251 Crandon Blvd Apt 227
Key Biscayne, FL 33149 · condos · For Sale · 343 days on market
Asking price$1,900,000
3 beds 2 baths 1,546 sqft
Suggested offer$1,562,896$337,104 above the est. market value of $1,562,896.
View on Realtor.com →Listed by Dolores Urdapilleta · Urdapilleta Real Estate, Llc
Typecondos
Built1979
Price / sqft$1229
Est. value (own analysis)$1,562,896
Rent estimate (own analysis)$10,500/mo
HOA$1,707/mo
1 / 13
Show every detail
Statusfor_sale
Listed date2025-09-24
Removed date—
MLSMiamiMLS #A11883237
Coordinates25.69779, -80.15798
Address251 Crandon Blvd Apt 227
CityKey Biscayne
StateFL
Zip33149
Listing ID6153509508
Sourceus-real-estate-listings, cached 2026-08-28
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 | $1,900,000 |
| Down payment (20.0%) | $380,000 |
| Loan amount | $1,520,000 |
| Closing costs (5.0%) | $95,000 |
| Total cash to close | $475,000 |
| Income | |
| Rent (comp-derived) | $10,500$126,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $9,660$115,920 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $3,008$36,100 |
| Insurance (placeholder 0.8% of price) | $1,267$15,200 |
| HOA dues | $1,707$20,484 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $525$6,300 |
| Total operating expenses | $6,507$78,084 |
| 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) | $525$6,300 |
| 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 | 1,880 | $15,500 | — | — | |
| condos | 3 | 2 | 1,470 | $6,950 | 2026-08-03 | — | |
| condos | 3 | 2 | 1,734 | $7,500 | 2026-08-11 | — | |
| condos | 3 | 2 | 1,782 | $11,800 | 2026-08-26 | — | |
| condos | 3 | 3 | 1,720 | $7,500 | 2026-07-24 | — | |
| condos | 3 | 3 | 1,772 | $11,000 | 2026-08-24 | — | |
| condos | 3 | 2 | 1,360 | $5,300 | 2026-08-21 | — | |
| condos | 3 | 2 | 1,734 | $6,995 | 2026-08-28 | — | |
| condos | 3 | 3 | 1,730 | $10,800 | 2026-05-14 | — | |
| condos | 3 | 2 | 1,700 | $6,000 | 2026-06-17 | — | |
| condos | 3 | 2 | 1,875 | $7,900 | 2025-03-20 | — | |
| condos | 3 | 2 | 1,875 | $10,500 | 2026-08-16 | — | |
| apartment | 3 | 3 | 1,730 | $8,500 | 2026-08-26 | — | |
| condos | 3 | 2 | 1,875 | $7,900 | 2026-01-30 | — | |
| condos | 3 | 2 | 1,782 | $12,000 | 2025-10-30 | — | |
| condos | 3 | 2 | 1,782 | $15,000 | 2024-05-28 | — | |
| condos | 3 | 2 | 1,782 | $9,600 | 2026-07-28 | — | |
| apartment | 3 | 2 | 1,546 | $8,000 | 2026-08-19 | — | |
| condos | 3 | 2 | 2,000 | $9,000 | 2026-05-01 | — | |
| condos | 3 | 3 | 1,772 | $18,000 | 2025-07-01 | — | |
| condos | 3 | 3 | 2,073 | $16,671 | 2025-06-03 | — | |
| condos | 3 | 2 | 1,715 | $9,500 | 2026-06-30 | — | |
| condos | 3 | 2 | 1,720 | $7,900 | 2026-08-18 | — | |
| condos | 3 | 3 | 1,930 | $19,000 | 2026-04-11 | — | |
| condos | 3 | 2 | 1,600 | $12,990 | 2025-09-09 | — | |
| condos | 3 | 2 | 1,782 | $13,500 | 2025-12-10 | — | |
| condos | 3 | 2 | 1,600 | $8,000 | 2025-08-17 | — | |
| condos | 3 | 2 | 1,720 | $12,990 | 2025-10-07 | — | |
| condos | 3 | 2 | 1,546 | $12,000 | 2026-05-02 | — | |
| condos | 3 | 2 | 1,720 | $15,155 | 2023-05-17 | — | |
| condos | 3 | 2 | 1,546 | $8,000 | — | — | |
| condos | 3 | 2 | 1,875 | $10,500 | — | — | |
| condos | 3 | 2 | 1,782 | $15,000 | — | — |
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 |
|---|---|---|---|---|---|---|
| 1111 Crandon Blvd Apt C902 | condos | 3 | 2 | 1,782 | $1,480,000 | 2026-08-20 |
| 765 Crandon Blvd Ph 4 | condos | 3 | 3 | 2,602 | $3,045,000 | 2026-08-13 |
| 781 Crandon Blvd Apt 804 | condos | 3 | 5 | 2,500 | $3,975,000 | 2026-08-12 |
| 605 Ocean Dr Apt 7L | condos | 3 | 3 | 1,772 | $2,525,000 | 2026-07-31 |
| 791 Crandon Blvd Apt 405 | condos | 3 | 5 | 3,084 | $3,950,000 | 2026-07-17 |
| 141 Crandon Blvd Apt 331 | condos | 3 | 2 | 1,790 | $1,330,000 | 2026-07-16 |
| 141 Crandon Blvd Apt 237 | condos | 3 | 2 | 1,600 | $1,200,000 | 2026-07-10 |
| 1121 Crandon Blvd Apt F206 | condos | 3 | 2 | 1,782 | $1,230,000 | 2026-07-09 |
| 350 Ocean Dr Unit 201N | condos | 3 | 5 | 2,357 | $5,150,000 | 2026-06-29 |
| 600 Grapetree Dr Apt 3DS | condos | 3 | 2 | 1,889 | $1,700,000 | 2026-06-15 |
| 101 Crandon Blvd Apt 367 | condos | 3 | 2 | 1,720 | $1,380,000 | 2026-06-11 |
| 727 Crandon Blvd Apt 502 | condos | 3 | 3 | 2,497 | $2,600,000 | 2026-06-05 |
| 1111 Crandon Blvd Apt C205 | condos | 3 | 3 | 2,208 | $1,535,000 | 2026-06-01 |
| 141 Crandon Blvd Apt 446 | condos | 3 | 2 | 1,943 | $1,400,000 | 2026-05-29 |
| 701 Crandon Blvd Apt 302 | condos | 3 | 3 | 1,830 | $1,850,000 | 2026-05-25 |
| 1111 Crandon Blvd Apt B807 | condos | 3 | 2 | 1,782 | $2,500,000 | 2026-05-22 |
| 200 Sunrise Dr Unit 200D | condos | 3 | 3 | 1,550 | $1,400,000 | 2026-05-18 |
| 781 Crandon Blvd Apt 1603 | condos | 3 | 4 | 2,500 | $4,200,000 | 2026-05-15 |
| 781 Crandon Blvd Apt 801 | condos | 3 | 4 | 3,093 | $4,900,000 | 2026-04-28 |
| 430 Grand Bay Dr Apt 902 | condos | 3 | 6 | 3,950 | $5,240,000 | 2026-04-20 |
| 1121 Crandon Blvd Apt F802 | condos | 3 | 3 | 2,402 | $2,750,000 | 2026-04-06 |
| 141 Crandon Blvd Apt 338 | condos | 3 | 2 | 1,720 | $970,000 | 2026-03-24 |
| 50 Ocean Lane Dr Apt 108 | condos | 3 | 2 | 1,360 | $965,000 | 2026-03-20 |
| 703 Crandon Blvd Ph 3 | condos | 3 | 2 | 1,570 | $1,650,000 | 2026-03-17 |
| 177 Ocean Lane Dr Apt 1101 | condos | 3 | 3 | 1,930 | $2,750,000 | 2026-03-10 |
| 161 Crandon Blvd Apt 419 | condos | 3 | 2 | 1,600 | $1,200,000 | 2026-02-27 |
| 161 Crandon Blvd Apt 125 | condos | 3 | 3 | 1,864 | $1,770,000 | 2026-02-17 |
| 765 Crandon Blvd Apt 202 | condos | 3 | 3 | 2,602 | $2,200,000 | 2026-02-06 |
| 785 Crandon Blvd Apt 603 | condos | 3 | 5 | 2,500 | $2,990,000 | 2026-01-30 |
| 711 Crandon Blvd Apt 401 | condos | 3 | 2 | 1,700 | $1,925,000 | 2026-01-17 |
| 785 Crandon Blvd Apt 302 | condos | 3 | 3 | 2,100 | $2,100,000 | 2026-01-15 |
| 101 Ocean Lane Dr Apt 1017 | condos | 3 | 2 | 1,734 | $1,150,000 | 2026-01-10 |
| 650 Ocean Dr Apt 10E | condos | 3 | 2 | 1,518 | $995,000 | 2025-12-29 |
| 789 Crandon Blvd Apt 403 | condos | 3 | 5 | 2,500 | $2,500,000 | 2025-12-18 |
| 201 Crandon Blvd Apt 333 | condos | 3 | 2 | 1,541 | $1,200,000 | 2025-12-15 |
| 240 Galen Dr Apt 308 | condos | 3 | 2 | 1,100 | $680,000 | 2025-12-12 |
| 785 Crandon Blvd Apt 1106 | condos | 3 | 5 | 2,790 | $5,125,000 | 2025-12-10 |
| 791 Crandon Blvd Apt 1506 | condos | 3 | 5 | 3,084 | $4,975,000 | 2025-12-10 |
| 791 Crandon Blvd Apt 1404 | condos | 3 | 3 | 2,510 | $4,500,000 | 2025-12-01 |
| 765 Crandon Blvd Apt 305 | condos | 3 | 3 | 2,602 | $2,150,000 | 2025-11-06 |
| 199 Ocean Lane Dr Apt 1005 | condos | 3 | 4 | 2,155 | $2,250,000 | 2025-10-22 |
| 765 Crandon Blvd Ph 12 | condos | 3 | 5 | 3,112 | $2,850,000 | 2025-10-22 |
| 765 Crandon Blvd Apt 510 | condos | 3 | 3 | 2,602 | $2,700,000 | 2025-10-14 |
| 799 Crandon Blvd Apt 1208 | condos | 3 | 5 | 3,011 | $4,950,000 | 2025-10-10 |
| 605 Ocean Dr Apt 6M | condos | 3 | 3 | 1,772 | $2,500,000 | 2025-09-19 |
| 445 Grand Bay Dr Apt 601 | condos | 3 | 3 | 2,570 | $2,662,500 | 2025-09-12 |
| 161 Crandon Blvd Apt 325 | condos | 3 | 2 | 1,715 | $1,180,000 | 2025-09-05 |
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 | — |
| 738 Fernwood Rd | single_family | 3 | 2 | 1,312 | $2,875,000 | — |
10-year hold projection
IRR-2.0%
Equity multiple0.67x
Total return (10yr)$91,070
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $1,957,000 | $37,836 | -$85,679 | $1,503,520 | $453,480 |
| 2 | $2,015,710 | $39,362 | -$84,311 | $1,485,908 | $529,802 |
| 3 | $2,076,181 | $40,943 | -$82,892 | $1,467,087 | $609,095 |
| 4 | $2,138,467 | $42,581 | -$81,419 | $1,446,973 | $691,494 |
| 5 | $2,202,621 | $44,279 | -$79,890 | $1,425,478 | $777,143 |
| 6 | $2,268,699 | $46,038 | -$78,305 | $1,402,507 | $866,193 |
| 7 | $2,336,760 | $47,861 | -$76,660 | $1,377,958 | $958,802 |
| 8 | $2,406,863 | $49,750 | -$74,954 | $1,351,724 | $1,055,140 |
| 9 | $2,479,069 | $51,706 | -$73,185 | $1,323,688 | $1,155,381 |
| 10 | $2,553,441 | $53,733 | -$71,350 | $1,293,727 | $1,259,715 |
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.