Fisher Island, FL 33109 · condos · For Sale · 506 days on market
Asking price$11,900,000
4 beds 5 baths 4,109 sqft
Suggested offer$8,022,850$3,877,150 above the est. market value of $8,022,850.
View on Realtor.com →Listed by Larry Rivero · Rivero Real Estate , Inc.
Typecondos
Built2004
Price / sqft$2896
Est. value (own analysis)$8,022,850
Rent estimate (own analysis)$46,500/mo
HOA$2,391/mo
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Statusfor_sale
Listed date2025-04-14
Removed date—
MLSMiamiMLS #A11783377
Coordinates25.76208, -80.14777
Address
CityFisher Island
StateFL
Zip33109
Listing ID5295623666
Sourceus-real-estate-listings, cached 2026-08-28
ZIP market snapshot (33109)
Median sale price$4,500,000
Median days on market (sale)125
Active sale listings21
Median rent$9,093/mo
Active rental listings1
Real ZIP-wide statistics from RentCast, as of 2026-09 (fetched 2026-09-03) — this is the whole ZIP's market, not specific to this property. Re-analyzing spends one of the account's 50 free monthly lookups. Our own log shows at least 6 of the 50 free monthly RentCast requests used — that only counts calls made through this app, so it can undercount. RentCast's own account dashboard has the real total.
Re-analyze ZIP 33109 (≥6 of 50 per our log)Underwriting (buy-and-hold, default assumptions)
| Acquisition (one-time, not monthly/yearly) | |
| Purchase price | $11,900,000 |
| Down payment (20.0%) | $2,380,000 |
| Loan amount | $9,520,000 |
| Closing costs (5.0%) | $595,000 |
| Total cash to close | $2,975,000 |
| Income | |
| Rent (comp-derived) | $46,500$558,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $42,780$513,360 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $18,842$226,100 |
| Insurance (placeholder 0.8% of price) | $7,933$95,200 |
| HOA dues | $2,391$28,692 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $2,325$27,900 |
| Total operating expenses | $31,491$377,892 |
| 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) | $2,325$27,900 |
| 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 |
|---|---|---|---|---|---|---|---|
| condos | 4 | 5 | 2,858 | $45,000 | 2026-03-14 | — | |
| condos | 4 | 5 | 4,010 | $48,000 | 2026-02-26 | — | |
| condos | 4 | 5 | 2,744 | $45,000 | 2025-09-17 | — | |
| condos | 4 | 5 | 3,690 | $50,000 | 2026-06-25 | — |
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 |
|---|---|---|---|---|---|---|
| 5233 Fisher Island Dr Unit 5233 | condos | 4 | 5 | 3,790 | $7,400,000 | 2026-05-28 |
| 7433 Fisher Island Dr Unit 7433 | condos | 4 | 5 | 3,849 | $10,237,500 | 2026-04-27 |
| 5322 Fisher Island Dr Unit 5322 | condos | 4 | 5 | 6,300 | $11,350,000 | 2026-04-20 |
| 6800 Fisher Island Dr Unit 6823 | condos | 4 | 5 | 4,904 | $15,000,000 | 2026-02-16 |
| 2213 Fisher Island Dr Unit 3103 | condos | 4 | 4 | 3,192 | $5,350,000 | 2026-01-05 |
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 |
|---|---|---|---|---|---|---|
| 7921 Fisher Island Dr Unit 7921 | condos | 4 | 4 | 3,580 | $10,800,000 | — |
| 7431 Fisher Island Dr Unit 7431 | condos | 4 | 5 | 4,086 | $11,950,000 | — |
| 5134 Fisher Island Dr Unit 5134 | condos | 4 | 5 | 4,109 | $10,980,000 | — |
| 7124 Fisher Island Dr Unit 7124 | condos | 4 | 5 | 3,690 | $10,900,000 | — |
10-year hold projection
IRR-4.1%
Equity multiple0.31x
Total return (10yr)-$492,726
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $12,257,000 | $135,468 | -$626,569 | $9,416,782 | $2,840,218 |
| 2 | $12,624,710 | $141,422 | -$621,313 | $9,306,476 | $3,318,234 |
| 3 | $13,003,451 | $147,601 | -$615,849 | $9,188,595 | $3,814,856 |
| 4 | $13,393,555 | $154,014 | -$610,168 | $9,062,619 | $4,330,935 |
| 5 | $13,795,361 | $160,669 | -$604,264 | $8,927,993 | $4,867,369 |
| 6 | $14,209,222 | $167,575 | -$598,128 | $8,784,121 | $5,425,101 |
| 7 | $14,635,499 | $174,740 | -$591,753 | $8,630,370 | $6,005,129 |
| 8 | $15,074,564 | $182,173 | -$585,128 | $8,466,060 | $6,608,504 |
| 9 | $15,526,801 | $189,884 | -$578,246 | $8,290,467 | $7,236,334 |
| 10 | $15,992,605 | $197,883 | -$571,097 | $8,102,816 | $7,889,789 |
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.