March 11, 2024 – Alec Bashein of Horvath & Tremblay has arranged the sale of Lenox Arms, a six-unit multi-family property in Miami Beach, Florida. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,000,000.
Located at 750 Lenox Avenue in Miami Beach, Florida, the Property is a 6-unit multifamily property located on a quiet residential street at 750 Lenox Avenue in Miami Beach, Florida. The property was constructed of concrete block in 1950 and is situated on .17 acres of land. The property has a total of 7,152 square feet of rentable adjusted area, which is spread across an excellent unit mix consisting of two (2) two-bedroom and one-bathroom units and four (4) two-bedroom and two-bathroom units. The property has been well maintained by current ownership with select units featuring renovated kitchens and bathrooms with upgraded appliances and fixtures. The property has Wi-Fi surveillance cameras and an on-site laundry facility for the convenience of the residents. Being just steps away from Flaming Park and the Infamous Shops on 5th Street, Lenox Arms provides an excellent South Beach location suitable for a variety of resident profiles. Furthermore, it is very rare to find an apartment building with a unit mix consisting of 100% two-bedroom floor plans that are this large in Miami Beach, which should enable new ownership to re-lease units at market levels and retain long term tenants. Units feature large living rooms, spacious kitchens and lots of storage space that can accommodate most families and individuals looking to rent an apartment in South Beach. The Property is well-located along Lenox Avenue, which is a short walk from Flamingo Park, Washington Avenue, Lincoln Road Mall, Collins Avenue and Ocean Drive. The densely populated neighborhood consists primarily of multi-family buildings and condominiums of similar age and construction as the Property. The location offers ease of access to major retailers, employment hubs, shopping, public transportation (several bus routes), and major roads including Interstate I-195, A1A, SR 907, and SR 934.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the Country. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.