21121 SW 85th Ave Apt 308
Cutler Bay, FL 33189 · condos · For Sale · 14 days on market
Asking price$169,990
0 beds 1 baths 543 sqft
Suggested offer$120,992$48,998 above the est. market value of $120,992.
View on Realtor.com →Listed by Norys Acosta · Coldwell Banker Realty
Typecondos
Built1975
Price / sqft$313
Est. value (own analysis)$120,992
Rent estimate (Zillow ZIP avg)$2,715/mo
HOA$268/mo
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Statusfor_sale
Listed date2026-08-19
Removed date—
MLSMiamiMLS #A12074292
Coordinates25.57170, -80.32581
Address21121 SW 85th Ave Apt 308
CityCutler Bay
StateFL
Zip33189
Listing ID5383515529
Sourceus-real-estate-listings, cached 2026-08-28
ZIP market snapshot (33189)
Typical home value (ZHVI)$554,285
Typical rent (ZORI)$2,715/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 | $169,990 |
| Down payment (20.0%) | $33,998 |
| Loan amount | $135,992 |
| Closing costs (5.0%) | $8,500 |
| Total cash to close | $42,498 |
| Income | |
| Rent (ZIP avg, ZORI — not bedroom-specific) | $2,715$32,583 |
| Vacancy loss (8.0%) | |
| Effective gross income | $2,498$29,977 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $269$3,230 |
| Insurance (placeholder 0.8% of price) | $113$1,360 |
| HOA dues | $268$3,216 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $136$1,629 |
| Total operating expenses | $786$9,435 |
| 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) | $136$1,629 |
| 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 | 0 | 1 | 222 | $1,350 | 2026-08-20 | — | |
| condos | 0 | 1 | 1,173 | $1,200 | 2026-07-31 | — |
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 |
|---|---|---|---|---|---|---|
| 8240 SW 210th St Apt 214 | condos | 1 | 1 | 760 | $190,000 | 2026-08-21 |
| 8640 SW 212th St Apt 303 | condos | 2 | 2 | 1,113 | $235,000 | 2026-08-11 |
| 21121 SW 85th Ave Apt 216 | condos | 2 | 2 | 1,192 | $260,000 | 2026-08-03 |
| 21130 SW 87th Ave Apt 203 | condos | 2 | 2 | 991 | $240,000 | 2026-07-08 |
| 8590 SW 212th St Apt 303 | condos | 2 | 2 | 1,113 | $248,000 | 2026-06-22 |
| 8540 SW 212th St Apt 303 | condos | 2 | 2 | 1,113 | $220,000 | 2026-05-20 |
| 8560 SW 212th St Apt 305 | condos | 2 | 2 | 1,113 | $222,000 | 2026-05-15 |
| 20810 SW 87th Ave Apt 308 | condos | 3 | 2 | 1,218 | $299,000 | 2026-04-15 |
| 8660 SW 212th St Apt 101 | condos | 2 | 2 | 1,123 | $260,000 | 2026-02-13 |
| 21133 SW 85th Ave Apt 108 | condos | 2 | 2 | 1,160 | $265,000 | 2025-10-06 |
| 8620 SW 212th St Apt 301 | condos | 2 | 2 | 1,113 | $240,000 | 2025-09-30 |
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.
No other cached listings nearby for this bedroom count yet.
10-year hold projection
IRR27.5%
Equity multiple5.03x
Total return (10yr)$193,532
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $175,090 | $20,542 | $8,426 | $134,518 | $40,572 |
| 2 | $180,342 | $21,205 | $9,048 | $132,942 | $47,401 |
| 3 | $185,753 | $21,890 | $9,691 | $131,258 | $54,495 |
| 4 | $191,325 | $22,596 | $10,355 | $129,458 | $61,867 |
| 5 | $197,065 | $23,325 | $11,039 | $127,535 | $69,530 |
| 6 | $202,977 | $24,077 | $11,746 | $125,480 | $77,497 |
| 7 | $209,066 | $24,852 | $12,476 | $123,284 | $85,782 |
| 8 | $215,338 | $25,653 | $13,229 | $120,937 | $94,402 |
| 9 | $221,798 | $26,478 | $14,006 | $118,428 | $103,370 |
| 10 | $228,452 | $27,330 | $14,808 | $115,748 | $112,705 |
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.