738 Fernwood Rd
Key Biscayne, FL 33149 · single_family · Pending — under contract · 418 days on market
Asking price$2,875,000
3 beds 2 baths 1,312 sqft
Suggested offer$2,306,955$568,045 above the est. market value of $2,306,955.
View on Realtor.com →Listed by Bruno Ricci · Fortune Christie's International Real Estate
Typesingle_family
Built1951
Price / sqft$2191
Est. value (own analysis)$2,306,955
Rent estimate (own analysis)$11,250/mo
HOANone
1 / 40
Show every detail
Statusfor_sale
Listed date2025-07-11
Removed date—
MLSMiamiMLS #A11838855
Coordinates25.68767, -80.16539
Address738 Fernwood Rd
CityKey Biscayne
StateFL
Zip33149
Listing ID5808776306
Sourceus-real-estate-listings, cached 2026-08-31
ZIP market snapshot (33149)
Typical home value (ZHVI)$1,692,135
Typical rent (ZORI)$7,910/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 | $2,875,000 |
| Down payment (20.0%) | $575,000 |
| Loan amount | $2,300,000 |
| Closing costs (5.0%) | $143,750 |
| Total cash to close | $718,750 |
| Income | |
| Rent (comp-derived) | $11,250$135,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $10,350$124,200 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $4,552$54,625 |
| Insurance (placeholder 0.8% of price) | $1,917$23,000 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $563$6,750 |
| Total operating expenses | $7,031$84,375 |
| 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) | $563$6,750 |
| 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 | 3 | 4 | 3,343 | $15,500 | 2026-08-21 | — | |
| single_family | 3 | 3 | 1,730 | $8,500 | — | — | |
| single_family | 3 | 3 | 2,014 | $11,000 | — | — | |
| single_family | 3 | 2 | 1,782 | $11,500 | — | — |
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 |
|---|---|---|---|---|---|---|
| 355 Redwood Ln | single_family | 3 | 2 | 1,403 | $2,800,000 | 2026-07-28 |
| 204 Westwood Dr | single_family | 3 | 2 | 2,113 | $3,010,000 | 2026-07-15 |
| 301 Redwood Ln | single_family | 3 | 2 | 1,333 | $2,600,000 | 2026-06-29 |
| 310 Greenwood Dr | single_family | 3 | 2 | 1,304 | $3,000,000 | 2026-05-06 |
| 250 Fernwood Rd | single_family | 3 | 2 | 1,391 | $2,850,000 | 2026-04-29 |
| 760 Allendale Rd | single_family | 3 | 2 | 2,388 | $2,850,000 | 2026-04-13 |
| 141 Island Dr | single_family | 3 | 3 | 2,927 | $4,120,000 | 2026-02-18 |
| 200 W McIntyre St | single_family | 3 | 2 | 3,611 | $3,700,000 | 2026-02-02 |
| 737 Woodcrest Rd | single_family | 3 | 1 | 1,265 | $2,625,000 | 2025-11-12 |
| 725 Fernwood Rd | single_family | 3 | 2 | 2,159 | $2,400,000 | 2025-10-15 |
| 5 Harbor Pt | single_family | 3 | 6 | 10,926 | $23,500,000 | 2025-10-09 |
| 330 Pacific Rd | single_family | 3 | 4 | 2,522 | $3,950,000 | 2025-09-10 |
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 |
|---|---|---|---|---|---|---|
| condos | 3 | 2 | 1,847 | $1,360,000 | — | |
| 550 Ocean Dr Apt 3H | condos | 3 | 2 | — | $720,000 | — |
| 881 Ocean Dr Apt 10A | condos | 3 | 3 | 3,120 | $3,750,000 | — |
| 600 Grapetree Dr Apt 6BS | condos | 3 | 3 | 2,523 | $2,300,000 | — |
| 170 Ocean Lane Dr Apt 305 | condos | 3 | 2 | 1,435 | $1,150,000 | — |
| 240 Galen Dr Apt 109 | condos | 3 | 2 | 1,100 | $740,000 | — |
| 181 Crandon Blvd Apt 308 | condos | 3 | 2 | 1,720 | $1,150,000 | — |
| 575 Crandon Blvd Apt 801 | condos | 3 | 3 | 2,450 | $2,100,000 | — |
10-year hold projection
IRR-3.5%
Equity multiple0.42x
Total return (10yr)-$39,598
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $2,961,250 | $39,825 | -$144,290 | $2,275,063 | $686,187 |
| 2 | $3,050,088 | $41,442 | -$142,842 | $2,248,413 | $801,674 |
| 3 | $3,141,590 | $43,117 | -$141,339 | $2,219,934 | $921,656 |
| 4 | $3,235,838 | $44,854 | -$139,780 | $2,189,498 | $1,046,339 |
| 5 | $3,332,913 | $46,654 | -$138,162 | $2,156,973 | $1,175,940 |
| 6 | $3,432,900 | $48,519 | -$136,483 | $2,122,214 | $1,310,686 |
| 7 | $3,535,887 | $50,452 | -$134,741 | $2,085,068 | $1,450,819 |
| 8 | $3,641,964 | $52,455 | -$132,934 | $2,045,371 | $1,596,593 |
| 9 | $3,751,223 | $54,530 | -$131,059 | $2,002,949 | $1,748,274 |
| 10 | $3,863,760 | $56,680 | -$129,115 | $1,957,613 | $1,906,147 |
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.