632 15th St
Miami Beach, FL 33139 · multi_family · For Sale · 233 days on market
Asking price$2,650,000
8 beds 8 baths 5,939 sqft
Listed by Jordan Lederman, Esq. · Fortune Christie's International Real Estate
Typemulti_family
Built1930
Price / sqft$446
Est. value (own analysis)$3,031,800
Rent estimate (building total, own analysis)$27,735/mo
HOANone
Wind10/10Extreme$Heat10/10ExtremeFlood9/10extreme$Air2/10MinorWildfire1/10Minimal
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Statusfor_sale
Listed date2026-01-12
Removed date—
MLSMiamiMLS #A11940926
Coordinates25.78726, -80.13495
Address632 15th St
CityMiami Beach
StateFL
Zip33139
Listing ID6815833955
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 | $2,650,000 |
| Down payment (20.0%) | $530,000 |
| Loan amount | $2,120,000 |
| Closing costs (5.0%) | $132,500 |
| Total cash to close | $662,500 |
| Income | |
| Rent (estimate) | $27,735$332,822 |
| Vacancy loss (8.0%) | |
| Effective gross income | $25,516$306,196 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $4,196$50,350 |
| Insurance (est. scaled by flood & wind risk) | $3,887$46,640 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $1,387$16,641 |
| Total operating expenses | $9,469$113,631 |
| 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) | $1,387$16,641 |
| 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.
No active rental listings cached yet for this bedroom count.
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 |
|---|---|---|---|---|---|---|
| 901 Pennsylvania Ave | multi_family | — | — | — | $3,250,000 | 2026-08-24 |
| 1580 Bay Rd | multi_family | 8 | 6 | 4,500 | $3,000,000 | 2026-08-07 |
| 335 Washington Ave | multi_family | 4 | 2 | 2,253 | $3,250,000 | 2026-08-06 |
| 745-747 Lenox Ave | multi_family | — | — | 1,760 | $2,950,000 | 2026-03-20 |
| 1534 Euclid Ave | multi_family | — | — | 3,990 | $2,000,000 | 2026-02-27 |
| 1150 8th St | multi_family | 10 | 6 | 5,426 | $2,820,000 | 2026-01-16 |
| 1124 Pennsylvania Ave | multi_family | — | — | 8,140 | $2,900,000 | 2025-10-31 |
| 660 Lenox Ave | multi_family | — | — | 4,213 | $1,975,000 | 2025-09-10 |
| 650 Lenox Ave | multi_family | — | — | 4,213 | $1,975,000 | 2025-09-10 |
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 |
|---|---|---|---|---|---|---|
| 49 Palm Ave | single_family | 8 | 10 | 11,307 | $35,900,000 | — |
| 33 E Dilido Dr | single_family | 8 | 8 | 10,439 | $35,000,000 | — |
| 711 Lenox Ave | multi_family | 8 | 8 | 2,558 | $2,850,000 | — |
10-year hold projection
IRR12.6%
Equity multiple2.96x
Total return (10yr)$1,642,831
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $2,729,500 | $192,565 | $12,439 | $2,097,014 | $632,486 |
| 2 | $2,811,385 | $198,910 | $18,368 | $2,072,451 | $738,934 |
| 3 | $2,895,727 | $205,460 | $24,492 | $2,046,200 | $849,527 |
| 4 | $2,982,598 | $212,220 | $30,815 | $2,018,146 | $964,452 |
| 5 | $3,072,076 | $219,199 | $37,346 | $1,988,166 | $1,083,910 |
| 6 | $3,164,239 | $226,402 | $44,090 | $1,956,128 | $1,208,111 |
| 7 | $3,259,166 | $233,837 | $51,054 | $1,921,889 | $1,337,277 |
| 8 | $3,356,941 | $241,511 | $58,245 | $1,885,299 | $1,471,642 |
| 9 | $3,457,649 | $249,431 | $65,671 | $1,846,196 | $1,611,453 |
| 10 | $3,561,378 | $257,606 | $73,340 | $1,804,408 | $1,756,970 |
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.