821 Espanola Way
Miami Beach, FL 33139 · single_family · For Sale · 36 days on market
Asking price$1,850,000
5 beds 5 baths 2,410 sqft
Listed by Silvana Carvalho · Majestic Properties LLC
Typesingle_family
Built1938
Price / sqft$768
Est. value (own analysis)$8,221,005
Rent estimate (own analysis)$65,000/mo
HOANone
1 / 8
⚠ Cap rate of 34.0% is above the 20% sanity ceiling — verify the underlying price, rent, and expense data before trusting this. Cash-on-cash return of 102.8% is above the 50% sanity ceiling for a standard buy-and-hold — verify inputs before trusting this.
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Statusfor_sale
Listed date2026-07-28
Removed date—
MLSMiamiMLS #A12061441
Coordinates25.78696, -80.13691
Address821 Espanola Way
CityMiami Beach
StateFL
Zip33139
Listing ID6811436573
Sourceus-real-estate-listings, cached 2026-08-30
ZIP market snapshot (33139)
Typical home value (ZHVI)$471,015
Typical rent (ZORI)$2,928/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 | $1,850,000 |
| Down payment (20.0%) | $370,000 |
| Loan amount | $1,480,000 |
| Closing costs (5.0%) | $92,500 |
| Total cash to close | $462,500 |
| Income | |
| Rent (comp-derived) | $65,000$780,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $59,800$717,600 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $2,929$35,150 |
| Insurance (placeholder 0.8% of price) | $1,233$14,800 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $3,250$39,000 |
| Total operating expenses | $7,413$88,950 |
| 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) | $3,250$39,000 |
| 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 | 5 | 4,343 | $55,000 | 2026-07-16 | — | |
| single_family | 5 | 6 | 4,100 | $47,000 | 2026-08-25 | — | |
| single_family | 5 | 6 | 5,202 | $69,000 | 2026-08-14 | — | |
| single_family | 5 | 7 | 5,642 | $65,000 | 2026-02-17 | — | |
| single_family | 5 | 7 | 6,090 | $78,000 | 2026-02-25 | — | |
| single_family | 5 | 4 | 3,547 | $33,000 | 2026-07-06 | — | |
| single_family | 5 | 6 | 7,244 | $250,000 | 2026-06-02 | — | |
| single_family | 5 | 6 | 4,474 | $54,900 | 2025-09-05 | — | |
| single_family | 5 | 6 | 5,202 | $69,000 | — | — |
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 |
|---|---|---|---|---|---|---|
| 145 Palm Ave | single_family | 5 | 6 | 11,639 | $40,000,000 | 2026-07-01 |
| 1335 Lenox Ave | single_family | 5 | 3 | 2,363 | $2,375,000 | 2026-06-22 |
| 444 W Rivo Alto Dr | single_family | 5 | 5 | 4,837 | $16,500,000 | 2026-06-03 |
| 600 W Dilido Dr | single_family | 5 | 5 | 2,669 | $11,000,000 | 2026-05-14 |
| 431 W Rivo Alto Dr | single_family | 5 | 5 | 4,352 | $5,600,000 | 2026-05-11 |
| 845 E Dilido Dr | single_family | 5 | 8 | 5,046 | $35,000,000 | 2026-05-07 |
| 1277 N Venetian Way | single_family | 5 | 7 | 5,659 | $14,000,000 | 2026-04-21 |
| 1417 N Venetian Way | single_family | 5 | 7 | 7,557 | $27,500,000 | 2026-04-03 |
| 301 W Rivo Alto Dr | single_family | 5 | 3 | 2,482 | $2,700,000 | 2026-02-09 |
| 610 W Dilido Dr | single_family | 5 | 6 | 4,703 | $16,088,888 | 2025-12-30 |
| 315 E Rivo Alto Dr | single_family | 5 | 6 | 4,387 | $14,250,000 | 2025-09-30 |
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 |
|---|---|---|---|---|---|---|
| 1000 Venetian Way Unit 301/303 | condos | 5 | 5 | 3,840 | $4,600,000 | — |
| 1379 N Venetian Way | single_family | 5 | 5 | 5,303 | $16,500,000 | — |
| 121 2nd Dilido Ter | single_family | 5 | 6 | 3,614 | $725,000 | — |
| 800 S Pointe Dr Apt 2204 | condos | 5 | 7 | 9,049 | $78,000,000 | — |
| 441 N Hibiscus Dr | single_family | 5 | 7 | 4,827 | $19,500,000 | — |
| 126 W San Marino Dr | single_family | 5 | 7 | 7,890 | $35,995,000 | — |
| 1301 Flamingo Way | single_family | 5 | 3 | 2,743 | $4,900,000 | — |
| 432 S Hibiscus Dr | single_family | 5 | 7 | 6,090 | $31,000,000 | — |
10-year hold projection
IRR106.7%
Equity multiple14.55x
Total return (10yr)$6,508,266
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $1,905,500 | $628,650 | $475,519 | $1,463,953 | $441,547 |
| 2 | $1,962,665 | $647,954 | $493,849 | $1,446,805 | $515,860 |
| 3 | $2,021,545 | $667,849 | $512,744 | $1,428,479 | $593,066 |
| 4 | $2,082,191 | $688,351 | $532,222 | $1,408,895 | $673,297 |
| 5 | $2,144,657 | $709,481 | $552,302 | $1,387,965 | $756,692 |
| 6 | $2,208,997 | $731,256 | $573,001 | $1,365,598 | $843,398 |
| 7 | $2,275,267 | $753,697 | $594,339 | $1,341,696 | $933,571 |
| 8 | $2,343,525 | $776,824 | $616,335 | $1,316,152 | $1,027,373 |
| 9 | $2,413,830 | $800,657 | $639,009 | $1,288,854 | $1,124,977 |
| 10 | $2,486,245 | $825,219 | $662,383 | $1,259,681 | $1,226,564 |
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.