1003 Fisher Island Dr
Miami Beach, FL 33109 · single_family · Pending — under contract · 317 days on market
Asking price$36,500,000
8 beds 12 baths 10,648 sqft
Suggested offer$4,500,000$32,000,000 above the est. market value of $4,500,000.
View on Realtor.com →Listed by Dora Puig · Luxe Living Realty
Typesingle_family
Built2006
Price / sqft$3428
Est. value (Zillow ZIP avg)$4,500,000
Rent estimate (Zillow ZIP avg)$9,093/mo
HOA$4,151/mo
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Statusfor_sale
Listed date2025-10-21
Removed date—
MLSMiamiMLS #A11890771
Coordinates—
Address1003 Fisher Island Dr
CityMiami Beach
StateFL
Zip33109
Listing ID9009977763
Sourceus-real-estate-listings, cached 2026-08-28
ZIP market snapshot (33109)
Median sale price$4,500,000
Median days on market (sale)125
Active sale listings21
Median rent$9,093/mo
Active rental listings1
Real ZIP-wide statistics from RentCast, as of 2026-09 (fetched 2026-09-03) — this is the whole ZIP's market, not specific to this property. Re-analyzing spends one of the account's 50 free monthly lookups. Our own log shows at least 6 of the 50 free monthly RentCast requests used — that only counts calls made through this app, so it can undercount. RentCast's own account dashboard has the real total.
Re-analyze ZIP 33109 (≥6 of 50 per our log)Underwriting (buy-and-hold, default assumptions)
| Acquisition (one-time, not monthly/yearly) | |
| Purchase price | $36,500,000 |
| Down payment (20.0%) | $7,300,000 |
| Loan amount | $29,200,000 |
| Closing costs (5.0%) | $1,825,000 |
| Total cash to close | $9,125,000 |
| Income | |
| Rent (ZIP avg, ZORI — not bedroom-specific) | $9,093$109,116 |
| Vacancy loss (8.0%) | |
| Effective gross income | $8,366$100,387 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $57,792$693,500 |
| Insurance (placeholder 0.8% of price) | $24,333$292,000 |
| HOA dues | $4,151$49,812 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $455$5,456 |
| Total operating expenses | $86,731$1,040,768 |
| 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) | $455$5,456 |
| 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.
No recent recorded sales cached yet for this ZIP.
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 | — |
| 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 | — |
| 5004 N Bay Rd | single_family | 8 | 10 | 12,804 | $36,000,000 | — |
| 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)-$16,188,293
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $37,595,000 | -$940,381 | -$3,197,602 | $28,883,407 | $8,711,593 |
| 2 | $38,722,850 | -$963,389 | -$3,220,746 | $28,545,074 | $10,177,776 |
| 3 | $39,884,536 | -$986,956 | -$3,244,453 | $28,183,506 | $11,701,029 |
| 4 | $41,081,072 | -$1,011,098 | -$3,268,738 | $27,797,110 | $13,283,962 |
| 5 | $42,313,504 | -$1,035,827 | -$3,293,614 | $27,384,179 | $14,929,325 |
| 6 | $43,582,909 | -$1,061,158 | -$3,319,095 | $26,942,892 | $16,640,017 |
| 7 | $44,890,396 | -$1,087,105 | -$3,345,196 | $26,471,301 | $18,419,095 |
| 8 | $46,237,108 | -$1,113,683 | -$3,371,933 | $25,967,325 | $20,269,782 |
| 9 | $47,624,221 | -$1,140,908 | -$3,399,320 | $25,428,741 | $22,195,480 |
| 10 | $49,052,948 | -$1,168,794 | -$3,427,373 | $24,853,172 | $24,199,775 |
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.