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350 Ocean 2N Dr Unit Lph

Key Biscayne, FL 33149 · condos · For Sale · 97 days on market
Asking price$17,900,000
5 beds 6 baths 4,764 sqft
Suggested offer$3,975,225$13,924,775 above the est. market value of $3,975,225.
View on Realtor.com →
Listed by Giulietta Ulloa · BHHS EWM Realty
Typecondos
Built2014
Price / sqft$3757
Est. value (own analysis)$3,975,225
Rent estimate (Zillow ZIP avg)$7,910/mo
HOA$9,270/mo
Wind10/10Extreme$Heat10/10ExtremeFlood9/10extreme$Air2/10MinorWildfire1/10Minimal
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Neighborhood

Show every detail
Statusfor_sale
Listed date2026-05-28
Removed date—
MLSMiamiMLS #A12027002
Coordinates25.69459, -80.15772
Address350 Ocean 2N Dr Unit Lph
CityKey Biscayne
StateFL
Zip33149
Listing ID5964922712
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$17,900,000
Down payment (20.0%)$3,580,000
Loan amount$14,320,000
Closing costs (5.0%)$895,000
Total cash to close$4,475,000
Income
Rent (ZIP avg, ZORI — not bedroom-specific)$7,910$94,922
Vacancy loss (8.0%)

Vacancy Loss

Gross Scheduled Rent × Vacancy Rate

Gross scheduled rent (annual) comp$94,922
Vacancy rate (assumption) assumption8.0%

$94,922 × 8.0% = $7,594

Effective gross income$7,277$87,328
Operating expenses
Property tax (placeholder 1.9% of price)$28,342$340,100
Insurance (est. scaled by flood & wind risk)$26,253$315,040
HOA dues$9,270$111,240
Management (0.0% of EGI)$0$0
Maintenance (5.0% of GSR)$396$4,746
Total operating expenses$64,261$771,126
Net operating income (NOI)

Net Operating Income (NOI)

Effective Gross Income − Total Operating Expenses

Effective gross income derived$87,328
Total operating expenses derived$771,126

$87,328 − $771,126 = -$683,798

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$14,320,000
Interest rate (avg 30yr rate) comp6.7%
Term (assumption) assumption30 years

$14,320,000 amortized at 6.7% over 30 years = $92,024/mo

CapEx reserve (5.0% of GSR)$396$4,746
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-$683,798
Annual debt service derived$1,104,290
Annual CapEx reserve assumption$4,746
Annual PMI assumption$0

(-$683,798 − $1,104,290 − $4,746 − $0) ÷ 12 = -$149,403

Cap rate

Cap Rate

NOI ÷ Purchase Price

NOI derived-$683,798
Purchase price data$17,900,000

-$683,798 ÷ $17,900,000 = -3.8%

Cash-on-cash

Cash-on-Cash Return

Annual Cash Flow ÷ Total Cash Invested

Annual cash flow derived-$1,792,834
Total cash to close derived$4,475,000

-$1,792,834 ÷ $4,475,000 = -40.1%

DSCR

Debt Service Coverage Ratio (DSCR)

NOI ÷ Annual Debt Service

NOI derived-$683,798
Annual debt service derived$1,104,290

-$683,798 ÷ $1,104,290 = -0.62

Rent-to-price (1% rule)

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

(Gross Scheduled Rent ÷ 12) ÷ Purchase Price

Gross scheduled rent (annual) comp$94,922
Purchase price data$17,900,000

($94,922 ÷ 12) ÷ $17,900,000 = 0.0%

Gross rent multiplier

Gross Rent Multiplier (GRM)

Purchase Price ÷ Gross Scheduled Rent

Purchase price data$17,900,000
Gross scheduled rent (annual) comp$94,922

$17,900,000 ÷ $94,922 = 188.6

Operating expense ratio

Operating Expense Ratio

Total Operating Expenses ÷ Effective Gross Income

Total operating expenses derived$771,126
Effective gross income derived$87,328

$771,126 ÷ $87,328 = 883.0%

Break-even occupancy

Break-Even Occupancy

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

Total operating expenses derived$771,126
Annual debt service derived$1,104,290
Annual PMI assumption$0
Gross scheduled rent (annual) comp$94,922

($771,126 + $1,104,290 + $0) ÷ $94,922 = 1975.8%

Comparables

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

No active rental listings cached yet for this bedroom count.

Widened to any bedroom count in ZIP. 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
600 Grapetree Dr Apt 9GNcondos221,670$1,400,0002026-08-21
1111 Crandon Blvd Apt C902condos321,782$1,480,0002026-08-20
50 Ocean Lane Dr Apt 601condos431,730$1,500,0002026-08-20
1111 Crandon Blvd Apt B1108condos221,782$2,700,0002026-08-14
1121 Crandon Blvd Apt D404condos221,409$1,066,6872026-08-14
765 Crandon Blvd Ph 4condos332,602$3,045,0002026-08-13
781 Crandon Blvd Apt 804condos352,500$3,975,0002026-08-12
155 Ocean Lane Dr Apt 614condos221,350$1,380,0002026-08-10
6222973225condos221,782$1,950,0002026-08-07
201 Crandon Blvd Apt 424condos221,531$1,300,0002026-08-06
101 Ocean Lane Dr Apt 1013condos221,450$875,0002026-08-04
255 Sunrise Dr Apt 207condos11676$480,0002026-08-03
1121 Crandon Blvd Apt F1203condos221,597$1,500,0002026-08-02
605 Ocean Dr Apt 7Lcondos331,772$2,525,0002026-07-31
151 Crandon Blvd Apt 702condos221,506$1,250,0002026-07-31
155 Ocean Lane Dr Apt 707condos12895$635,0002026-07-30
100 Ocean Lane Dr Apt 202condos12870$512,5002026-07-24
200 Ocean Lane Dr Apt 1102condos221,320$1,870,0002026-07-17
791 Crandon Blvd Apt 405condos353,084$3,950,0002026-07-17
181 Crandon Blvd Apt 106condos221,600$1,110,0002026-07-17
141 Crandon Blvd Apt 331condos321,790$1,330,0002026-07-16
575 Crandon Blvd Apt 707condos221,311$789,0002026-07-13
181 Crandon Blvd Apt 405condos221,600$1,080,0002026-07-13
199 Ocean Lane Dr Apt 512condos221,260$1,040,0002026-07-13
141 Crandon Blvd Apt 237condos321,600$1,200,0002026-07-10
300 Sunrise Dr Apt 1Bcondos11590$430,0002026-07-10
1121 Crandon Blvd Apt F206condos321,782$1,230,0002026-07-09
151 Crandon Blvd Apt 602condos221,469$1,060,0002026-07-07
881 Ocean Dr Apt 18Fcondos221,875$2,450,0002026-07-06
455 Grand Bay Dr Unit 618-19condos11791$1,605,0002026-07-01
455 Grand Bay Dr Unit 617condos01532$1,075,0002026-07-01
251 Crandon Blvd Apt 133condos221,537$1,120,0002026-06-29
350 Ocean Dr Unit 201Ncondos352,357$5,150,0002026-06-29
1121 Crandon Blvd Apt E803condos221,409$990,0002026-06-29
791 Crandon Blvd Apt 1408condos465,207$9,400,0002026-06-26
151 Crandon Blvd Apt 1002condos221,506$1,705,0002026-06-26
170 Ocean Lane Dr Apt 403condos221,435$1,020,0002026-06-26
1121 Crandon Blvd Apt E501condos221,782$1,525,0002026-06-25
151 Crandon Blvd Apt 600condos221,506$1,140,0002026-06-23
177 Ocean Lane Dr Apt 106condos221,260$970,2002026-06-19
789 Crandon Blvd Apt 1805condos232,100$3,200,0002026-06-16
155 Ocean Lane Dr Apt 205condos221,260$1,025,0002026-06-16
1121 Crandon Blvd Apt D1202condos221,782$1,842,5002026-06-15
600 Grapetree Dr Apt 3DScondos321,889$1,700,0002026-06-15
101 Crandon Blvd Apt 367condos321,720$1,380,0002026-06-11
727 Crandon Blvd Apt 502condos332,497$2,600,0002026-06-05
177 Ocean Lane Dr Apt 302condos12840$780,0002026-06-05
1111 Crandon Blvd Apt C205condos332,208$1,535,0002026-06-01
141 Crandon Blvd Apt 446condos321,943$1,400,0002026-05-29
177 Ocean Lane Dr Apt 703condos12840$854,0002026-05-28

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
485 W Matheson Drsingle_family5911,528$237,000,000—
501 Bay Lnsingle_family554,759$5,990,000—
520 S Mashta Drsingle_family543,085$19,900,000—
571 Glenridge Rdsingle_family573,768$7,490,000—
545 Sabal Palm Drsingle_family554,166$7,950,000—
24 Grand Bay Estates Cirsingle_family564,220$4,950,000—
524 Warren Lnsingle_family542,700$3,730,000—
445 Grand Bay Dr Ph 1Acondos568,435$18,900,000—

10-year hold projection

IRR-16.3%
Equity multiple-1.86x
Total return (10yr)-$10,446,341
YearProperty valueNOICash flowLoan balanceEquity
1$18,437,000-$683,798-$1,792,834$14,164,739$4,272,261
2$18,990,110-$700,456-$1,809,611$13,998,817$4,991,293
3$19,559,813-$717,518-$1,826,795$13,821,500$5,738,313
4$20,146,608-$734,993-$1,844,394$13,632,007$6,514,601
5$20,751,006-$752,891-$1,862,419$13,429,501$7,321,505
6$21,373,536-$771,221-$1,880,881$13,213,089$8,160,447
7$22,014,742-$789,996-$1,899,790$12,981,815$9,032,927
8$22,675,184-$809,224-$1,919,156$12,734,660$9,940,524
9$23,355,440-$828,918-$1,938,991$12,470,533$10,884,907
10$24,056,103-$849,088-$1,959,305$12,188,267$11,867,836
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.