650 NE 32nd St Unit BH2
Miami, FL 33137 · condos · For Sale · 40 days on market
Asking price$4,599,000
6 beds 8 baths 6,676 sqft
Suggested offer$3,996,988$602,012 above the est. market value of $3,996,988.
View on Realtor.com →Listed by Joshua Winarick · The Corcoran Group
Typecondos
Built2018
Price / sqft$689
Est. value (own analysis)$3,996,988
Rent estimate (own analysis)$40,000/mo
HOA$9,492/mo
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Statusfor_sale
Listed date2026-07-24
Removed date—
MLSMiamiMLS #A12058698
Coordinates25.80642, -80.18602
Address650 NE 32nd St Unit BH2
CityMiami
StateFL
Zip33137
Listing ID5050473864
Sourceus-real-estate-listings, cached 2026-08-30
ZIP market snapshot (33137)
Typical home value (ZHVI)$682,165
Typical rent (ZORI)$3,560/mo
Zillow Research's ZHVI (home value index) and ZORI (rent index) for this ZIP, as of 2026-07 — free published data, refreshed monthly, no RentCast quota spent. "Typical value/rent" is a smoothed index, not a literal median of active listings.
Underwriting (buy-and-hold, default assumptions)
| Acquisition (one-time, not monthly/yearly) | |
| Purchase price | $4,599,000 |
| Down payment (20.0%) | $919,800 |
| Loan amount | $3,679,200 |
| Closing costs (5.0%) | $229,950 |
| Total cash to close | $1,149,750 |
| Income | |
| Rent (comp-derived) | $40,000$480,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $36,800$441,600 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $7,282$87,381 |
| Insurance (placeholder 0.8% of price) | $3,066$36,792 |
| HOA dues | $9,492$113,904 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $2,000$24,000 |
| Total operating expenses | $21,840$262,077 |
| Net operating income (NOI) | |
| Debt service & reserves | |
| Debt service (6.66%, avg 30yr rate as of 2026-08-27, 30yr amortizing) | |
| CapEx reserve (5.0% of GSR) | $2,000$24,000 |
| Mortgage insurance (PMI) (0.0% of loan, not required — down payment ≥ 20%) | $0$0 |
| Cash flow |
Cap rate
Cash-on-cash
DSCR
Rent-to-price (1% rule)
Gross rent multiplier
Operating expense ratio
Break-even occupancy
Comparables
Widened to city-wide. Real active rental listings, used to derive the rent estimate above.
| Address | Type | Beds | Baths | Sqft | Asking rent | Listed | Days on market |
|---|---|---|---|---|---|---|---|
| condos | 6 | 7 | 4,549 | $40,000 | 2026-07-24 | — | |
| condos | 6 | 6 | 5,173 | $50,000 | 2026-04-03 | — | |
| apartment | 6 | 4 | 2,376 | $1,950 | 2026-03-11 | — |
Widened to any bedroom count in ZIP. Closed sales from Realtor.com over the last 12 months, matched to this property's type — real transaction prices, not asking prices. Falls back to Miami-Dade County public records (property appraiser tax roll) when Realtor.com has no sales on file for the area.
| Address | Type | Beds | Baths | Living sqft | Sale price | Sale date |
|---|---|---|---|---|---|---|
| 700 NE 24th St Unit 2206 | condos | 2 | 3 | 1,738 | $1,535,000 | 2026-08-31 |
| 2020 N Bayshore Dr Unit 103 | condos | 2 | 2 | 1,637 | $823,000 | 2026-08-31 |
| 700 NE 24th St Unit 1806 | condos | 2 | 3 | 1,545 | $1,540,000 | 2026-08-31 |
| 3301 NE 1st Ave Apt L0304 | condos | 1 | 2 | 711 | $385,000 | 2026-08-27 |
| 3301 NE 1st Ave Apt M0503 | condos | 1 | 2 | 1,328 | $582,000 | 2026-08-26 |
| 501 NE 31st St Unit 2903 | condos | 1 | 2 | 662 | $440,000 | 2026-08-24 |
| 665 NE 25th St Apt 802 | condos | 2 | 3 | 1,331 | $770,000 | 2026-08-24 |
| 2900 NE 7th Ave Unit 504 | condos | 1 | 2 | 1,029 | $699,510 | 2026-08-24 |
| 350 NE 24th St Apt 814 | condos | 1 | 1 | 679 | $307,500 | 2026-08-21 |
| 90 NE 32nd St Unit 213 | condos | 0 | 1 | 462 | $525,000 | 2026-08-18 |
| 481 NE 29th St Unit 604 | condos | 2 | 2 | 837 | $450,000 | 2026-08-18 |
| 460 NE 28th St Apt 1602 | condos | 1 | 1 | 854 | $530,000 | 2026-08-17 |
| 350 NE 24th St Apt 1109 | condos | 2 | 2 | 1,020 | $465,000 | 2026-08-14 |
| 501 NE 31st St Unit 1709 | condos | 2 | 2 | 944 | $540,000 | 2026-08-14 |
| 2001 Biscayne Blvd Apt 2306 | condos | 1 | 1 | 706 | $352,000 | 2026-08-13 |
| 700 NE 25th St Apt 2002 | condos | 2 | 2 | 1,234 | $707,500 | 2026-08-12 |
| 3470 E Coast Ave Apt H1714 | condos | 2 | 3 | 1,088 | $650,000 | 2026-08-10 |
| 3301 NE 1st Ave Apt H2405 | condos | 1 | 2 | 761 | $363,000 | 2026-08-10 |
| 2200 NE 4th Ave Apt 1002 | condos | 2 | 2 | 950 | $397,000 | 2026-08-07 |
| 700 NE 25th St Apt 1003 | condos | 2 | 2 | 1,382 | $700,000 | 2026-08-06 |
| 321 NE 26th St Unit 802 | condos | 1 | 1 | 560 | $336,000 | 2026-08-06 |
| 601 NE 36th St Apt 2908 | condos | 1 | 2 | 761 | $490,000 | 2026-08-03 |
| 700 NE 24th St Unit 5401 | condos | 5 | 6 | — | $2,750,000 | 2026-08-01 |
| 3301 NE 1st Ave Apt L0302 | condos | 1 | 2 | 711 | $370,000 | 2026-07-31 |
| 460 NE 28th St Apt 2405 | condos | 2 | 2 | 1,143 | $740,000 | 2026-07-31 |
| 2000 N Bayshore Dr Apt 1402 | condos | 3 | 2 | 1,332 | $535,000 | 2026-07-31 |
| 2900 NE 7th Ave Unit 906 | condos | 2 | 2 | 912 | $740,000 | 2026-07-30 |
| 700 NE 24th St Unit 3201 | condos | 4 | 6 | 2,686 | $2,800,000 | 2026-07-30 |
| 2020 N Bayshore Dr Apt 1204 | condos | 2 | 2 | 1,135 | $880,000 | 2026-07-27 |
| 3131 NE 7th Ave Unit 304 | condos | 3 | 4 | 1,526 | $1,025,000 | 2026-07-24 |
| 650 NE 32nd St Unit 2201 | condos | 3 | 4 | 1,646 | $1,390,000 | 2026-07-24 |
| 3131 NE 7th Ave Unit 3605 | condos | 2 | 2 | 1,088 | $1,133,000 | 2026-07-23 |
| 121 NE 34th St Unit 2311 | condos | 1 | 1 | 612 | $430,000 | 2026-07-22 |
| 600 NE 27th St Apt 2304 | condos | 3 | 3 | 1,584 | $845,000 | 2026-07-15 |
| 700 NE 24th St Unit 4801 | condos | 4 | 6 | 2,686 | $2,750,000 | 2026-07-14 |
| 480 NE 31st St Unit 3404 | condos | 2 | 3 | 1,186 | $930,000 | 2026-07-13 |
| 3451 NE 1st Ave Apt M0706 | condos | 2 | 2 | 1,072 | $615,000 | 2026-07-13 |
| 480 NE 31st St Unit 3007 | condos | 3 | 3 | 1,649 | $1,325,000 | 2026-07-10 |
| 700 NE 24th St Unit 3606 | condos | 2 | 3 | — | $1,525,000 | 2026-07-10 |
| 3470 E Coast Ave Apt H0603 | condos | 1 | 1 | 664 | $299,000 | 2026-07-09 |
| 3470 E Coast Ave Apt H2403 | condos | 1 | 2 | 735 | $435,000 | 2026-07-09 |
| 601 NE 27th St Apt 1202 | condos | 2 | 2 | 1,226 | $625,000 | 2026-07-08 |
| 2275 Biscayne Blvd Apt 504 | condos | 2 | 2 | 1,265 | $400,000 | 2026-07-08 |
| 700 NE 24th St Unit 2402 | condos | 2 | 3 | 1,542 | $1,490,000 | 2026-07-06 |
| 700 NE 26th Ter Unit 2205 | condos | 2 | 2 | 955 | $995,000 | 2026-07-06 |
| 3470 E Coast Ave Apt H0704 | condos | 2 | 2 | 1,242 | $730,000 | 2026-07-02 |
| 121 NE 34th St Unit 1416 | condos | 2 | 2 | 864 | $585,000 | 2026-07-01 |
| 2000 N Bayshore Dr Apt 307 | condos | 2 | 2 | 988 | $395,000 | 2026-06-29 |
| 3900 Biscayne Blvd Unit N1011 | condos | 1 | 1 | 636 | $465,000 | 2026-06-29 |
| 2900 NE 7th Ave Unit 3701 | condos | 2 | 3 | 1,060 | $800,000 | 2026-06-26 |
Same ZIP. Other properties currently for sale nearby — asking prices, not closed sale prices. Not a price comp; see Sold comps for actual transaction history.
| Address | Type | Beds | Baths | Sqft | Asking price | Days on market |
|---|---|---|---|---|---|---|
| 31 NE 53rd St | single_family | 6 | 2 | 936 | $740,000 | — |
| 3131 NE 7th Ave Unit 4901 | condos | 6 | 7 | 4,549 | $6,000,000 | — |
| 770 Lake Rd | single_family | 6 | 7 | 5,421 | $29,500,000 | — |
| 55-53 NE 60th St | multi_family | 6 | 6 | 2,884 | $2,000,000 | — |
| 525 NE 58th St | single_family | 6 | 3 | 3,476 | $3,500,000 | — |
| 4241 Palm Ln | single_family | 6 | 7 | 6,334 | $26,000,000 | — |
| 52 NE 47th St | multi_family | 6 | 5 | 2,578 | $2,000,000 | — |
10-year hold projection
IRR3.0%
Equity multiple1.48x
Total return (10yr)$1,149,567
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $4,736,970 | $179,523 | -$128,199 | $3,639,309 | $1,097,661 |
| 2 | $4,879,079 | $186,219 | -$122,103 | $3,596,679 | $1,282,400 |
| 3 | $5,025,451 | $193,149 | -$115,789 | $3,551,122 | $1,474,330 |
| 4 | $5,176,215 | $200,320 | -$109,248 | $3,502,436 | $1,673,779 |
| 5 | $5,331,501 | $207,741 | -$102,473 | $3,450,406 | $1,881,095 |
| 6 | $5,491,447 | $215,419 | -$95,457 | $3,394,804 | $2,096,642 |
| 7 | $5,656,190 | $223,365 | -$88,190 | $3,335,384 | $2,320,806 |
| 8 | $5,825,876 | $231,585 | -$80,666 | $3,271,883 | $2,553,993 |
| 9 | $6,000,652 | $240,090 | -$72,874 | $3,204,021 | $2,796,631 |
| 10 | $6,180,671 | $248,890 | -$64,805 | $3,131,500 | $3,049,172 |
Assumes 3.0% annual rent growth, 2.5% expense growth, 3.0% appreciation, and a 6.0% selling cost at exit — all placeholder assumptions, not market-derived.