5004 N Bay Rd
Miami Beach, FL 33140 · single_family · Pending — under contract · 733 days on market
Asking price$36,000,000
8 beds 10 baths 12,804 sqft
Suggested offer$20,453,674$15,546,326 above the est. market value of $20,453,674.
View on Realtor.com →Listed by Bryan Sereny · Douglas Elliman - 1111 Lincoln Road
Typesingle_family
Built2016
Price / sqft$2812
Est. value (own analysis)$20,453,674
Rent estimate (Zillow ZIP avg)$3,694/mo
HOANone
1 / 2
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Statusfor_sale
Listed date2024-08-30
Removed date—
MLSMiamiMLS #A11650138
Coordinates25.82609, -80.13325
Address5004 N Bay Rd
CityMiami Beach
StateFL
Zip33140
Listing ID6835435352
Sourceus-real-estate-listings, cached 2026-08-31
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 | $36,000,000 |
| Down payment (20.0%) | $7,200,000 |
| Loan amount | $28,800,000 |
| Closing costs (5.0%) | $1,800,000 |
| Total cash to close | $9,000,000 |
| 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) | $57,000$684,000 |
| Insurance (placeholder 0.8% of price) | $24,000$288,000 |
| HOA dues | $0$0 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $185$2,216 |
| Total operating expenses | $81,185$974,216 |
| 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 | 8 | 10 | 7,210 | $100,000 | 2025-10-23 | — | |
| single_family | 8 | 7 | 7,210 | $100,000 | — | — |
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 |
|---|---|---|---|---|---|---|
| 6000 N Bay Rd | single_family | 8 | 9 | 8,811 | $31,525,000 | 2026-05-29 |
| 5785 Pine Tree Dr | single_family | 8 | 8 | 10,955 | $17,500,000 | 2025-11-03 |
| 5681 Pine Tree Dr | single_family | 8 | 8 | 6,458 | $8,250,000 | 2025-10-10 |
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 |
|---|---|---|---|---|---|---|
| 1007 Fisher Island Dr | single_family | 8 | 12 | 15,801 | $57,000,000 | — |
| 1004 Fisher Island Dr | single_family | 8 | 12 | 11,428 | $42,000,000 | — |
| 1003 Fisher Island Dr | single_family | 8 | 12 | 10,648 | $36,500,000 | — |
| 632 15th St | multi_family | 8 | 8 | 5,939 | $2,650,000 | — |
| 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 | — |
| 815 W 39th St | multi_family | 8 | 8 | 3,474 | $2,350,000 | — |
10-year hold projection
IRR-13.3%
Equity multiple-1.30x
Total return (10yr)-$16,012,784
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $37,080,000 | -$933,438 | -$3,156,573 | $28,487,744 | $8,592,256 |
| 2 | $38,192,400 | -$956,570 | -$3,179,760 | $28,154,045 | $10,038,355 |
| 3 | $39,338,172 | -$980,274 | -$3,203,522 | $27,797,431 | $11,540,742 |
| 4 | $40,518,317 | -$1,004,565 | -$3,227,870 | $27,416,327 | $13,101,990 |
| 5 | $41,733,867 | -$1,029,456 | -$3,252,821 | $27,009,053 | $14,724,814 |
| 6 | $42,985,883 | -$1,054,963 | -$3,278,389 | $26,573,810 | $16,412,072 |
| 7 | $44,275,459 | -$1,081,101 | -$3,304,590 | $26,108,680 | $18,166,780 |
| 8 | $45,603,723 | -$1,107,885 | -$3,331,438 | $25,611,608 | $19,992,115 |
| 9 | $46,971,835 | -$1,135,331 | -$3,358,950 | $25,080,401 | $21,891,433 |
| 10 | $48,380,990 | -$1,163,456 | -$3,387,143 | $24,512,717 | $23,868,273 |
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.