Description
Zoned: RM-1 Residential Multi-family, low intensity Flamingo Park Historic District Use: The main permitted uses in the RM-1 residential multifamily, low density district are single-family detached dwelling; townhomes; apartments; apartment hotels, hotels; and bed and breakfast inn. Lot size: 7,500 SF (50 ft x 150 ft) Existing Building: 2-story / 2,565 SF (1280 sf Ground floor / 1280 Second floor) Existing Units: 4 Living Units (4 bed/4 bath) Year built: 1938 Max FAR: 1.25 Floor area ratio means the floor area of the building or buildings on any lot divided by the area of the lot. Allowable Floor Area: 1.25 x 7500 SF = 9,375 SF New construction area: 9,375 SF allowable – 2,565 SF existing = 6,810 SF new construction Douglas Elliman Real Estate, as exclusive listing agent, is pleased to offer 635 Lenox Ave., Miami Beach. For developers seeking to re/develop income producing rentals in Miami Beach, this property consists of an existing 2-Story Multi-Family 4-unit apartment building on 7,500 SF land in an area zoned for short-term rentals. Development rights allow up to 8 additional units. Potentially 12 units in a final project. The combination of easy access from the back street, the three story (35’) height limit, and the additional development rights drive the value for this property. Located at 6th & Lenox. This property is within walking distance to Shoppes at Alton including Publix, Orange Theory, TJ Max, Best Buy, The Vitamin Shoppe, Target as well as Walgreens. The property is close to Banks, public transportations, and the many of the offerings of the South of Fifth Street (''SOFI'') neighborhood. Needs cosmetic updates in the existing building. Offering price based upon Redevelopment Potential and not in-place income. NOI published herein is proforma in nature based upon a short-term rental operation. See attached offering.
