1420 W 23rd St
Miami Beach, FL 33140 · single_family · For Sale · 106 days on market
Asking price$110,000,000
9 beds 11 baths 10,791 sqft
Suggested offer$12,270,446$97,729,554 above the est. market value of $12,270,446.
View on Realtor.com →Listed by Ana Teresa Rodriguez | ATR Luxury Homes · Coldwell Banker Realty
Typesingle_family
Built2025
Price / sqft$10194
Est. value (own analysis)$12,270,446
Rent estimate (Zillow ZIP avg)$3,694/mo
HOA$417/mo
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Statusfor_sale
Listed date2026-05-19
Removed date—
MLSMiamiMLS #A12018167
Coordinates25.79887, -80.14253
Address1420 W 23rd St
CityMiami Beach
StateFL
Zip33140
Listing ID6653279913
Sourceus-real-estate-listings, cached 2026-08-28
ZIP market snapshot (33140)
Typical home value (ZHVI)$684,558
Typical rent (ZORI)$3,694/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 | $110,000,000 |
| Down payment (20.0%) | $22,000,000 |
| Loan amount | $88,000,000 |
| Closing costs (5.0%) | $5,500,000 |
| Total cash to close | $27,500,000 |
| Income | |
| Rent (ZIP avg, ZORI — not bedroom-specific) | $3,694$44,324 |
| Vacancy loss (8.0%) | |
| Effective gross income | $3,398$40,778 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $174,167$2,090,000 |
| Insurance (placeholder 0.8% of price) | $73,333$880,000 |
| HOA dues | $417$5,004 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $185$2,216 |
| Total operating expenses | $248,102$2,977,220 |
| 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) | $185$2,216 |
| 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 |
|---|---|---|---|---|---|---|---|
| single_family | 9 | 5 | 3,812 | $2,800 | — | — | |
| single_family | 9 | 11 | 10,791 | $495,000 | 2026-07-15 | — |
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 |
|---|---|---|---|---|---|---|
| 5215 Pine Tree Dr | single_family | 6 | 5 | 4,535 | $9,550,000 | 2026-09-01 |
| 5236 Pine Tree Dr | single_family | 4 | 4 | 3,140 | $4,450,000 | 2026-08-17 |
| 337 W 28th St | single_family | 3 | 3 | 1,667 | $1,000,000 | 2026-08-14 |
| 435 W 43rd St | single_family | 4 | 4 | 2,320 | $2,200,000 | 2026-08-14 |
| 4345 Alton Rd | single_family | 4 | 4 | 2,827 | $3,150,000 | 2026-08-12 |
| 865 W 47th St | single_family | 5 | 5 | 3,050 | $2,900,000 | 2026-08-12 |
| 6065 Pine Tree Dr | single_family | 5 | 5 | 4,697 | $13,000,000 | 2026-07-24 |
| 4555 Alton Rd | single_family | 4 | 4 | 2,481 | $1,749,000 | 2026-07-21 |
| 3144 Royal Palm Ave | single_family | 4 | 3 | 2,215 | $2,475,000 | 2026-07-17 |
| 4200 Royal Palm Ave | single_family | 4 | 3 | 2,358 | $1,650,000 | 2026-07-17 |
| 4557 N Jefferson Ave | single_family | 4 | 4 | 3,350 | $2,300,000 | 2026-07-14 |
| 5861 Lagorce Dr | single_family | 4 | 4 | 3,744 | $3,700,000 | 2026-07-08 |
| 2355 N Meridian Ave | single_family | 5 | 5 | 5,214 | $9,200,000 | 2026-07-08 |
| 5025 Cherokee Ave | single_family | 3 | 2 | 1,876 | $1,200,000 | 2026-07-08 |
| 6000 Collins Ave Apt 136 | single_family | 2 | 2 | 1,700 | $750,000 | 2026-06-30 |
| 2500 Regatta Ave | single_family | 4 | 6 | 5,319 | $12,690,000 | 2026-06-30 |
| 2516 Sunset Dr | single_family | 5 | 4 | 4,698 | $10,250,000 | 2026-06-29 |
| 4501 N Bay Rd | single_family | 5 | 5 | 4,401 | $4,500,000 | 2026-06-11 |
| 5225 Lagorce Dr | single_family | 4 | 3 | 2,906 | $4,500,000 | 2026-06-11 |
| 2054 Alton Rd | single_family | 4 | 2 | 1,803 | $1,650,000 | 2026-06-11 |
| 980 W 48th St | single_family | 2 | 2 | 5,143 | $3,262,500 | 2026-06-11 |
| 4363 Nautilus Dr | single_family | 4 | 3 | 2,945 | $2,564,000 | 2026-06-09 |
| 5625 N Bay Rd | single_family | 4 | 5 | 4,256 | $3,900,000 | 2026-06-09 |
| 4731 Pine Tree Dr | single_family | 9 | 7 | 10,057 | $24,000,000 | 2026-06-08 |
| 4320 Royal Palm Ave | single_family | 3 | 4 | 2,305 | $1,750,000 | 2026-06-08 |
| 5181 Lagorce Dr | single_family | 5 | 6 | 4,286 | $4,300,000 | 2026-06-08 |
| 5300 N Bay Rd | single_family | 5 | 4 | 5,029 | $27,000,000 | 2026-06-02 |
| 6000 N Bay Rd | single_family | 8 | 9 | 8,811 | $31,525,000 | 2026-05-29 |
| 5055 N Bay Rd | single_family | 5 | 3 | 3,980 | $4,325,000 | 2026-05-27 |
| 5825 Alton Rd | single_family | 6 | 5 | 3,378 | $4,700,000 | 2026-05-22 |
| 1220 W 21st St | single_family | 3 | 2 | 1,741 | $2,900,000 | 2026-05-21 |
| 2701 N Bay Rd | single_family | 6 | 7 | 4,389 | $4,500,000 | 2026-05-21 |
| 2130 Regatta Ave | single_family | 4 | 3 | 3,165 | $5,800,000 | 2026-05-19 |
| 1745 W 24th St | single_family | 6 | 9 | 6,231 | $34,000,000 | 2026-05-15 |
| 2300 Sunset Dr | single_family | 6 | 8 | 5,343 | $13,000,000 | 2026-05-15 |
| 4740 Alton Rd | single_family | 5 | 5 | 3,005 | $3,600,000 | 2026-05-14 |
| 3500 Flamingo Dr | single_family | 6 | 8 | 6,132 | $8,600,000 | 2026-05-14 |
| 4520 N Meridian Ave | single_family | 5 | 5 | 4,237 | $5,150,000 | 2026-05-13 |
| 5208 Alton Rd | single_family | 5 | 4 | 4,232 | $2,400,000 | 2026-05-13 |
| 4510 Prairie Ave | single_family | 6 | 7 | 5,633 | $11,500,000 | 2026-05-07 |
| 4485 N Jefferson Ave | single_family | 3 | 3 | 3,727 | $2,825,000 | 2026-05-04 |
| 911 W 47th Ct | single_family | 3 | 3 | 2,736 | $1,900,000 | 2026-04-30 |
| 5220 Lagorce Dr | single_family | 3 | 2 | 2,334 | $2,700,000 | 2026-04-27 |
| 4700 N Meridian Ave | single_family | 3 | 4 | 4,185 | $5,250,000 | 2026-04-24 |
| 3325 Alton Rd | single_family | 3 | 2 | 1,682 | $1,350,000 | 2026-04-24 |
| 5711 N Bay Rd | single_family | 4 | 4 | 2,988 | $5,200,000 | 2026-04-22 |
| 6165 Pine Tree Dr | single_family | 3 | 4 | 3,421 | $6,900,000 | 2026-04-17 |
| 5515 Pine Tree Dr | single_family | 7 | 9 | 6,997 | $23,750,000 | 2026-04-16 |
| 5251 Lagorce Dr | single_family | 3 | 4 | 2,123 | $2,520,000 | 2026-04-16 |
| 4330 N Meridian Ave | single_family | 4 | 3 | 2,476 | $2,027,300 | 2026-04-15 |
Widened to city-wide. 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 |
|---|---|---|---|---|---|---|
| 130 Palm Ave | single_family | 9 | 15 | 15,132 | $60,000,000 | — |
| 30 Palm Ave | single_family | 9 | 9 | — | $48,000,000 | — |
10-year hold projection
IRR-13.5%
Equity multiple-1.34x
Total return (10yr)-$49,842,860
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $113,300,000 | -$2,936,442 | -$9,724,799 | $87,045,884 | $26,254,116 |
| 2 | $116,699,000 | -$3,009,649 | -$9,798,061 | $86,026,249 | $30,672,751 |
| 3 | $120,199,970 | -$3,084,680 | -$9,873,149 | $84,936,594 | $35,263,376 |
| 4 | $123,805,969 | -$3,161,581 | -$9,950,108 | $83,772,111 | $40,033,858 |
| 5 | $127,520,148 | -$3,240,398 | -$10,028,985 | $82,527,662 | $44,992,487 |
| 6 | $131,345,753 | -$3,321,178 | -$10,109,826 | $81,197,755 | $50,147,998 |
| 7 | $135,286,125 | -$3,403,971 | -$10,192,682 | $79,776,522 | $55,509,603 |
| 8 | $139,344,709 | -$3,488,827 | -$10,277,602 | $78,257,692 | $61,087,017 |
| 9 | $143,525,050 | -$3,575,797 | -$10,364,638 | $76,634,562 | $66,890,489 |
| 10 | $147,830,802 | -$3,664,934 | -$10,453,842 | $74,899,969 | $72,930,832 |
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.