Building facts
- Address
- 1520 Lenox Avenue
- Neighborhood
- South Beach
- Status
- Completed
- Pricing
- Starting at $2.4 Million
Verified 25 August 2026Miami-Dade County Property Appraiser1 source
Flats Off Lincoln — photography to follow
Key Takeaways
- This is a three-home condominium, not a loft building — the declaration holds 13 folios but only three are residences. The other ten are deeded parking spaces of 108 square feet each.
- All three flats are identical — and that makes the price record unusually clean — 2,496 square feet each, two bedrooms each, 32.3332% of the common elements each. There is no size or share difference to explain any price difference away.
- Two of them sold in the same week of 2013 at exactly the same price — $1,047,000 on 5 February and $1,047,000 on 12 February 2013. An identical price for identical apartments, which is about as good a baseline as a county record ever gives you.
- One of those two resold in February 2026 for $1,650,000 — +57.6% over thirteen years, or $419 to $661 per square foot. Same apartment, same size, same share — a genuine like-for-like measurement.
- There are more than four parking spaces per apartment — thirteen in total — ten held as their own folios and three attached to Flat 4. Parking here is a separate asset and needs pricing as one.
- The third flat has never resold — Flat 3 has one transaction on record, its February 2013 purchase. It has not changed hands since.
1520 Lenox Avenue, Miami Beach, Florida 33139 | Neighborhood: South Beach
Most building pages have to hedge, because apartments differ in size, floor, view and finish, and a price difference can always be explained away. This one does not need to hedge nearly as much. There are three apartments here and they are identical to the square foot and to the fourth decimal place of their ownership share. That makes the small amount of price data unusually trustworthy.
What the county records at 1520 Lenox Avenue
The Miami-Dade County Property Appraiser holds 13 folios at 1520 Lenox Avenue, all in one declaration, THE FLATS CONDO. The declaration’s common-element shares close at exactly 100.0000%.
Thirteen folios is not thirteen apartments, and this is the kind of thing that quietly wrecks a building page if it goes unchecked. Only three of the folios are residences. The other ten are deeded parking spaces of 108 square feet each, carrying 0.2308% of the common elements apiece. They are classified as residential condominium exactly like the flats, and their legal descriptions are the only thing that distinguishes them.
The three residences:
| Unit | Size | Bedrooms | Share of common elements | 2026 assessed |
|---|---|---|---|---|
| Flat 2 | 2,496 sq ft | 2 | 32.3332% | $1,312,610 |
| Flat 3 | 2,496 sq ft | 2 | 32.3332% | $1,279,669 |
| Flat 4 (plus parking spaces 2, 12 and 13) | 2,496 sq ft | 2 | 32.3332% + 0.6924% | $1,312,610 |
Three flats at 32.3332% each comes to 96.9996%; the ten parking spaces make up the rest. For 2026 the county assesses the three homes at $3,904,889 in total.
Three identical apartments, and why that matters
On every other building page I write, I have to warn that the median price moves with which apartments happened to sell, and that only price per square foot is meaningful. Here that problem does not exist. Every apartment is 2,496 square feet with two bedrooms and an identical ownership share. Any difference in what they fetch is a difference in price, not in what was sold.
The county record then does something that almost never happens. Two of the three flats sold within a week of each other in February 2013, at exactly the same price:
Flat 2 — 5 February 2013 — $1,047,000
Flat 3 — 12 February 2013 — $1,047,000
Identical apartments, identical prices, seven days apart. That is a baseline you can actually build on, and it is worth $419 per square foot in each case.
What thirteen years did to one of them
On 9 February 2026, Flat 2 sold again for $1,650,000.
| Flat 2 | Date | Price | $/sq ft |
|---|---|---|---|
| First recorded sale | 5 February 2013 | $1,047,000 | $419 |
| Most recent sale | 9 February 2026 | $1,650,000 | $661 |
| Change over thirteen years | +57.6% | ||
The same apartment, thirteen years and four days apart, up 57.6%. There is no mix effect, no size adjustment and no floorplate argument available — it is the same 2,496 square feet.
Flat 4 tells a consistent story but needs a caveat. It sold for $1,137,000 in May 2013 and $1,600,000 in March 2022, which is +40.7% over nine years. But Flat 4’s folio also carries three parking spaces, so both of those prices bought a flat plus parking, and its per-foot figures are not comparable with the other two. I am reporting the total prices and publishing no price per square foot for it.
Flat 3 has never resold. Its only recorded transaction is the February 2013 purchase.
So the whole building comes to five recorded transactions. That is a very small record, and I would not turn +57.6% over thirteen years into an annual rate and present it as a forecast. What it is, is one clean measurement — considerably better evidence than the twenty-sale averages you get from buildings where nothing is comparable to anything else.
Who this suits, and what to check
A 2,496 square foot two-bedroom a block from Lincoln Road, in a building with two neighbours, is a particular taste and a scarce one. If you want space and near-total privacy in South Beach without a tower, there is very little else like it.
The three-owner structure is the thing to think hardest about. In a condominium of three homes, you and two other people are the association. There is no professional management cushioning a disagreement, no large reserve fund, and a roof or a facade repair is divided three ways rather than three hundred. Read the declaration, the budget and the reserve position before anything else, and find out who the other two owners are.
Check the parking carefully too. Ten of the thirteen spaces are separate folios that can be bought and sold independently of any apartment. Establish exactly which spaces come with the flat you are looking at, because the answer is not the same for all three.
If you are selling here, you have something most sellers do not: a genuinely like-for-like comparable in your own building, and a clean thirteen-year measurement to point at. Use it. But be straight about the parking, because a buyer comparing your flat to the February 2026 sale needs to know whether spaces are included — on that sale, they were not.
The Flats off Lincoln — Frequently Asked Questions
How many apartments are at The Flats off Lincoln?
Three. The declaration contains 13 folios, but ten of them are deeded parking spaces of 108 square feet each. Only Flats 2, 3 and 4 are residences.
Are the apartments different sizes?
No, and that is what makes this building unusual. All three are 2,496 square feet with two bedrooms, and each holds an identical 32.3332% of the common elements. There is no size or share difference between them at all.
What have they sold for?
Five transactions in the building’s recorded history. Flats 2 and 3 both sold in February 2013 at exactly $1,047,000, a week apart. Flat 4 sold for $1,137,000 in May 2013 and $1,600,000 in March 2022. Flat 2 sold again on 9 February 2026 for $1,650,000.
How much has value risen here?
Flat 2 went from $1,047,000 in February 2013 to $1,650,000 in February 2026, which is 57.6% over thirteen years, or $419 to $661 per square foot. Because the apartment is identical to itself, that is a genuine like-for-like measurement rather than an average across different homes. I would not convert it into an annual growth rate on five transactions.
Does parking come with an apartment?
Not automatically, and not equally. Thirteen parking spaces exist: ten are separate folios that can be bought and sold on their own, and three are attached to Flat 4’s folio. Establish exactly which spaces are included in any purchase, because the February 2026 sale of Flat 2 did not include any.
What should I know about a three-unit condominium?
That you and two other owners are the association. There is no large reserve fund and no professional buffer between neighbours, and a major repair is divided three ways. Read the declaration, the budget and the reserve position before committing, and find out who the other two owners are.
Sources and further reading
Interested in selling at Flats Off Lincoln?
Learn more about selling your condo at Flats Off Lincoln with Josh Stein.
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Thinking about Flats Off Lincoln?
I have sold South Florida property since 2002, more than $1 billion of it. Ask me for the recorded declaration, what has genuinely closed, or a straight answer on whether this building fits what you are after.
Call (305) 695-8257Send me a question
Josh Stein · Florida real estate sales associate, license SL3057661 · (305) 695-8257 · hello@joshsteinrealtor.comFrequently asked questions
Are there real converted-warehouse lofts in Miami?
Very few. Parc Lofts at 1749 NE Miami Court is described in the trade as one of the few true industrial-loft buildings in Miami, with 15-foot ceilings on floors one to four and 20-foot ceilings on floors five and six. Most Miami buildings marketed as lofts, including Neo Lofts, Filling Station Lofts, Wynwood Lofts and Loft Downtown I and II, are purpose-built new construction in a loft aesthetic dating from 2002 to 2016.
How much does a loft cost in Miami?
Downtown loft-style condominiums start around $282,000 to $307,000 and average $414 to $451 per square foot across Neo Lofts, Loft Downtown I and Loft Downtown II, on 2026 data. Large-format industrial lofts sit far higher: Parc Lofts runs roughly $1.3 million to $3.0 million at about $756 per square foot for units of 1,970 to 3,774 square feet.
Are Miami lofts good value compared with condos?
On a per-square-foot basis, clearly. Downtown loft product trades at roughly $414 to $451 per square foot while the Downtown luxury condo segment ran $730 per square foot in Q1 2026. Carrying costs are lower too: Loft Downtown II has an HOA near $0.93 per square foot per month against $4 to $7 in South Beach trophy towers.
Which Miami neighborhoods have lofts?
The concentrations are Downtown Miami with Loft Downtown I and II, the Arts and Entertainment District with Parc Lofts and Filling Station Lofts, Wynwood with Wynwood Lofts, Edgewater with Star, Bay and Uptown Lofts, and the Miami River and Brickell edge with Neo Lofts. South Beach has a small cluster of boutique loft buildings including Ilona Lofts and Montclair Lofts, and Coconut Grove has Lofts at Mayfair.
What are the largest lofts in Miami?
Parc Lofts has the largest floorplates of any loft building in the city, with units from 1,970 to 3,774 square feet. Filling Station Lofts runs 832 to 1,639 square feet with 18-foot ceilings. Most Downtown loft towers top out near 1,150 to 1,185 square feet.
Why does nobody build new lofts in Miami anymore?
Land economics. Edgewater and Brickell luxury condos traded at $978 and $950 per square foot in Q1 2026 while loft product trades near $420. A four to six-storey building with 35 to 70 units cannot compete for the same land as a 40-storey tower, and 20-foot ceilings consume roughly two conventional floors of height under fixed limits. No meaningful loft supply has been added since about 2016.
How long do Miami lofts take to sell?
Loft Downtown II averaged 129 days on market over the six months ending July 2026, with sold prices averaging $422 per square foot against an asking average of $451. Downtown carried 46 months of luxury inventory in Q1 2026, the highest in Greater Downtown, which gives buyers meaningful negotiating room.
Who buys lofts in Miami?
Three groups. Creative professionals, since Parc Lofts is documented as a favourite among photographers, musicians and artists and Wynwood Lofts is marketed as a live/work building. Entry-point urban buyers, because Downtown lofts start below $310,000 against a $425,000 Miami-Dade condo median. And rental investors attracted by the low HOA structure, with Loft Downtown II listing 17 units for rent against 15 for sale in July 2026.
Related coverage
Part of Miami Lofts.