515 NE 38th St Unit 10
Miami, FL 33137 · townhomes · For Sale · 232 days on market
Asking price$485,000
2 beds 2 baths 1,299 sqft
Suggested offer$433,577$51,423 above the est. market value of $433,577.
View on Realtor.com →Listed by Daniela Ferraro · Keller Williams Eagle Realty
Typetownhomes
Built1981
Price / sqft$373
Est. value (Zillow, adjusted)$433,577
Rent estimate (own analysis)$2,900/mo
HOA$850/mo
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Statusfor_sale
Listed date2026-01-13
Removed date—
MLSMiamiMLS #A11934484
Coordinates25.81279, -80.18690
Address515 NE 38th St Unit 10
CityMiami
StateFL
Zip33137
Listing ID6105269220
Sourceus-real-estate-listings, cached 2026-08-30
ZIP market snapshot (33137)
Typical home value (ZHVI)$682,165
Typical rent (ZORI)$3,560/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 | $485,000 |
| Down payment (20.0%) | $97,000 |
| Loan amount | $388,000 |
| Closing costs (5.0%) | $24,250 |
| Total cash to close | $121,250 |
| Income | |
| Rent (comp-derived) | $2,900$34,794 |
| Vacancy loss (8.0%) | |
| Effective gross income | $2,668$32,010 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $768$9,215 |
| Insurance (placeholder 0.8% of price) | $323$3,880 |
| HOA dues | $850$10,200 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $145$1,740 |
| Total operating expenses | $2,086$25,035 |
| 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) | $145$1,740 |
| 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
Widened to city-wide. Real active rental listings, used to derive the rent estimate above.
| Address | Type | Beds | Baths | Sqft | Asking rent | Listed | Days on market |
|---|---|---|---|---|---|---|---|
| townhomes | 2 | 1 | 950 | $2,700 | 2026-08-17 | — | |
| townhomes | 2 | 2 | 1,282 | $3,800 | 2026-08-17 | — | |
| townhomes | 2 | 3 | 1,000 | $2,300 | 2026-08-17 | — | |
| townhomes | 2 | 2 | 875 | $4,000 | 2026-08-17 | — | |
| townhomes | 2 | 2 | 1,282 | $3,500 | 2026-08-15 | — | |
| townhomes | 2 | 3 | 979 | $2,899 | 2026-08-14 | — | |
| townhomes | 2 | 2 | 914 | $2,600 | 2026-08-14 | — | |
| townhomes | 2 | 3 | 1,000 | $2,750 | 2026-08-13 | — | |
| townhomes | 2 | 3 | 1,000 | $2,900 | 2026-08-12 | — | |
| townhomes | 2 | 3 | 1,007 | $3,000 | 2026-08-11 | — |
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.
| Address | Type | Beds | Baths | Living sqft | Sale price | Sale date |
|---|---|---|---|---|---|---|
| 601 NE 27th St Unit 104 | townhomes | 3 | 3 | 1,870 | $1,410,000 | 2026-08-11 |
| 527 NE 61st St | townhomes | 3 | 3 | 2,345 | $1,020,000 | 2026-07-28 |
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.
| Address | Type | Beds | Baths | Sqft | Asking price | Days on market |
|---|---|---|---|---|---|---|
| 601 NE 36th St Apt 2707 | condos | 2 | 3 | 1,158 | $575,000 | — |
| 600 NE 36th St Apt 706 | condos | 2 | 2 | 990 | $475,000 | — |
| 3470 E Coast Ave Apt H0302 | condos | 2 | 3 | 1,088 | $662,000 | — |
| 456 NE 29th St Unit 2403 | condos | 2 | 3 | 1,472 | $1,605,000 | — |
| 456 NE 29th St Unit 1505 | condos | 2 | 2 | 1,231 | $1,285,000 | — |
| 501 NE 31st St Unit 608 | condos | 2 | 2 | 1,084 | $647,900 | — |
| 460 NE 28th St Apt 601 | condos | 2 | 2 | 1,311 | $925,000 | — |
| 725 NE 22nd St Ph 2A | condos | 2 | 2 | 1,400 | $1,150,000 | — |
10-year hold projection
IRR-3.5%
Equity multiple0.41x
Total return (10yr)-$7,648
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $499,550 | $6,976 | -$24,685 | $383,793 | $115,757 |
| 2 | $514,537 | $7,310 | -$24,394 | $379,298 | $135,239 |
| 3 | $529,973 | $7,658 | -$24,091 | $374,493 | $155,479 |
| 4 | $545,872 | $8,019 | -$23,775 | $369,359 | $176,513 |
| 5 | $562,248 | $8,394 | -$23,447 | $363,872 | $198,376 |
| 6 | $579,115 | $8,784 | -$23,105 | $358,009 | $221,107 |
| 7 | $596,489 | $9,190 | -$22,749 | $351,742 | $244,747 |
| 8 | $614,383 | $9,610 | -$22,378 | $345,046 | $269,338 |
| 9 | $632,815 | $10,048 | -$21,993 | $337,889 | $294,926 |
| 10 | $651,799 | $10,502 | -$21,592 | $330,241 | $321,558 |
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.