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    The Largest CRE Database in the US with Over 1 Million Listings

    655 Lenox Ave Miami Beach, FL 33139

    Sponsored
    For Sale
    $3,100,000

    8-unit apartment building, prime location, high ROI potential.

    Property size:
    7,248 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    410
    This exceptional 8-unit apartment building, situated on a quiet residential street in Miami Beach, Florida, presents a compelling investment opportunity. The property, totaling 7,248 square feet, comprises two adjacent two-story buildings on a 0.17-acre lot. The 5,877 square feet of net rentable area is distributed across a desirable unit mix: six one-bedroom, one-bathroom units and two two-bedroom, two-bathroom units. Each unit boasts recently renovated kitchens and bathrooms featuring high-end finishes, upgraded appliances, flooring, and fixtures. The property benefits from a gated and secured courtyard style design, constructed of concrete block in 1957. Extensive renovations and preventative maintenance have been undertaken, including the replacement of numerous air conditioning units and windows. Its prime location, steps from Flamingo Park and the Shops on 5th Street, offers easy access to major retailers, employment hubs, public transportation, and major roadways. Currently, rents are below market value, presenting a significant opportunity to increase revenue through hands-on management. The surrounding area boasts strong demographics, with over 26,700 people residing within one mile and an average household income exceeding $113,000. This property is ideally positioned within a high-demand, supply-constrained residential market, making it an attractive investment with substantial value-add potential. The asking price is $3,100,000, representing $387,500 per unit and $427.70 per square foot.

    Property Features for 655 Lenox Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    7,248 SF
    Lot Size
    7,405 SF

    Building Details

    Year Built
    1957
    Buildings
    2
    Stories
    2
    Units
    8

    We can help!

    Listing Contact
    Alec Bashein
    Alec Bashein

    Learn more

    Property Insight Report

    HighLights

    • Recently renovated units with updated kitchens and bathrooms featuring high‑end finishes.
    • Well‑maintained property with recent preventative maintenance including AC unit, window, and paint replacements.
    • Excellent Lenox Avenue location, walking distance to Flamingo Park, Washington Avenue, Lincoln Road Mall, Collins Avenue, and Ocean Drive; near major retailers, public transportation, and I‑195, A1A, SR 907, and SR 934.
    • Value‑add potential due to below‑market rents in a high‑demand, supply‑constrained market.
    • Prime location near Downtown Miami, Miami International Airport, major universities, and numerous large employers including American Airlines, Precision Response, Costa Farms, Royal Caribbean, Office Depot, Wackenhut, and LoanDepot Park.
    • Located in Miami, a major global center for finance, commerce, and international trade.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Food Market Clothing Store Daycare Center

    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
    -80.1391294
    Latitude
    25.7767091

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    FAQs

    What type of property is this?
    Multifamily property - 8-unit apartment building, prime location, high ROI potential.
    Where is this multifamily property located?
    The property is located at 655 Lenox Ave Miami Beach, FL.
    What is the asking price?
    The asking price for this property is $3,100,000.
    What are key features of this property?
    This property features: Recently renovated units with updated kitchens and bathrooms featuring high-end finishes.; Well-maintained property with recent preventative maintenance including AC unit, window, and paint replacements.; Excellent Lenox Avenue location, walking distance to Flamingo Park, Washington Avenue, Lincoln Road Mall, Collins Avenue, and Ocean Drive; near major retailers, public transportation, and I-195, A1A, SR 907, and SR 934.
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    Miami Beach, FL 33139
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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
    655 Lenox Ave Miami Beach, FL 33139
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    We can help!
    Listing Contact
    Alec Bashein
    Alec Bashein
    Real Estate License ID: FL
    Learn more
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