24 Grand Bay Estates Cir
Key Biscayne, FL 33149 · single_family · For Sale · 166 days on market
Asking price$4,950,000
5 beds 6 baths 4,220 sqft
Listed by Anthony D Vlahovic · Engel & Voelkers Vero Beach
Typesingle_family
Built1999
Price / sqft$1173
Est. value (own analysis)$6,037,747
Rent estimate (own analysis)$28,000/mo
HOA$1,509/mo
1 / 65
Show every detail
Statusfor_sale
Listed date2026-03-20
Removed date—
MLSBeachesMLS #B26004621
Coordinates25.69242, -80.16272
Address24 Grand Bay Estates Cir
CityKey Biscayne
StateFL
Zip33149
Listing ID6326647077
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 | $4,950,000 |
| Down payment (20.0%) | $990,000 |
| Loan amount | $3,960,000 |
| Closing costs (5.0%) | $247,500 |
| Total cash to close | $1,237,500 |
| Income | |
| Rent (comp-derived) | $28,000$336,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $25,760$309,120 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $7,838$94,050 |
| Insurance (placeholder 0.8% of price) | $3,300$39,600 |
| HOA dues | $1,509$18,108 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $1,400$16,800 |
| Total operating expenses | $14,047$168,558 |
| 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) | $1,400$16,800 |
| 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 | 5 | 6 | 3,650 | $28,500 | 2026-05-19 | — | |
| single_family | 5 | 6 | 5,421 | $25,000 | 2026-08-03 | — | |
| single_family | 5 | 6 | 3,495 | $20,000 | 2026-06-10 | — | |
| single_family | 5 | 6 | 3,661 | $55,000 | 2026-07-20 | — | |
| single_family | 5 | 5 | 3,202 | $40,000 | 2026-03-28 | — | |
| single_family | 5 | 6 | 3,633 | $21,500 | 2026-05-21 | — | |
| single_family | 5 | 6 | 5,341 | $70,000 | 2025-05-26 | — | |
| single_family | 5 | 5 | 3,149 | $22,000 | 2026-07-01 | — | |
| single_family | 5 | 7 | 3,475 | $27,500 | 2026-05-21 | — | |
| single_family | 5 | 6 | 4,700 | $35,500 | 2026-03-18 | — |
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 |
|---|---|---|---|---|---|---|
| 346 Gulf Rd | single_family | 5 | 6 | 3,285 | $4,700,000 | 2026-07-27 |
| 677 Hampton Ln | single_family | 5 | 4 | 2,429 | $3,125,000 | 2026-03-09 |
| 670 Allendale Rd | single_family | 5 | 5 | 2,320 | $3,475,000 | 2026-01-27 |
| 261 Greenwood Dr | single_family | 5 | 6 | 3,525 | $6,275,000 | 2025-12-11 |
| 201 Buttonwood Dr | single_family | 5 | 5 | 3,791 | $5,265,000 | 2025-12-09 |
| 100 Hampton Ln | single_family | 5 | 6 | 3,584 | $6,200,000 | 2025-12-04 |
| 220 Cypress Dr | single_family | 5 | 6 | 4,089 | $4,600,000 | 2025-10-10 |
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 |
|---|---|---|---|---|---|---|
| 485 W Matheson Dr | single_family | 5 | 9 | 11,528 | $237,000,000 | — |
| 501 Bay Ln | single_family | 5 | 5 | 4,759 | $5,990,000 | — |
| 520 S Mashta Dr | single_family | 5 | 4 | 3,085 | $19,900,000 | — |
| 571 Glenridge Rd | single_family | 5 | 7 | 3,768 | $7,490,000 | — |
| 545 Sabal Palm Dr | single_family | 5 | 5 | 4,166 | $7,950,000 | — |
| 524 Warren Ln | single_family | 5 | 4 | 2,700 | $3,730,000 | — |
| 445 Grand Bay Dr Ph 1A | condos | 5 | 6 | 8,435 | $18,900,000 | — |
| 445 Ridgewood Rd | single_family | 5 | 6 | 3,688 | $6,685,000 | — |
10-year hold projection
IRR0.3%
Equity multiple1.05x
Total return (10yr)$705,202
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $5,098,500 | $140,562 | -$181,614 | $3,917,065 | $1,181,435 |
| 2 | $5,251,455 | $145,622 | -$176,975 | $3,871,181 | $1,380,274 |
| 3 | $5,408,999 | $150,854 | -$172,173 | $3,822,147 | $1,586,852 |
| 4 | $5,571,269 | $156,265 | -$167,203 | $3,769,745 | $1,801,524 |
| 5 | $5,738,407 | $161,861 | -$162,060 | $3,713,744 | $2,024,662 |
| 6 | $5,910,559 | $167,647 | -$156,737 | $3,653,899 | $2,256,660 |
| 7 | $6,087,876 | $173,630 | -$151,229 | $3,589,943 | $2,497,933 |
| 8 | $6,270,512 | $179,816 | -$145,530 | $3,521,596 | $2,748,916 |
| 9 | $6,458,627 | $186,212 | -$139,633 | $3,448,555 | $3,010,073 |
| 10 | $6,652,386 | $192,826 | -$133,532 | $3,370,498 | $3,281,888 |
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.