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791 Crandon Blvd Apt 603

Key Biscayne, FL 33149 · condos · For Sale · 231 days on market
Asking price$3,595,000
2 beds 3 baths 2,605 sqft
Suggested offer$2,076,419$1,518,581 above the est. market value of $2,076,419.
View on Realtor.com →
Listed by Lucia Marin · One Sotheby's International Realty
Typecondos
Built2001
Price / sqft$1380
Est. value (own analysis)$2,076,419
Rent estimate (own analysis)$13,200/mo
HOA$1,513/mo
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Street view
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Neighborhood

Show every detail
Statusfor_sale
Listed date2026-01-14
Removed date—
MLSMiamiMLS #A11943754
Coordinates25.68832, -80.15793
Address791 Crandon Blvd Apt 603
CityKey Biscayne
StateFL
Zip33149
Listing ID6690154854
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$3,595,000
Down payment (20.0%)$719,000
Loan amount$2,876,000
Closing costs (5.0%)$179,750
Total cash to close$898,750
Income
Rent (comp-derived)$13,200$158,400
Vacancy loss (8.0%)

Vacancy Loss

Gross Scheduled Rent × Vacancy Rate

Gross scheduled rent (annual) comp$158,400
Vacancy rate (assumption) assumption8.0%

$158,400 × 8.0% = $12,672

Effective gross income$12,144$145,728
Operating expenses
Property tax (placeholder 1.9% of price)$5,692$68,305
Insurance (placeholder 0.8% of price)$2,397$28,760
HOA dues$1,513$18,156
Management (0.0% of EGI)$0$0
Maintenance (5.0% of GSR)$660$7,920
Total operating expenses$10,262$123,141
Net operating income (NOI)

Net Operating Income (NOI)

Effective Gross Income − Total Operating Expenses

Effective gross income derived$145,728
Total operating expenses derived$123,141

$145,728 − $123,141 = $22,587

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$2,876,000
Interest rate (avg 30yr rate) comp6.7%
Term (assumption) assumption30 years

$2,876,000 amortized at 6.7% over 30 years = $18,482/mo

CapEx reserve (5.0% of GSR)$660$7,920
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$22,587
Annual debt service derived$221,783
Annual CapEx reserve assumption$7,920
Annual PMI assumption$0

($22,587 − $221,783 − $7,920 − $0) ÷ 12 = -$17,260

Cap rate

Cap Rate

NOI ÷ Purchase Price

NOI derived$22,587
Purchase price data$3,595,000

$22,587 ÷ $3,595,000 = 0.6%

Cash-on-cash

Cash-on-Cash Return

Annual Cash Flow ÷ Total Cash Invested

Annual cash flow derived-$207,116
Total cash to close derived$898,750

-$207,116 ÷ $898,750 = -23.0%

DSCR

Debt Service Coverage Ratio (DSCR)

NOI ÷ Annual Debt Service

NOI derived$22,587
Annual debt service derived$221,783

$22,587 ÷ $221,783 = 0.10

Rent-to-price (1% rule)

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

(Gross Scheduled Rent ÷ 12) ÷ Purchase Price

Gross scheduled rent (annual) comp$158,400
Purchase price data$3,595,000

($158,400 ÷ 12) ÷ $3,595,000 = 0.4%

Gross rent multiplier

Gross Rent Multiplier (GRM)

Purchase Price ÷ Gross Scheduled Rent

Purchase price data$3,595,000
Gross scheduled rent (annual) comp$158,400

$3,595,000 ÷ $158,400 = 22.7

Operating expense ratio

Operating Expense Ratio

Total Operating Expenses ÷ Effective Gross Income

Total operating expenses derived$123,141
Effective gross income derived$145,728

$123,141 ÷ $145,728 = 84.5%

Break-even occupancy

Break-Even Occupancy

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

Total operating expenses derived$123,141
Annual debt service derived$221,783
Annual PMI assumption$0
Gross scheduled rent (annual) comp$158,400

($123,141 + $221,783 + $0) ÷ $158,400 = 217.8%

Comparables

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

AddressTypeBedsBathsSqftAsking rentListedDays on market
condos232,060$12,5002026-08-20—
condos231,703$22,5002026-08-26—
condos232,100$13,0002026-04-16—
apartment232,100$14,0002026-06-10—
condos221,875$7,9002026-05-06—
condos232,060$13,2002026-04-10—
condos221,782$10,0002026-05-15—
condos231,703$22,5002026-07-27—
condos231,880$15,5002026-06-04—
condos241,703$20,0002026-08-14—
condos241,703$25,5002026-08-14—
condos221,782$9,5002026-07-21—
condos221,782$7,7502026-01-03—
condos232,013$10,0002026-06-10—
condos221,821$7,8002026-06-02—
condos242,064$28,0002026-06-02—
condos231,703$20,0002024-04-22—
condos241,823$26,0002026-04-09—
condos221,790$12,9902022-02-25—

737 Crandon Blvd Ph 1

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage2,060
Listed2026-08-20
Days on market—

Asking rent: $12,500

View on Zillow →

360 Ocean Dr Unit 804S

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage1,703
Listed2026-08-26
Days on market—

Asking rent: $22,500

View on Zillow →

789 Crandon Blvd Apt 502

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage2,100
Listed2026-04-16
Days on market—

Asking rent: $13,000

View on Zillow →

781 Crandon Blvd Apt 405

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage2,100
Listed2026-06-10
Days on market—

Asking rent: $14,000

View on Zillow →

881 Ocean Dr Apt 3E

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage1,875
Listed2026-05-06
Days on market—

Asking rent: $7,900

View on Zillow →

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage2,060
Listed2026-04-10
Days on market—

Asking rent: $13,200

View on Zillow →

1121 Crandon Blvd Apt E708

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage1,782
Listed2026-05-15
Days on market—

Asking rent: $10,000

View on Zillow →

350 Ocean Dr Unit 604N

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage1,703
Listed2026-07-27
Days on market—

Asking rent: $22,500

View on Zillow →

201 Crandon Blvd Apt 642

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage1,880
Listed2026-06-04
Days on market—

Asking rent: $15,500

View on Zillow →

360 Ocean Dr Unit 904S

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 4 ba
Square footage1,703
Listed2026-08-14
Days on market—

Asking rent: $20,000

View on Zillow →

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 4 ba
Square footage1,703
Listed2026-08-14
Days on market—

Asking rent: $25,500

View on Zillow →

1121 Crandon Blvd Apt D301

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage1,782
Listed2026-07-21
Days on market—

Asking rent: $9,500

View on Zillow →

1121 Crandon Blvd Apt F1107

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage1,782
Listed2026-01-03
Days on market—

Asking rent: $7,750

View on Zillow →

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage2,013
Listed2026-06-10
Days on market—

Asking rent: $10,000

View on Zillow →

151 Crandon Blvd Apt 405

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage1,821
Listed2026-06-02
Days on market—

Asking rent: $7,800

View on Zillow →

350 Ocean Dr Unit 304N

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 4 ba
Square footage2,064
Listed2026-06-02
Days on market—

Asking rent: $28,000

View on Zillow →

360 Ocean Dr Unit 905S

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 3 ba
Square footage1,703
Listed2024-04-22
Days on market—

Asking rent: $20,000

View on Zillow →

360 Ocean Dr Unit 304S

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 4 ba
Square footage1,823
Listed2026-04-09
Days on market—

Asking rent: $26,000

View on Zillow →

101 Crandon Blvd Apt 473

Key Biscayne, 33149 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage1,790
Listed2022-02-25
Days on market—

Asking rent: $12,990

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
600 Grapetree Dr Apt 9GNcondos221,670$1,400,0002026-08-21
1111 Crandon Blvd Apt B1108condos221,782$2,700,0002026-08-14
1121 Crandon Blvd Apt D404condos221,409$1,066,6872026-08-14
155 Ocean Lane Dr Apt 614condos221,350$1,380,0002026-08-10
6222973225condos221,782$1,950,0002026-08-07
201 Crandon Blvd Apt 424condos221,531$1,300,0002026-08-06
101 Ocean Lane Dr Apt 1013condos221,450$875,0002026-08-04
1121 Crandon Blvd Apt F1203condos221,597$1,500,0002026-08-02
151 Crandon Blvd Apt 702condos221,506$1,250,0002026-07-31
200 Ocean Lane Dr Apt 1102condos221,320$1,870,0002026-07-17
181 Crandon Blvd Apt 106condos221,600$1,110,0002026-07-17
575 Crandon Blvd Apt 707condos221,311$789,0002026-07-13
181 Crandon Blvd Apt 405condos221,600$1,080,0002026-07-13
199 Ocean Lane Dr Apt 512condos221,260$1,040,0002026-07-13
151 Crandon Blvd Apt 602condos221,469$1,060,0002026-07-07
881 Ocean Dr Apt 18Fcondos221,875$2,450,0002026-07-06
251 Crandon Blvd Apt 133condos221,537$1,120,0002026-06-29
1121 Crandon Blvd Apt E803condos221,409$990,0002026-06-29
151 Crandon Blvd Apt 1002condos221,506$1,705,0002026-06-26
170 Ocean Lane Dr Apt 403condos221,435$1,020,0002026-06-26
1121 Crandon Blvd Apt E501condos221,782$1,525,0002026-06-25
151 Crandon Blvd Apt 600condos221,506$1,140,0002026-06-23
177 Ocean Lane Dr Apt 106condos221,260$970,2002026-06-19
789 Crandon Blvd Apt 1805condos232,100$3,200,0002026-06-16
155 Ocean Lane Dr Apt 205condos221,260$1,025,0002026-06-16
1121 Crandon Blvd Apt D1202condos221,782$1,842,5002026-06-15
609 Ocean Dr Apt 5Hcondos221,496$1,550,0002026-05-07
550 Ocean Dr Apt 8Bcondos221,325$825,0002026-04-30
255 Galen Dr Apt 4Acondos221,036$720,0002026-04-22
151 Crandon Blvd Apt 136condos221,532$1,400,0002026-04-10
155 Ocean Lane Dr Apt 1113condos221,260$1,050,0002026-04-10
251 Crandon Blvd Apt 625condos221,532$1,125,0002026-04-07
575 Crandon Blvd Apt 306condos221,311$720,0002026-03-31
251 Galen Dr Unit 204Econdos221,109$520,0002026-03-30
151 Crandon Blvd Apt 928condos221,532$1,250,0002026-03-30
251 Crandon Blvd Apt 237condos221,532$995,0002026-03-19
733 Crandon Blvd Apt 405condos232,060$1,810,0002026-03-16
251 Crandon Blvd Apt 441condos221,532$1,084,4602026-03-03
265 Grapetree Dr Apt 110condos231,404$1,075,0002026-02-27
881 Ocean Dr Apt 13Ccondos221,875$1,910,0002026-02-24
1121 Crandon Blvd Apt E504condos221,409$1,060,0002026-02-23
177 Ocean Lane Dr Apt 212condos221,260$980,0002026-02-11
199 Ocean Lane Dr Apt 313condos221,260$1,140,0002026-02-06
445 Grand Bay Dr Apt 802condos232,950$2,730,0002026-02-06
201 Galen Dr Apt 104condos221,109$535,0002026-02-03
1121 Crandon Blvd Apt E304condos221,409$820,0002026-01-30
1121 Crandon Blvd Apt D706condos221,409$1,300,0002026-01-16
151 Crandon Blvd Apt 206condos221,547$990,0002026-01-16
1121 Crandon Blvd Apt D604condos221,409$1,100,0002026-01-14
360 Ocean Dr Unit 704Scondos241,703$4,600,0002025-12-19

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
881 Ocean Dr Apt 16Fcondos221,875$2,400,000—
737 Crandon Blvd Ph 1condos232,060$2,250,000—
177 Ocean Lane Dr Apt 208condos221,260$1,125,000—
201 Crandon Blvd Apt 707condos221,880$2,100,000—
170 Ocean Lane Dr Apt 310condos221,335$769,900—
101 Crandon Blvd Apt 265condos221,790$1,495,000—
613 Ocean Dr Apt 5Dcondos221,496$1,770,000—
1111 Crandon Blvd Apt B506condos221,409$1,350,000—

10-year hold projection

IRR-5.5%
Equity multiple0.09x
Total return (10yr)-$351,040
YearProperty valueNOICash flowLoan balanceEquity
1$3,702,850$22,587-$207,116$2,844,818$858,032
2$3,813,936$23,880-$206,021$2,811,494$1,002,441
3$3,928,354$25,228-$204,877$2,775,882$1,152,471
4$4,046,204$26,632-$203,681$2,737,825$1,308,379
5$4,167,590$28,094-$202,432$2,697,154$1,470,436
6$4,292,618$29,616-$201,128$2,653,690$1,638,928
7$4,421,397$31,201-$199,767$2,607,242$1,814,155
8$4,554,038$32,851-$198,347$2,557,604$1,996,435
9$4,690,660$34,569-$196,865$2,504,557$2,186,103
10$4,831,379$36,356-$195,319$2,447,867$2,383,512
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.