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460 NE 28th St Apt 4002

Miami, FL 33137 · condos · For Sale · 201 days on market
Asking price$2,175,000
5 beds 4 baths 2,248 sqft
Suggested offer$1,345,900$829,100 above the est. market value of $1,345,900.
View on Realtor.com →
Listed by Anthony Al Nasser · Compass Florida, LLC.
Typecondos
Built2015
Price / sqft$968
Est. value (own analysis)$1,345,900
Rent estimate (own analysis)$3,800/mo
HOA$3,178/mo
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Neighborhood

Show every detail
Statusfor_sale
Listed date2026-02-13
Removed date—
MLSMiamiMLS #A11959834
Coordinates25.80385, -80.18741
Address460 NE 28th St Apt 4002
CityMiami
StateFL
Zip33137
Listing ID5215427783
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$2,175,000
Down payment (20.0%)$435,000
Loan amount$1,740,000
Closing costs (5.0%)$108,750
Total cash to close$543,750
Income
Rent (comp-derived)$3,800$45,600
Vacancy loss (8.0%)

Vacancy Loss

Gross Scheduled Rent × Vacancy Rate

Gross scheduled rent (annual) comp$45,600
Vacancy rate (assumption) assumption8.0%

$45,600 × 8.0% = $3,648

Effective gross income$3,496$41,952
Operating expenses
Property tax (placeholder 1.9% of price)$3,444$41,325
Insurance (placeholder 0.8% of price)$1,450$17,400
HOA dues$3,178$38,136
Management (0.0% of EGI)$0$0
Maintenance (5.0% of GSR)$190$2,280
Total operating expenses$8,262$99,141
Net operating income (NOI)

Net Operating Income (NOI)

Effective Gross Income − Total Operating Expenses

Effective gross income derived$41,952
Total operating expenses derived$99,141

$41,952 − $99,141 = -$57,189

Debt service & reserves
Debt service (6.66%, avg 30yr rate as of 2026-08-27, 30yr amortizing)

Monthly Principal & Interest

Standard amortization on the loan amount, at the effective rate and term

Loan amount derived$1,740,000
Interest rate (avg 30yr rate) comp6.7%
Term (assumption) assumption30 years

$1,740,000 amortized at 6.7% over 30 years = $11,182/mo

CapEx reserve (5.0% of GSR)$190$2,280
Mortgage insurance (PMI) (0.0% of loan, not required — down payment ≥ 20%)$0$0
Cash flow

Monthly Cash Flow

(NOI − Annual Debt Service − Annual CapEx Reserve − Annual PMI) ÷ 12

NOI derived-$57,189
Annual debt service derived$134,181
Annual CapEx reserve assumption$2,280
Annual PMI assumption$0

(-$57,189 − $134,181 − $2,280 − $0) ÷ 12 = -$16,137

Cap rate

Cap Rate

NOI ÷ Purchase Price

NOI derived-$57,189
Purchase price data$2,175,000

-$57,189 ÷ $2,175,000 = -2.6%

Cash-on-cash

Cash-on-Cash Return

Annual Cash Flow ÷ Total Cash Invested

Annual cash flow derived-$193,650
Total cash to close derived$543,750

-$193,650 ÷ $543,750 = -35.6%

DSCR

Debt Service Coverage Ratio (DSCR)

NOI ÷ Annual Debt Service

NOI derived-$57,189
Annual debt service derived$134,181

-$57,189 ÷ $134,181 = -0.43

Rent-to-price (1% rule)

Rent-to-Price (the "1% rule")

(Gross Scheduled Rent ÷ 12) ÷ Purchase Price

Gross scheduled rent (annual) comp$45,600
Purchase price data$2,175,000

($45,600 ÷ 12) ÷ $2,175,000 = 0.2%

Gross rent multiplier

Gross Rent Multiplier (GRM)

Purchase Price ÷ Gross Scheduled Rent

Purchase price data$2,175,000
Gross scheduled rent (annual) comp$45,600

$2,175,000 ÷ $45,600 = 47.7

Operating expense ratio

Operating Expense Ratio

Total Operating Expenses ÷ Effective Gross Income

Total operating expenses derived$99,141
Effective gross income derived$41,952

$99,141 ÷ $41,952 = 236.3%

Break-even occupancy

Break-Even Occupancy

(Total OpEx + Annual Debt Service + Annual PMI) ÷ Gross Scheduled Rent

Total operating expenses derived$99,141
Annual debt service derived$134,181
Annual PMI assumption$0
Gross scheduled rent (annual) comp$45,600

($99,141 + $134,181 + $0) ÷ $45,600 = 511.7%

Comparables

Widened to city-wide. Real active rental listings, used to derive the rent estimate above.

AddressTypeBedsBathsSqftAsking rentListedDays on market
apartment542,108$8,7102026-09-01—
apartment532,321$2,5002026-06-05—
condos521,900$3,7002026-06-02—
condos522,000$3,8002026-05-22—
condos563,004$12,5502026-04-15—
condos531,640$3,8492026-04-20—
apartment521,800$3,700——
condos531,935$3,4002026-08-27—
apartment531,640$3,8502026-09-01—

2800 SW 27th Ter Apt 513

Miami, 33133 · rent comp

Bedrooms / bathrooms5 bd / 4 ba
Square footage2,108
Listed2026-09-01
Days on market—

Asking rent: $8,710

View on Zillow →

1234 NE 151st St Unit 1

Miami, 33162 · rent comp

Bedrooms / bathrooms5 bd / 3 ba
Square footage2,321
Listed2026-06-05
Days on market—

Asking rent: $2,500

View on Zillow →

2970 NW 48th St Unit 2970

Miami, 33142 · rent comp

Bedrooms / bathrooms5 bd / 2 ba
Square footage1,900
Listed2026-06-02
Days on market—

Asking rent: $3,700

View on Zillow →

2750 NW 58th St Unit 2752

Miami, 33142 · rent comp

Bedrooms / bathrooms5 bd / 2 ba
Square footage2,000
Listed2026-05-22
Days on market—

Asking rent: $3,800

View on Zillow →

244 Biscayne Blvd Unit UPH4904

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 6 ba
Square footage3,004
Listed2026-04-15
Days on market—

Asking rent: $12,550

View on Zillow →

12556 SW 194th St Unit 0

Miami, 33177 · rent comp

Bedrooms / bathrooms5 bd / 3 ba
Square footage1,640
Listed2026-04-20
Days on market—

Asking rent: $3,849

View on Zillow →

6986 NW 21st Ave Unit 6900

Miami, 33147 · rent comp

Bedrooms / bathrooms5 bd / 2 ba
Square footage1,800
Listed—
Days on market—

Asking rent: $3,700

View on Zillow →

2370 NW 33rd St Unit 2370

Miami, 33142 · rent comp

Bedrooms / bathrooms5 bd / 3 ba
Square footage1,935
Listed2026-08-27
Days on market—

Asking rent: $3,400

View on Zillow →

19440 SW 125th Ave Unit A

Miami, 33177 · rent comp

Bedrooms / bathrooms5 bd / 3 ba
Square footage1,640
Listed2026-09-01
Days on market—

Asking rent: $3,850

View on Zillow →

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.

AddressTypeBedsBathsLiving sqftSale priceSale date
700 NE 24th St Unit 2206condos231,738$1,535,0002026-08-31
2020 N Bayshore Dr Unit 103condos221,637$823,0002026-08-31
700 NE 24th St Unit 1806condos231,545$1,540,0002026-08-31
3301 NE 1st Ave Apt L0304condos12711$385,0002026-08-27
3301 NE 1st Ave Apt M0503condos121,328$582,0002026-08-26
501 NE 31st St Unit 2903condos12662$440,0002026-08-24
665 NE 25th St Apt 802condos231,331$770,0002026-08-24
2900 NE 7th Ave Unit 504condos121,029$699,5102026-08-24
350 NE 24th St Apt 814condos11679$307,5002026-08-21
90 NE 32nd St Unit 213condos01462$525,0002026-08-18
481 NE 29th St Unit 604condos22837$450,0002026-08-18
460 NE 28th St Apt 1602condos11854$530,0002026-08-17
350 NE 24th St Apt 1109condos221,020$465,0002026-08-14
501 NE 31st St Unit 1709condos22944$540,0002026-08-14
2001 Biscayne Blvd Apt 2306condos11706$352,0002026-08-13
700 NE 25th St Apt 2002condos221,234$707,5002026-08-12
3470 E Coast Ave Apt H1714condos231,088$650,0002026-08-10
3301 NE 1st Ave Apt H2405condos12761$363,0002026-08-10
2200 NE 4th Ave Apt 1002condos22950$397,0002026-08-07
700 NE 25th St Apt 1003condos221,382$700,0002026-08-06
321 NE 26th St Unit 802condos11560$336,0002026-08-06
601 NE 36th St Apt 2908condos12761$490,0002026-08-03
700 NE 24th St Unit 5401condos56—$2,750,0002026-08-01
3301 NE 1st Ave Apt L0302condos12711$370,0002026-07-31
460 NE 28th St Apt 2405condos221,143$740,0002026-07-31
2000 N Bayshore Dr Apt 1402condos321,332$535,0002026-07-31
2900 NE 7th Ave Unit 906condos22912$740,0002026-07-30
700 NE 24th St Unit 3201condos462,686$2,800,0002026-07-30
2020 N Bayshore Dr Apt 1204condos221,135$880,0002026-07-27
3131 NE 7th Ave Unit 304condos341,526$1,025,0002026-07-24
650 NE 32nd St Unit 2201condos341,646$1,390,0002026-07-24
3131 NE 7th Ave Unit 3605condos221,088$1,133,0002026-07-23
121 NE 34th St Unit 2311condos11612$430,0002026-07-22
600 NE 27th St Apt 2304condos331,584$845,0002026-07-15
700 NE 24th St Unit 4801condos462,686$2,750,0002026-07-14
480 NE 31st St Unit 3404condos231,186$930,0002026-07-13
3451 NE 1st Ave Apt M0706condos221,072$615,0002026-07-13
480 NE 31st St Unit 3007condos331,649$1,325,0002026-07-10
700 NE 24th St Unit 3606condos23—$1,525,0002026-07-10
3470 E Coast Ave Apt H0603condos11664$299,0002026-07-09
3470 E Coast Ave Apt H2403condos12735$435,0002026-07-09
601 NE 27th St Apt 1202condos221,226$625,0002026-07-08
2275 Biscayne Blvd Apt 504condos221,265$400,0002026-07-08
700 NE 24th St Unit 2402condos231,542$1,490,0002026-07-06
700 NE 26th Ter Unit 2205condos22955$995,0002026-07-06
3470 E Coast Ave Apt H0704condos221,242$730,0002026-07-02
121 NE 34th St Unit 1416condos22864$585,0002026-07-01
2000 N Bayshore Dr Apt 307condos22988$395,0002026-06-29
3900 Biscayne Blvd Unit N1011condos11636$465,0002026-06-29
2900 NE 7th Ave Unit 3701condos231,060$800,0002026-06-26

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.

AddressTypeBedsBathsSqftAsking priceDays on market
3131 NE 7th Ave Unit 5003condos562,887$4,150,000—
700 NE 24th St Unit 6003condos565,010$7,695,000—
700 NE 26th Ter Ph 2condos576,834$6,500,000—
547 NE 57th Stsingle_family564,658$6,380,000—
5261 NE 5th Avesingle_family564,142$5,950,000—
680 Buttonwood Lnsingle_family563,645$10,800,000—
280 NE 48th Tersingle_family531,682$1,550,000—
788 NE 23rd St Unit 3801condos563,966$5,775,000—

10-year hold projection

IRR-13.5%
Equity multiple-1.34x
Total return (10yr)-$990,089
YearProperty valueNOICash flowLoan balanceEquity
1$2,240,250-$57,189-$193,650$1,721,135$519,115
2$2,307,458-$58,409-$194,926$1,700,974$606,484
3$2,376,681-$59,653-$196,229$1,679,428$697,253
4$2,447,982-$60,922-$197,558$1,656,403$791,579
5$2,521,421-$62,216-$198,913$1,631,797$889,624
6$2,597,064-$63,535-$200,295$1,605,501$991,563
7$2,674,976-$64,880-$201,705$1,577,399$1,097,576
8$2,755,225-$66,252-$203,143$1,547,368$1,207,857
9$2,837,882-$67,650-$204,609$1,515,274$1,322,608
10$2,923,018-$69,076-$206,104$1,480,976$1,442,042
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.
All figures are estimates for evaluation purposes only, not investment, tax, legal, or insurance advice. Property tax is estimated from a real matched tax bill or millage rate when available, a placeholder % of price otherwise; insurance is scaled by flood and wind risk where those are known and a flat percentage otherwise — never a real quote. Verify all of them, along with association restrictions and permit status, before committing capital. Rent estimates come from real comps or Zillow’s ZIP index, not appraisals.