distance of the beach and minutes from shopping, dining, entertainment, and other Miami Beach attractions. Its configuration provides a range of smaller residential layouts within a single multifamily building, while the established construction date and period architectural style add clear physical identity.
The property is within walking distance of the beach and minutes from shopping, dining, entertainment, and other Miami Beach attractions. Its configuration provides a range of smaller residential layouts within a single multifamily building, while the established construction date and period architectural style add clear physical identity.
Key Highlights
- 12‑unit apartment building with 10 one‑bedroom/one‑bath units and 2 studio units
- Two‑story Art Deco building constructed in 1954
- Wood flooring throughout units with tile flooring in bathrooms
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
$139,091
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
2.90%
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%
$2,781,820
$2.8M
Cap Rate 7%
$1,987,014
$2.0M
Cap Rate 9%
$1,545,456
$1.5M
Market Conditions
NOI Build-Up for 9,044 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
$264.8K $29.28/SF
− Vacancy
−$11.9K −$1.32/SF
EGI
$252.9K $27.96/SF
− OpEx
−$113.8K −$12.58/SF
NOI
$139.1K $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%
$2,781,820
Cap Rate 7%
$1,987,014
Cap Rate 9%
$1,545,456
Alternative Uses
Best Use
Apartment 5plus
$1.99M
$1.74M – $2.32M
NOI $139,091 @ 7.0% cap · market cap 2.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.59M
$4.01M – $5.35M
NOI $321,188 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,367
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 - Two-story residential property with a defined mix of one-bedroom and studio units.
Where is this apartment building located?
The property is located at 765 Lenox Ave Miami Beach, FL.
What is the asking price?
The asking price for this property is $4,800,000.
What are key features of this property?
This property features: 12‑unit apartment building with 10 one‑bedroom/one‑bath units and 2 studio units; Two‑story Art Deco building constructed in 1954; Wood flooring throughout units with tile flooring in bathrooms
