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200 Ocean Lane Dr Apt 501

Key Biscayne, FL 33149 · condos · For Sale · 57 days on market
Asking price$3,850,000
4 beds 4 baths 1,880 sqft
Suggested offer$1,978,587$1,871,413 above the est. market value of $1,978,587.
View on Realtor.com →
Listed by Alejandro Deane · Luxuri International Real Estate Miami, LLC.
Typecondos
Built1961
Price / sqft$2048
Est. value (own analysis)$1,978,587
Rent estimate (own analysis)$15,000/mo
HOA$150/mo
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Neighborhood

Show every detail
Statusfor_sale
Listed date2026-07-07
Removed date—
MLSMiamiMLS #A12049547
Coordinates25.69856, -80.15710
Address200 Ocean Lane Dr Apt 501
CityKey Biscayne
StateFL
Zip33149
Listing ID6404692752
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$3,850,000
Down payment (20.0%)$770,000
Loan amount$3,080,000
Closing costs (5.0%)$192,500
Total cash to close$962,500
Income
Rent (comp-derived)$15,000$180,000
Vacancy loss (8.0%)

Vacancy Loss

Gross Scheduled Rent × Vacancy Rate

Gross scheduled rent (annual) comp$180,000
Vacancy rate (assumption) assumption8.0%

$180,000 × 8.0% = $14,400

Effective gross income$13,800$165,600
Operating expenses
Property tax (placeholder 1.9% of price)$6,096$73,150
Insurance (placeholder 0.8% of price)$2,567$30,800
HOA dues$150$1,800
Management (0.0% of EGI)$0$0
Maintenance (5.0% of GSR)$750$9,000
Total operating expenses$9,563$114,750
Net operating income (NOI)

Net Operating Income (NOI)

Effective Gross Income − Total Operating Expenses

Effective gross income derived$165,600
Total operating expenses derived$114,750

$165,600 − $114,750 = $50,850

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$3,080,000
Interest rate (avg 30yr rate) comp6.7%
Term (assumption) assumption30 years

$3,080,000 amortized at 6.7% over 30 years = $19,793/mo

CapEx reserve (5.0% of GSR)$750$9,000
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$50,850
Annual debt service derived$237,515
Annual CapEx reserve assumption$9,000
Annual PMI assumption$0

($50,850 − $237,515 − $9,000 − $0) ÷ 12 = -$16,305

Cap rate

Cap Rate

NOI ÷ Purchase Price

NOI derived$50,850
Purchase price data$3,850,000

$50,850 ÷ $3,850,000 = 1.3%

Cash-on-cash

Cash-on-Cash Return

Annual Cash Flow ÷ Total Cash Invested

Annual cash flow derived-$195,665
Total cash to close derived$962,500

-$195,665 ÷ $962,500 = -20.3%

DSCR

Debt Service Coverage Ratio (DSCR)

NOI ÷ Annual Debt Service

NOI derived$50,850
Annual debt service derived$237,515

$50,850 ÷ $237,515 = 0.21

Rent-to-price (1% rule)

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

(Gross Scheduled Rent ÷ 12) ÷ Purchase Price

Gross scheduled rent (annual) comp$180,000
Purchase price data$3,850,000

($180,000 ÷ 12) ÷ $3,850,000 = 0.4%

Gross rent multiplier

Gross Rent Multiplier (GRM)

Purchase Price ÷ Gross Scheduled Rent

Purchase price data$3,850,000
Gross scheduled rent (annual) comp$180,000

$3,850,000 ÷ $180,000 = 21.4

Operating expense ratio

Operating Expense Ratio

Total Operating Expenses ÷ Effective Gross Income

Total operating expenses derived$114,750
Effective gross income derived$165,600

$114,750 ÷ $165,600 = 69.3%

Break-even occupancy

Break-Even Occupancy

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

Total operating expenses derived$114,750
Annual debt service derived$237,515
Annual PMI assumption$0
Gross scheduled rent (annual) comp$180,000

($114,750 + $237,515 + $0) ÷ $180,000 = 195.7%

Comparables

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

AddressTypeBedsBathsSqftAsking rentListedDays on market
condos431,650$12,0002026-07-17—
condos452,957$15,0002026-04-20—
condos432,174$18,0002026-03-20—

200 Ocean Lane Dr Apt 108

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms4 bd / 3 ba
Square footage1,650
Listed2026-07-17
Days on market—

Asking rent: $12,000

View on Zillow →

151 Crandon Blvd Apt 500

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms4 bd / 5 ba
Square footage2,957
Listed2026-04-20
Days on market—

Asking rent: $15,000

View on Zillow →

725 Crandon Blvd Apt 203

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms4 bd / 3 ba
Square footage2,174
Listed2026-03-20
Days on market—

Asking rent: $18,000

View on Zillow →

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.

AddressTypeBedsBathsLiving sqftSale priceSale date
50 Ocean Lane Dr Apt 601condos431,730$1,500,0002026-08-20
791 Crandon Blvd Apt 1408condos465,207$9,400,0002026-06-26
200 Sunrise Dr Unit 200Ccondos441,750$1,800,0002026-04-20
151 Crandon Blvd Apt 1226condos443,127$2,100,0002026-04-10
765 Crandon Blvd Apt 102condos453,368$3,625,0002026-04-08
791 Crandon Blvd Apt 507condos463,581$6,400,0002026-03-31
202 Sunrise Dr Unit 202Ccondos441,750$1,750,0002026-01-22
200 Sunrise Dr Unit 200Acondos441,750$2,000,0002025-12-03

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
201 Crandon Blvd Apt 174townhomes463,254$5,100,000—
255 Ridgewood Rdsingle_family432,177$3,550,000—
100 Cape Florida Drsingle_family498,240$19,800,000—
161 Cape Florida Drsingle_family466,661$14,990,000—
640 S Mashta Drsingle_family443,620$16,800,000—
631 N Mashta Drsingle_family452,255$18,500,000—
445 Grand Bay Dr Apt 303condos453,480$3,850,000—
350 E Ocean Dr Unit 301Ncondos473,798$8,950,000—

10-year hold projection

IRR-3.7%
Equity multiple0.39x
Total return (10yr)-$80,570
YearProperty valueNOICash flowLoan balanceEquity
1$3,965,500$50,850-$195,665$3,046,606$918,894
2$4,084,465$52,949-$193,791$3,010,919$1,073,546
3$4,206,999$55,126-$191,845$2,972,781$1,234,218
4$4,333,209$57,382-$189,825$2,932,024$1,401,185
5$4,463,205$59,722-$187,728$2,888,468$1,574,737
6$4,597,101$62,147-$185,551$2,841,921$1,755,180
7$4,735,014$64,660-$183,292$2,792,178$1,942,836
8$4,877,065$67,265-$180,948$2,739,019$2,138,046
9$5,023,377$69,965-$178,515$2,682,210$2,341,167
10$5,174,078$72,763-$175,991$2,621,499$2,552,579
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.