1398 Bay Dr
Miami Beach, FL 33141 · single_family · For Sale · 210 days on market
Asking price$12,000,000
5 beds 6 baths 4,115 sqft
Suggested offer$7,842,489$4,157,511 above the est. market value of $7,842,489.
View on Realtor.com →Listed by Audrey Ross · COMPASS
Typesingle_family
Built1939
Price / sqft$2916
Est. value (own analysis)$7,842,489
Rent estimate (own analysis)$22,000/mo
HOANone
Wind10/10Extreme$Heat10/10ExtremeFlood9/10extreme$Air2/10MinorWildfire1/10Minimal
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Statusfor_sale
Listed date2026-02-04
Removed date—
MLSMiamiMLS #A11958741
Coordinates25.85136, -80.13314
Address1398 Bay Dr
CityMiami Beach
StateFL
Zip33141
Listing ID5627982038
Sourceus-real-estate-listings, cached 2026-08-31
ZIP market snapshot (33141)
Typical home value (ZHVI)$429,204
Typical rent (ZORI)$2,504/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 | $12,000,000 |
| Down payment (20.0%) | $2,400,000 |
| Loan amount | $9,600,000 |
| Closing costs (5.0%) | $600,000 |
| Total cash to close | $3,000,000 |
| Income | |
| Rent (comp-derived) | $22,000$264,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $20,240$242,880 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $19,000$228,000 |
| Insurance (est. scaled by flood & wind risk) | $17,600$211,200 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $1,100$13,200 |
| Total operating expenses | $37,700$452,400 |
| 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) | $1,100$13,200 |
| 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 | 5 | 3 | 3,390 | $24,000 | 2026-08-03 | — | |
| single_family | 5 | 6 | 3,941 | $22,000 | 2026-08-06 | — | |
| single_family | 5 | 6 | 4,703 | $60,000 | 2026-01-16 | — | |
| single_family | 5 | 4 | 3,980 | $17,500 | 2026-04-22 | — | |
| single_family | 5 | 4 | 3,980 | $17,500 | — | — |
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 |
|---|---|---|---|---|---|---|
| 7815 Atlantic Way | single_family | 5 | 7 | 5,868 | $22,000,000 | 2026-09-02 |
| 1311 Bay Dr | single_family | 5 | 5 | 2,842 | $2,950,000 | 2026-08-14 |
| 1040 S Shore Dr | single_family | 5 | 5 | 5,647 | $4,400,000 | 2026-08-03 |
| 7724 Hawthorne Ave | single_family | 5 | 5 | 3,000 | $2,375,000 | 2026-07-31 |
| 11 LA Gorce Cir | single_family | 5 | 6 | 5,656 | $10,500,000 | 2026-06-30 |
| 6693 Windsor Ln | single_family | 5 | 4 | 3,695 | $5,950,000 | 2026-06-25 |
| 1351 Stillwater Dr | single_family | 5 | 6 | 3,798 | $7,500,000 | 2026-06-18 |
| 1825 Cleveland Rd | single_family | 5 | 6 | 4,473 | $9,000,000 | 2026-05-11 |
| 6465 Pinetree Drive Cir | single_family | 5 | 5 | 4,432 | $12,200,000 | 2026-04-24 |
| 1750 Bay Dr | single_family | 5 | 4 | 4,428 | $9,450,000 | 2026-04-09 |
| 1165 N Biscayne Point Rd | single_family | 5 | 5 | 4,796 | $11,425,000 | 2026-02-26 |
| 7960 Biscayne Point Cir | single_family | 5 | 7 | 6,408 | $10,800,000 | 2026-01-23 |
| 1844 Daytonia Rd | single_family | 5 | 6 | 5,352 | $10,200,000 | 2026-01-05 |
| 1730 Bay Dr | single_family | 5 | 3 | 4,386 | $8,800,000 | 2025-12-05 |
| 7720 Miami View Dr Miami View Dr | single_family | 5 | 4 | 5,081 | $9,500,000 | 2025-10-12 |
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 |
|---|---|---|---|---|---|---|
| 8221 Crespi Blvd | single_family | 5 | 5 | 3,104 | $1,850,000 | — |
| 1380 71st St | single_family | 5 | 3 | 1,860 | $1,100,000 | — |
| 535 N Shore Dr | single_family | 5 | 7 | 5,094 | $14,999,000 | — |
| 1131 Stillwater Dr | single_family | 5 | 4 | 3,851 | $5,950,000 | — |
| 6300 Allison Rd | single_family | 5 | 5 | 4,035 | $8,450,000 | — |
| 6491 Allison Rd | single_family | 5 | 5 | 3,985 | $14,500,000 | — |
| 1540 Cleveland Rd | single_family | 5 | 4 | 2,849 | $4,760,000 | — |
| 7701 Coquina Dr | single_family | 5 | 6 | 4,410 | $5,450,000 | — |
10-year hold projection
IRR-11.4%
Equity multiple-0.95x
Total return (10yr)-$4,278,919
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $12,360,000 | -$209,520 | -$963,026 | $9,495,915 | $2,864,085 |
| 2 | $12,730,800 | -$213,544 | -$967,380 | $9,384,682 | $3,346,118 |
| 3 | $13,112,724 | -$217,631 | -$971,806 | $9,265,810 | $3,846,914 |
| 4 | $13,506,106 | -$221,784 | -$976,305 | $9,138,775 | $4,367,330 |
| 5 | $13,911,289 | -$226,001 | -$980,878 | $9,003,017 | $4,908,272 |
| 6 | $14,328,628 | -$230,285 | -$985,525 | $8,857,936 | $5,470,691 |
| 7 | $14,758,486 | -$234,634 | -$990,248 | $8,702,893 | $6,055,594 |
| 8 | $15,201,241 | -$239,050 | -$995,047 | $8,537,202 | $6,664,039 |
| 9 | $15,657,278 | -$243,532 | -$999,922 | $8,360,133 | $7,297,145 |
| 10 | $16,126,997 | -$248,082 | -$1,004,874 | $8,170,905 | $7,956,092 |
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.