215 Palm Ave
Miami Beach, FL 33139 · single_family · For Sale · 142 days on market
Asking price$6,500,000
4 beds 6 baths 5,241 sqft
Listed by Isaac Malagon · One Sotheby's International Realty
Typesingle_family
Built2004
Price / sqft$1240
Est. value (own analysis)$8,948,483
Rent estimate (own analysis)$25,000/mo
HOANone
Wind10/10Extreme$Heat10/10ExtremeFlood9/10extreme$Air2/10MinorWildfire1/10Minimal
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Statusfor_sale
Listed date2026-04-13
Removed date—
MLSMiamiMLS #A11998519
Coordinates25.78109, -80.16425
Address215 Palm Ave
CityMiami Beach
StateFL
Zip33139
Listing ID5144892253
Sourceus-real-estate-listings, cached 2026-08-30
ZIP market snapshot (33139)
Typical home value (ZHVI)$471,015
Typical rent (ZORI)$2,928/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 | $6,500,000 |
| Down payment (20.0%) | $1,300,000 |
| Loan amount | $5,200,000 |
| Closing costs (5.0%) | $325,000 |
| Total cash to close | $1,625,000 |
| Income | |
| Rent (comp-derived) | $25,000$300,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $23,000$276,000 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $10,292$123,500 |
| Insurance (est. scaled by flood & wind risk) | $9,533$114,400 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $1,250$15,000 |
| Total operating expenses | $21,075$252,900 |
| 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) | $1,250$15,000 |
| 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
Same ZIP. Real active rental listings, used to derive the rent estimate above.
| Address | Type | Beds | Baths | Sqft | Asking rent | Listed | Days on market |
|---|---|---|---|---|---|---|---|
| single_family | 4 | 6 | 4,440 | $22,000 | — | — | |
| single_family | 4 | 5 | 5,050 | $37,000 | 2025-09-30 | — | |
| single_family | 4 | 5 | 3,725 | $25,000 | 2026-07-29 | — |
Same ZIP & bedroom count. 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 |
|---|---|---|---|---|---|---|
| 330 E San Marino Dr | single_family | 4 | 3 | 2,087 | $3,590,000 | 2026-08-24 |
| 508 W Dilido Dr | single_family | 4 | 4 | 5,501 | $22,750,000 | 2026-08-12 |
| 1338 N Venetian Way | single_family | 4 | 4 | 2,456 | $3,180,000 | 2026-07-24 |
| 1776 Michigan Ave | single_family | 4 | 5 | 2,830 | $2,660,000 | 2026-07-20 |
| 617 E Dilido Dr | single_family | 4 | 5 | 4,393 | $33,000,000 | 2026-07-14 |
| 1800 Jefferson Ave | single_family | 4 | 4 | 3,462 | $3,100,000 | 2026-06-10 |
| 94 S Hibiscus Dr | single_family | 4 | 6 | 4,866 | $18,500,000 | 2026-05-29 |
| 821 E Dilido Dr | single_family | 4 | 4 | 4,420 | $15,500,000 | 2026-05-26 |
| 850 E Dilido Dr | single_family | 4 | 3 | 2,862 | $4,850,000 | 2026-05-15 |
| 100 E Dilido Dr | single_family | 4 | 5 | 3,886 | $4,750,000 | 2026-05-14 |
| 291 Palm Ave | single_family | 4 | 5 | 3,077 | $5,450,000 | 2026-05-13 |
| 2145 Meridian Ave | single_family | 4 | 6 | 4,300 | $9,380,000 | 2026-05-07 |
| 254 Palm Ave | single_family | 4 | 4 | 4,218 | $7,450,000 | 2026-04-29 |
| 1244 Michigan Ave | single_family | 4 | 3 | 3,295 | $1,900,000 | 2026-04-24 |
| 114 3rd San Marino Ter | single_family | 4 | 4 | 3,019 | $5,200,000 | 2026-04-06 |
| 1417 Lenox Ave | single_family | 4 | 3 | 2,899 | $2,100,000 | 2026-03-23 |
| 1096 N Venetian Dr | single_family | 4 | 5 | — | $5,620,000 | 2026-03-20 |
| 1001 N Venetian Dr | single_family | 4 | 3 | 3,256 | $10,450,000 | 2026-03-11 |
| 1722 Jefferson Ave | single_family | 4 | 4 | 2,881 | $1,560,000 | 2026-02-26 |
| 114 4th Rivo Alto Ter | single_family | 4 | 4 | 3,539 | $3,700,000 | 2026-02-20 |
| 1245 Lenox Ave | single_family | 4 | 2 | 2,356 | $1,600,000 | 2026-02-10 |
| 20 W Dilido Dr | single_family | 4 | 4 | 3,798 | $16,800,000 | 2025-12-29 |
| 107 W Rivo Alto Dr | single_family | 4 | 3 | 3,200 | $3,000,000 | 2025-11-20 |
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 |
|---|---|---|---|---|---|---|
| 1281 S Venetian Way | single_family | 4 | 4 | 2,912 | $3,975,000 | — |
| 1092 N Venetian Dr | single_family | 4 | 5 | 3,650 | $6,575,000 | — |
| 56 S Hibiscus Dr | single_family | 4 | 5 | 3,092 | $14,900,000 | — |
| 300 S Pointe Dr Ph 5 | condos | 4 | 7 | 5,680 | $24,999,000 | — |
| 455 E Dilido Dr | single_family | 4 | 5 | 3,138 | $13,800,000 | — |
| 1405 Lenox Ave | single_family | 4 | 2 | 2,112 | $2,200,000 | — |
| 1508 Meridian Ave | multi_family | 4 | 4 | 1,776 | $1,200,000 | — |
| 125 Ocean Dr Unit U0303 | condos | 4 | 5 | 4,365 | $19,642,000 | — |
10-year hold projection
IRR-6.2%
Equity multiple-0.04x
Total return (10yr)-$837,798
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $6,695,000 | $23,100 | -$392,899 | $5,143,620 | $1,551,380 |
| 2 | $6,895,850 | $25,058 | -$391,317 | $5,083,369 | $1,812,481 |
| 3 | $7,102,726 | $27,105 | -$389,653 | $5,018,981 | $2,083,745 |
| 4 | $7,315,807 | $29,247 | -$387,906 | $4,950,170 | $2,365,637 |
| 5 | $7,535,281 | $31,486 | -$386,070 | $4,876,635 | $2,658,647 |
| 6 | $7,761,340 | $33,827 | -$384,144 | $4,798,049 | $2,963,291 |
| 7 | $7,994,180 | $36,272 | -$382,123 | $4,714,067 | $3,280,113 |
| 8 | $8,234,006 | $38,827 | -$380,003 | $4,624,318 | $3,609,687 |
| 9 | $8,481,026 | $41,494 | -$377,781 | $4,528,406 | $3,952,620 |
| 10 | $8,735,456 | $44,280 | -$375,452 | $4,425,907 | $4,309,549 |
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.