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Multifamily

Lenox Manor

1038 11th St, Miami Beach, FL 33139

Listing Price: $3,550,000

Cap Rate
3.75%
Number of Units
18
Occupancy
95.0%
Price/Unit
$197,222
Price/Gross SF
$352.11
Gross SF
10,082

Investment Overview

Lenox Manor is an 18-unit, garden-style apartment building located in the highly sought-after Art Deco District of Miami Beach, Florida. The property was originally constructed in 1958 of concrete block and is situated on a 0.25-acre lot. It is comprised of six studio apartments and 12 one-bedroom/one-bathroom apartments, four of which have private balconies and a number of units have been updated. The property is being offered for sale free and clear of debt. The subject property is located in the heart of South Beach and only a block west of Alton Road, which just completed a multi-year capital improvement project that has reestablished itself as of one South Beach’s main throughways. Additionally, Alton Road is featuring many new developments including the Five Park development at 500 Alton Road which will include a 519-foot residential tower, the largest in Miami Beach, a recently completed Baptist Health medical complex and more. The property is also within walking distance to many of South Beach’s world-renowned destinations including the world-famous Lincoln Road Mall, Collins Avenue, and Ocean Drive. The property also sits across the street from Flamingo Park, a 36-acre complex providing residents with many sports and family activities, Major employment drivers in the area include the Miami Beach Convention Center, the many luxury hotels and resorts as well as restaurants and shopping. Lenox Manor is priced at $3,550,000 which equates to $197,222 per unit and $352 per rentable square foot. The property represents the opportunity to acquire an apartment building in a AAA location of Miami Beach that continues to improve and is facing limited stock due to high barriers to entry in the South Beach Submarket which continues to drive rental prices upward. Thus, an investor has the opportunity to renovate the units and raise the rents to market levels to increase cash flow and take advantage of the rapidly appreciating multi family market in Miami Beach.

Investment Highlights

  • Highly Sought After South Beach Location
  • Excellent Location Across the Street from Flamingo Park
  • Walking Distance to Restaurants, Shopping and Employment
  • Located on the Corner of Lenox and 11th Street
  • Upside in Rental Income
  • On-Site Laundry Facilities

Exclusively Listed By

Multifamily

Lenox Manor

Listing Price: $3,550,000

Cap Rate
3.75%
Number of Units
18
Occupancy
95.0%
Price/Unit
$197,222
Price/Gross SF
$352.11
Gross SF
10,082

Investment Highlights

  • Highly Sought After South Beach Location
  • Excellent Location Across the Street from Flamingo Park
  • Walking Distance to Restaurants, Shopping and Employment
  • Located on the Corner of Lenox and 11th Street
  • Upside in Rental Income
  • On-Site Laundry Facilities

Investment Overview

Lenox Manor is an 18-unit, garden-style apartment building located in the highly sought-after Art Deco District of Miami Beach, Florida. The property was originally constructed in 1958 of concrete block and is situated on a 0.25-acre lot. It is comprised of six studio apartments and 12 one-bedroom/one-bathroom apartments, four of which have private balconies and a number of units have been updated. The property is being offered for sale free and clear of debt. The subject property is located in the heart of South Beach and only a block west of Alton Road, which just completed a multi-year capital improvement project that has reestablished itself as of one South Beach’s main throughways. Additionally, Alton Road is featuring many new developments including the Five Park development at 500 Alton Road which will include a 519-foot residential tower, the largest in Miami Beach, a recently completed Baptist Health medical complex and more. The property is also within walking distance to many of South Beach’s world-renowned destinations including the world-famous Lincoln Road Mall, Collins Avenue, and Ocean Drive. The property also sits across the street from Flamingo Park, a 36-acre complex providing residents with many sports and family activities, Major employment drivers in the area include the Miami Beach Convention Center, the many luxury hotels and resorts as well as restaurants and shopping. Lenox Manor is priced at $3,550,000 which equates to $197,222 per unit and $352 per rentable square foot. The property represents the opportunity to acquire an apartment building in a AAA location of Miami Beach that continues to improve and is facing limited stock due to high barriers to entry in the South Beach Submarket which continues to drive rental prices upward. Thus, an investor has the opportunity to renovate the units and raise the rents to market levels to increase cash flow and take advantage of the rapidly appreciating multi family market in Miami Beach.

Exclusively Listed By

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