1500 Ocean Dr Apt 1201
Miami Beach, FL 33139 · condos · Pending — under contract · 252 days on market
Asking price$4,800,000
3 beds 4 baths 2,320 sqft
Suggested offer$4,164,103$635,897 above the est. market value of $4,164,103.
View on Realtor.com →Listed by Ines Flax · One Sotheby's International Realty
Typecondos
Built1998
Price / sqft$2069
Est. value (own analysis)$4,164,103
Rent estimate (own analysis)$21,000/mo
HOANone
1 / 32
Show every detail
Statusfor_sale
Listed date2025-12-24
Removed date—
MLSMiamiMLS #A11935052
Coordinates25.78799, -80.12891
Address1500 Ocean Dr Apt 1201
CityMiami Beach
StateFL
Zip33139
Listing ID5888160987
Sourceus-real-estate-listings, cached 2026-08-30
ZIP market snapshot (33139)
Typical home value (ZHVI)$471,015
Typical rent (ZORI)$2,928/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 | $4,800,000 |
| Down payment (20.0%) | $960,000 |
| Loan amount | $3,840,000 |
| Closing costs (5.0%) | $240,000 |
| Total cash to close | $1,200,000 |
| Income | |
| Rent (comp-derived) | $21,000$252,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $19,320$231,840 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $7,600$91,200 |
| Insurance (placeholder 0.8% of price) | $3,200$38,400 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $1,050$12,600 |
| Total operating expenses | $11,850$142,200 |
| 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) | $1,050$12,600 |
| 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 |
|---|---|---|---|---|---|---|---|
| condos | 3 | 3 | 2,010 | $12,000 | 2026-07-24 | — | |
| condos | 3 | 3 | 2,010 | $11,000 | 2026-06-16 | — | |
| condos | 3 | 3 | 1,798 | $9,900 | 2026-08-17 | — | |
| apartment | 3 | 3 | 1,750 | $6,000 | 2026-06-26 | — | |
| condos | 3 | 3 | 2,190 | $18,500 | 2026-08-26 | — | |
| condos | 3 | 3 | 1,696 | $7,000 | 2026-06-25 | — | |
| condos | 3 | 3 | 2,388 | $12,000 | 2026-07-23 | — | |
| condos | 3 | 4 | 2,173 | $32,000 | 2026-06-03 | — | |
| condos | 3 | 4 | 2,318 | $30,000 | 2026-06-23 | — | |
| condos | 3 | 3 | 2,122 | $14,000 | 2026-04-06 | — | |
| condos | 3 | 3 | 2,122 | $25,500 | 2026-08-21 | — | |
| condos | 3 | 3 | 2,521 | $85,000 | 2023-05-23 | — | |
| apartment | 3 | 3 | 1,974 | $14,000 | 2026-06-27 | — | |
| condos | 3 | 3 | 2,290 | $9,950 | 2026-08-07 | — | |
| condos | 3 | 3 | 2,340 | $13,500 | 2026-06-11 | — | |
| condos | 3 | 3 | 1,740 | $15,000 | 2026-04-22 | — | |
| condos | 3 | 5 | 2,872 | $47,999 | 2026-04-29 | — | |
| condos | 3 | 3 | 2,717 | $35,000 | 2024-02-10 | — | |
| condos | 3 | 3 | 2,024 | $16,500 | 2026-07-01 | — | |
| condos | 3 | 3 | 1,588 | $63,000 | 2023-05-23 | — | |
| condos | 3 | 3 | 1,920 | $46,500 | 2022-08-26 | — | |
| condos | 3 | 3 | 1,780 | $12,000 | 2026-05-27 | — | |
| condos | 3 | 3 | 2,340 | $11,750 | 2026-06-20 | — | |
| condos | 3 | 4 | 1,546 | $22,500 | 2026-01-26 | — | |
| condos | 3 | 4 | 2,642 | $70,000 | 2022-09-19 | — | |
| condos | 3 | 3 | 2,029 | $8,500 | 2026-06-10 | — | |
| condos | 3 | 3 | 1,687 | $74,000 | 2020-09-09 | — | |
| condos | 3 | 3 | 1,687 | $74,000 | 2021-10-19 | — | |
| condos | 3 | 3 | 1,834 | $64,500 | 2026-01-02 | — | |
| condos | 3 | 3 | 2,024 | $24,795 | 2026-05-27 | — | |
| condos | 3 | 4 | 2,930 | $39,000 | 2026-05-01 | — | |
| condos | 3 | 3 | 1,952 | $74,000 | 2021-10-15 | — | |
| condos | 3 | 3 | 2,320 | $12,000 | 2026-04-07 | — | |
| condos | 3 | 3 | 2,122 | $32,000 | 2026-08-14 | — | |
| condos | 3 | 3 | 2,024 | $18,500 | 2026-06-23 | — | |
| condos | 3 | 3 | 2,029 | $9,900 | 2026-05-20 | — | |
| condos | 3 | 3 | 1,952 | $74,000 | 2021-10-14 | — | |
| condos | 3 | 3 | 1,827 | $68,500 | 2021-10-14 | — | |
| condos | 3 | 3 | 2,400 | $10,000 | 2026-06-05 | — | |
| condos | 3 | 3 | 2,092 | $55,000 | 2025-01-02 | — | |
| condos | 3 | 3 | 1,707 | $50,500 | 2026-04-06 | — | |
| condos | 3 | 5 | 2,250 | $19,900 | 2026-03-25 | — | |
| condos | 3 | 2 | 1,543 | $19,000 | 2022-07-08 | — | |
| apartment | 3 | 4 | 1,870 | $27,000 | — | — | |
| condos | 3 | 3 | 1,960 | $21,000 | — | — | |
| condos | 3 | 3 | 2,340 | $12,500 | — | — | |
| condos | 3 | 3 | 2,050 | $18,500 | — | — | |
| condos | 3 | 3 | 2,122 | $25,500 | — | — | |
| condos | 3 | 3 | 2,122 | $35,000 | 2026-09-01 | — |
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 |
|---|---|---|---|---|---|---|
| 501 West Ave Unit 4303 | condos | 3 | 5 | 2,451 | $8,450,000 | 2026-08-24 |
| 300 S Pointe Dr Apt 1501 | condos | 3 | 3 | 2,340 | $4,200,000 | 2026-08-21 |
| 1621 Bay Rd Apt 1202 | condos | 3 | 2 | 1,070 | $575,000 | 2026-08-07 |
| 1415 Sunset Harbour Dr Unit 204 | condos | 3 | 3 | 2,640 | $1,670,000 | 2026-07-16 |
| 1900 Sunset Harbour Dr Unit 1008 | condos | 3 | 3 | 1,550 | $1,500,000 | 2026-07-13 |
| 500 Alton Rd Unit 901 | condos | 3 | 4 | 2,178 | $3,150,000 | 2026-07-06 |
| 1300 Monad Ter Unit 3B | condos | 3 | 4 | 2,691 | $3,525,000 | 2026-06-30 |
| 1000 S Pointe Dr Apt 1501 | condos | 3 | 4 | 3,365 | $7,400,000 | 2026-06-25 |
| 400 S Pointe Dr Apt 1610 | condos | 3 | 3 | 1,559 | $2,405,000 | 2026-06-24 |
| 1201 20th St Ph 7 | condos | 3 | 3 | 1,745 | $3,000,000 | 2026-06-17 |
| 100 S Pointe Dr Apt 2604 | condos | 3 | 4 | 2,985 | $11,150,000 | 2026-06-05 |
| 500 Alton Rd Unit 3503 | condos | 3 | 5 | 2,615 | $6,674,000 | 2026-06-05 |
| 800 S Pointe Dr Apt 2102 | condos | 3 | 4 | 2,756 | $10,500,000 | 2026-06-04 |
| 1300 Monad Ter Unit 3F | condos | 3 | 4 | 2,658 | $6,075,000 | 2026-06-03 |
| 501 West Ave Unit 3405 | condos | 3 | 4 | 1,969 | $4,150,000 | 2026-06-02 |
| 500 Alton Rd Unit 3602 | condos | 3 | 4 | 2,930 | $6,175,000 | 2026-06-01 |
| 1000 S Pointe Dr Apt 3501 | condos | 3 | 4 | 3,365 | $10,300,000 | 2026-05-15 |
| 400 Alton Rd Apt 3503 | condos | 3 | 4 | 3,284 | $5,750,000 | 2026-05-14 |
| 500 Alton Rd Unit 903 | condos | 3 | 4 | 1,991 | $3,400,000 | 2026-05-12 |
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 |
|---|---|---|---|---|---|---|
| 1000 Venetian Way Apt 403 | condos | 3 | 3 | 2,445 | $2,250,000 | — |
| 1000 Venetian Way Apt 1902 | condos | 3 | 3 | 2,010 | $2,100,000 | — |
| 109 1st Dilido Ter | single_family | 3 | 4 | 2,481 | $4,450,000 | — |
| 1324 Lenox Ave | single_family | 3 | 2 | 1,804 | $1,600,000 | — |
| 288 Palm Ave | single_family | 3 | 3 | 2,022 | $4,250,000 | — |
| single_family | 3 | 4 | 3,029 | $13,000,000 | — | |
| 1800 Sunset Harbour Dr Unit 1212 | condos | 3 | 3 | 1,900 | $2,225,000 | — |
| 1853 Jefferson Ave Apt 6 | townhomes | 3 | 4 | 1,430 | $995,000 | — |
10-year hold projection
IRR-2.2%
Equity multiple0.63x
Total return (10yr)$184,713
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $4,944,000 | $89,640 | -$219,082 | $3,798,366 | $1,145,634 |
| 2 | $5,092,320 | $93,040 | -$215,997 | $3,753,873 | $1,338,447 |
| 3 | $5,245,090 | $96,560 | -$212,800 | $3,706,324 | $1,538,765 |
| 4 | $5,402,442 | $100,204 | -$209,487 | $3,655,511 | $1,746,932 |
| 5 | $5,564,516 | $103,976 | -$206,055 | $3,601,207 | $1,963,308 |
| 6 | $5,731,451 | $107,880 | -$202,498 | $3,543,175 | $2,188,276 |
| 7 | $5,903,395 | $111,921 | -$198,814 | $3,481,158 | $2,422,237 |
| 8 | $6,080,496 | $116,103 | -$194,997 | $3,414,882 | $2,665,615 |
| 9 | $6,262,911 | $120,431 | -$191,043 | $3,344,054 | $2,918,857 |
| 10 | $6,450,799 | $124,910 | -$186,948 | $3,268,363 | $3,182,436 |
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.