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2974 Old Alton Rd

Miami Beach, FL 33140 · single_family · Pending — under contract · 618 days on market
Asking price$2,990,000
5 beds 4 baths 3,770 sqft
View on Realtor.com →
Listed by Reid Heidenry · One Sotheby's International Realty
Typesingle_family
Built1925
Price / sqft$793
Est. value (own analysis)$4,582,370
Rent estimate (own analysis)$25,000/mo
HOANone
Wind10/10Extreme$Heat10/10ExtremeFlood9/10extreme$Air2/10MinorWildfire1/10Minimal
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Neighborhood

Show every detail
Statusfor_sale
Listed date2024-12-23
Removed date—
MLSMiamiMLS #A11711702
Coordinates25.80668, -80.13848
Address2974 Old Alton Rd
CityMiami Beach
StateFL
Zip33140
Listing ID5738857294
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$2,990,000
Down payment (20.0%)$598,000
Loan amount$2,392,000
Closing costs (5.0%)$149,500
Total cash to close$747,500
Income
Rent (comp-derived)$25,000$300,000
Vacancy loss (8.0%)

Vacancy Loss

Gross Scheduled Rent × Vacancy Rate

Gross scheduled rent (annual) comp$300,000
Vacancy rate (assumption) assumption8.0%

$300,000 × 8.0% = $24,000

Effective gross income$23,000$276,000
Operating expenses
Property tax (placeholder 1.9% of price)$4,734$56,810
Insurance (est. scaled by flood & wind risk)$4,385$52,624
HOA dues$0$0
Management (0.0% of EGI)$0$0
Maintenance (5.0% of GSR)$1,250$15,000
Total operating expenses$10,370$124,434
Net operating income (NOI)

Net Operating Income (NOI)

Effective Gross Income − Total Operating Expenses

Effective gross income derived$276,000
Total operating expenses derived$124,434

$276,000 − $124,434 = $151,566

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$2,392,000
Interest rate (avg 30yr rate) comp6.7%
Term (assumption) assumption30 years

$2,392,000 amortized at 6.7% over 30 years = $15,372/mo

CapEx reserve (5.0% of GSR)$1,250$15,000
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$151,566
Annual debt service derived$184,460
Annual CapEx reserve assumption$15,000
Annual PMI assumption$0

($151,566 − $184,460 − $15,000 − $0) ÷ 12 = -$3,991

Cap rate

Cap Rate

NOI ÷ Purchase Price

NOI derived$151,566
Purchase price data$2,990,000

$151,566 ÷ $2,990,000 = 5.1%

Cash-on-cash

Cash-on-Cash Return

Annual Cash Flow ÷ Total Cash Invested

Annual cash flow derived-$47,894
Total cash to close derived$747,500

-$47,894 ÷ $747,500 = -6.4%

DSCR

Debt Service Coverage Ratio (DSCR)

NOI ÷ Annual Debt Service

NOI derived$151,566
Annual debt service derived$184,460

$151,566 ÷ $184,460 = 0.82

Rent-to-price (1% rule)

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

(Gross Scheduled Rent ÷ 12) ÷ Purchase Price

Gross scheduled rent (annual) comp$300,000
Purchase price data$2,990,000

($300,000 ÷ 12) ÷ $2,990,000 = 0.8%

Gross rent multiplier

Gross Rent Multiplier (GRM)

Purchase Price ÷ Gross Scheduled Rent

Purchase price data$2,990,000
Gross scheduled rent (annual) comp$300,000

$2,990,000 ÷ $300,000 = 10.0

Operating expense ratio

Operating Expense Ratio

Total Operating Expenses ÷ Effective Gross Income

Total operating expenses derived$124,434
Effective gross income derived$276,000

$124,434 ÷ $276,000 = 45.1%

Break-even occupancy

Break-Even Occupancy

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

Total operating expenses derived$124,434
Annual debt service derived$184,460
Annual PMI assumption$0
Gross scheduled rent (annual) comp$300,000

($124,434 + $184,460 + $0) ÷ $300,000 = 103.0%

Comparables

Same ZIP. Real active rental listings, used to derive the rent estimate above.

AddressTypeBedsBathsSqftAsking rentListedDays on market
single_family553,522$22,0002025-11-13—
single_family553,384$25,0002026-07-18—
single_family553,546$29,0002026-05-20—

5149 Alton Rd

Miami Beach, 33140 · rent comp

Bedrooms / bathrooms5 bd / 5 ba
Square footage3,522
Listed2025-11-13
Days on market—

Asking rent: $22,000

View on Zillow →

3190 Sheridan Ave

Miami Beach, 33140 · rent comp

Bedrooms / bathrooms5 bd / 5 ba
Square footage3,384
Listed2026-07-18
Days on market—

Asking rent: $25,000

View on Zillow →

1201 W 47th St

Miami Beach, 33140 · rent comp

Bedrooms / bathrooms5 bd / 5 ba
Square footage3,546
Listed2026-05-20
Days on market—

Asking rent: $29,000

View on Zillow →

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.

AddressTypeBedsBathsLiving sqftSale priceSale date
865 W 47th Stsingle_family553,050$2,900,0002026-08-12
6065 Pine Tree Drsingle_family554,697$13,000,0002026-07-24
2355 N Meridian Avesingle_family555,214$9,200,0002026-07-08
2516 Sunset Drsingle_family544,698$10,250,0002026-06-29
4501 N Bay Rdsingle_family554,401$4,500,0002026-06-11
5181 Lagorce Drsingle_family564,286$4,300,0002026-06-08
5300 N Bay Rdsingle_family545,029$27,000,0002026-06-02
5055 N Bay Rdsingle_family533,980$4,325,0002026-05-27
4740 Alton Rdsingle_family553,005$3,600,0002026-05-14
4520 N Meridian Avesingle_family554,237$5,150,0002026-05-13
5208 Alton Rdsingle_family544,232$2,400,0002026-05-13
1635 W 27th Stsingle_family544,140$11,100,0002026-04-14
2729 N Bay Rdsingle_family553,565$5,200,0002026-03-26
5763 N Bay Rdsingle_family525,735$6,200,0002026-03-12
1021 W 46th Stsingle_family563,750$5,550,0002026-01-29
5978 Alton Rdsingle_family553,392$2,823,4002026-01-26
2120 Bay Avesingle_family555,778$19,600,0002025-12-30
450 W 62nd Stsingle_family554,542$9,000,0002025-12-17
5327 N Bay Rdsingle_family554,524$7,450,0002025-12-09
6080 Alton Rdsingle_family532,264$2,900,0002025-12-01
4450 N Jefferson Avesingle_family542,735$2,150,0002025-11-24
1033 W 47th Stsingle_family542,977$2,200,0002025-10-20
2012 N Bay Rdsingle_family544,155$10,850,0002025-10-17
4545 Nautilus Ctsingle_family553,325$2,760,0002025-09-30
2525 Flamingo Plsingle_family544,510$5,250,0002025-09-15

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
5801 Collins Ave Apt 1600condos554,977$8,500,000—
5170 Lagorce Drsingle_family554,962$10,360,000—
795 Lakeview Drsingle_family586,162$10,750,000—
4430 Alton Rdsingle_family563,581$3,787,000—
5750 Lagorce Drsingle_family553,400$5,199,000—
2388 Prairie Avesingle_family563,677$3,900,000—
5860 Pine Tree Drsingle_family554,636$4,450,000—
5835 Lagorce Drsingle_family542,526$2,850,000—

10-year hold projection

IRR6.3%
Equity multiple2.00x
Total return (10yr)$1,141,695
YearProperty valueNOICash flowLoan balanceEquity
1$3,079,700$151,566-$47,894$2,366,065$713,635
2$3,172,091$156,735-$43,100$2,338,350$833,741
3$3,267,254$162,075-$38,144$2,308,731$958,523
4$3,365,271$167,591-$33,022$2,277,078$1,088,193
5$3,466,229$173,289-$27,728$2,243,252$1,222,978
6$3,570,216$179,174-$22,257$2,207,102$1,363,114
7$3,677,323$185,253-$16,602$2,168,471$1,508,852
8$3,787,643$191,532-$10,758$2,127,186$1,660,457
9$3,901,272$198,018-$4,718$2,083,066$1,818,206
10$4,018,310$204,716$1,524$2,035,917$1,982,393
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.