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712 Drexel Ave Apt 8, Miami Beach, Florida 33137, US

Est. IRR: 15.10%
Est. Yield: 5.30%
Est. Equity Multiple: N/A

Key Stats

Last updated: November 26, 2022, 04:10 am

Est. IRR: 15.10%
Est. Yield: 5.30%
Est. Property Value: $428,232
Beds / Baths: 3 bd / 1 ba
Year Built: 1930
Units: 1
Sq. Ft.: 804
Occupied: Yes
Debt LTV: 0%
Current Rent: $3,450
Yearly Income: $42,000

Asset Class (Single Family Rental)

Single-family rentals are usually detached homes with their own lot and are rented out to a single family or individual.

About

2-Story Condo Rental in Miami Beach, Florida

This single-family rental with 3 beds and 1 bath is located close to Miami Beach Marina (0.6 mi), Jungle Island (3.4 mi), and Miami Children's Museum (3.8 mi).

The home sits on 0.18 acres with a total interior space of 804 square feet. The property was originally built in 1930 and was renovated in 2022, and includes a new HVAC system (installed in April 2022), a new roof (installed in January 2021), and a new kitchen (installed in May 2019).

Local schools include Fienberg-Fisher K-8 Center (0.6 mi) with a 5/10 rating, Miami Beach Senior High School (1.4 mi) with a 5/10 rating, and Nautilus Middle School (3.1 mi) with a 5/10 rating. Nearby colleges include AI Miami (4.5 mi), Miami Dade College, Wolfson (5.3 mi), and the University of Miami (11.5 mi).

The largest employers in the area include Baptist Health (0.5 mi), Miami-Dade County Public Schools (4.4 mi), and Florida State Government (5.2 mi).

The business plan would be classified as a short-term hold strategy which in this case means the profit is from selling the property in the highest place.

5 Highlights about this deal:

The property was acquired for $428,232 vs. a Zillow Zestimate of $413,136 (Nov 2022)
The unit is rented for $3,450 which is above the median rent of $2,700
The unit is just steps away from Ocean Drive, sandy beaches, and the Atlantic Ocean
The home includes a modern eat-in kitchen, stainless steel appliances, A/C, and hurricane-impact windows.
VeryApt, a large REIT, just put under contract the ‘Northgate Towers’ for almost $278M and is expected to close in Q2 2023. The unit is just an 11-minute walk from the Northgate Towers property.