815 W 39th St
Miami Beach, FL 33140 · multi_family · For Sale · 84 days on market
Asking price$2,350,000
8 beds 8 baths 3,474 sqft
Suggested offer$1,356,624$993,376 above the est. market value of $1,356,624.
View on Realtor.com →Listed by Teo Palmieri · Elite Ocean View Realty LLC
Typemulti_family
Built1938
Price / sqft$676
Est. value (own analysis)$1,356,624
Rent estimate (building total, own analysis)$14,035/mo
HOANone
Wind10/10Extreme$Heat10/10ExtremeFlood9/10extreme$Air2/10MinorWildfire1/10Minimal
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Statusfor_sale
Listed date2026-06-10
Removed date—
MLSMiamiMLS #A12026553
Coordinates25.81235, -80.13398
Address815 W 39th St
CityMiami Beach
StateFL
Zip33140
Listing ID5701449077
Sourceus-real-estate-listings, cached 2026-08-31
ZIP market snapshot (33140)
Typical home value (ZHVI)$684,558
Typical rent (ZORI)$3,694/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 | $2,350,000 |
| Down payment (20.0%) | $470,000 |
| Loan amount | $1,880,000 |
| Closing costs (5.0%) | $117,500 |
| Total cash to close | $587,500 |
| Income | |
| Rent (estimate) | $14,035$168,420 |
| Vacancy loss (8.0%) | |
| Effective gross income | $12,912$154,946 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $3,721$44,650 |
| Insurance (est. scaled by flood & wind risk) | $3,447$41,360 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $702$8,421 |
| Total operating expenses | $7,869$94,431 |
| 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) | $702$8,421 |
| 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.
No active rental listings cached yet for this bedroom count.
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 |
|---|---|---|---|---|---|---|
| 830 W 40th St | multi_family | 8 | 3 | 3,329 | $1,300,000 | 2026-03-27 |
| 841 W 40th St | multi_family | 8 | 8 | 7,342 | $1,855,000 | 2025-12-01 |
| 241 28th St | multi_family | 8 | 4 | 3,701 | $3,250,000 | 2025-09-10 |
Widened to city-wide. 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 |
|---|---|---|---|---|---|---|
| 1007 Fisher Island Dr | single_family | 8 | 12 | 15,801 | $57,000,000 | — |
| 1004 Fisher Island Dr | single_family | 8 | 12 | 11,428 | $42,000,000 | — |
| 1003 Fisher Island Dr | single_family | 8 | 12 | 10,648 | $36,500,000 | — |
| 632 15th St | multi_family | 8 | 8 | 5,939 | $2,650,000 | — |
| 49 Palm Ave | single_family | 8 | 10 | 11,307 | $35,900,000 | — |
| 33 E Dilido Dr | single_family | 8 | 8 | 10,439 | $35,000,000 | — |
| 711 Lenox Ave | multi_family | 8 | 8 | 2,558 | $2,850,000 | — |
| 5004 N Bay Rd | single_family | 8 | 10 | 12,804 | $36,000,000 | — |
10-year hold projection
IRR-0.5%
Equity multiple0.92x
Total return (10yr)$262,294
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $2,420,500 | $60,515 | -$92,883 | $1,859,617 | $560,883 |
| 2 | $2,493,115 | $62,803 | -$90,806 | $1,837,833 | $655,282 |
| 3 | $2,567,908 | $65,171 | -$88,653 | $1,814,554 | $753,354 |
| 4 | $2,644,946 | $67,622 | -$86,423 | $1,789,677 | $855,269 |
| 5 | $2,724,294 | $70,159 | -$84,113 | $1,763,091 | $961,203 |
| 6 | $2,806,023 | $72,785 | -$81,719 | $1,734,679 | $1,071,344 |
| 7 | $2,890,204 | $75,503 | -$79,240 | $1,704,316 | $1,185,887 |
| 8 | $2,976,910 | $78,315 | -$76,671 | $1,671,868 | $1,305,041 |
| 9 | $3,066,217 | $81,226 | -$74,011 | $1,637,192 | $1,429,025 |
| 10 | $3,158,203 | $84,238 | -$71,255 | $1,600,135 | $1,558,068 |
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.