655 Lenox Ave, Miami Beach, FL 33139

Property Details for 655 Lenox Ave

Year built

1957

Lot size

0.17 lot acres

Property type

Commercial real estate

Description

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.

Location Insight

City

Miami Beach

County

Miami-Dade

State

Florida

Longitude

-80.1391294

Latitude

25.7767091