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700 NE 24th St Unit 6003

Miami, FL 33137 · condos · For Sale · 40 days on market
Asking price$7,695,000
5 beds 6 baths 5,010 sqft
Suggested offer$2,999,537$4,695,463 above the est. market value of $2,999,537.
View on Realtor.com →
Listed by John Stauffenberg · Serhant
Typecondos
Built2025
Price / sqft$1536
Est. value (own analysis)$2,999,537
Rent estimate (own analysis)$34,725/mo
HOA$5,184/mo
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Neighborhood

Show every detail
Statusfor_sale
Listed date2026-07-24
Removed date—
MLSBeachesMLS #B26056195
Coordinates25.80015, -80.18589
Address700 NE 24th St Unit 6003
CityMiami
StateFL
Zip33137
Listing ID9386569836
Sourceus-real-estate-listings, cached 2026-08-30

ZIP market snapshot (33137)

Typical home value (ZHVI)$682,165
Typical rent (ZORI)$3,560/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$7,695,000
Down payment (20.0%)$1,539,000
Loan amount$6,156,000
Closing costs (5.0%)$384,750
Total cash to close$1,923,750
Income
Rent (comp-derived)$34,725$416,700
Vacancy loss (8.0%)

Vacancy Loss

Gross Scheduled Rent × Vacancy Rate

Gross scheduled rent (annual) comp$416,700
Vacancy rate (assumption) assumption8.0%

$416,700 × 8.0% = $33,336

Effective gross income$31,947$383,364
Operating expenses
Property tax (placeholder 1.9% of price)$12,184$146,205
Insurance (placeholder 0.8% of price)$5,130$61,560
HOA dues$5,184$62,208
Management (0.0% of EGI)$0$0
Maintenance (5.0% of GSR)$1,736$20,835
Total operating expenses$24,234$290,808
Net operating income (NOI)

Net Operating Income (NOI)

Effective Gross Income − Total Operating Expenses

Effective gross income derived$383,364
Total operating expenses derived$290,808

$383,364 − $290,808 = $92,556

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$6,156,000
Interest rate (avg 30yr rate) comp6.7%
Term (assumption) assumption30 years

$6,156,000 amortized at 6.7% over 30 years = $39,560/mo

CapEx reserve (5.0% of GSR)$1,736$20,835
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$92,556
Annual debt service derived$474,721
Annual CapEx reserve assumption$20,835
Annual PMI assumption$0

($92,556 − $474,721 − $20,835 − $0) ÷ 12 = -$33,583

Cap rate

Cap Rate

NOI ÷ Purchase Price

NOI derived$92,556
Purchase price data$7,695,000

$92,556 ÷ $7,695,000 = 1.2%

Cash-on-cash

Cash-on-Cash Return

Annual Cash Flow ÷ Total Cash Invested

Annual cash flow derived-$403,000
Total cash to close derived$1,923,750

-$403,000 ÷ $1,923,750 = -20.9%

DSCR

Debt Service Coverage Ratio (DSCR)

NOI ÷ Annual Debt Service

NOI derived$92,556
Annual debt service derived$474,721

$92,556 ÷ $474,721 = 0.19

Rent-to-price (1% rule)

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

(Gross Scheduled Rent ÷ 12) ÷ Purchase Price

Gross scheduled rent (annual) comp$416,700
Purchase price data$7,695,000

($416,700 ÷ 12) ÷ $7,695,000 = 0.5%

Gross rent multiplier

Gross Rent Multiplier (GRM)

Purchase Price ÷ Gross Scheduled Rent

Purchase price data$7,695,000
Gross scheduled rent (annual) comp$416,700

$7,695,000 ÷ $416,700 = 18.5

Operating expense ratio

Operating Expense Ratio

Total Operating Expenses ÷ Effective Gross Income

Total operating expenses derived$290,808
Effective gross income derived$383,364

$290,808 ÷ $383,364 = 75.9%

Break-even occupancy

Break-Even Occupancy

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

Total operating expenses derived$290,808
Annual debt service derived$474,721
Annual PMI assumption$0
Gross scheduled rent (annual) comp$416,700

($290,808 + $474,721 + $0) ÷ $416,700 = 183.7%

Comparables

Widened to city-wide. Real active rental listings, used to derive the rent estimate above.

AddressTypeBedsBathsSqftAsking rentListedDays on market
apartment534,344$4,1502026-08-13—
condos563,575$39,5002026-08-05—
condos563,978$45,0002026-06-29—
condos573,608$18,0002026-06-08—
condos553,420$14,8002026-07-30—
condos574,770$49,0002026-08-31—
condos565,097$29,9502026-03-11—
condos563,663$45,0002026-04-10—
condos574,770$49,0002026-09-02—
condos565,097$29,9502026-03-12—

1961 NW 25th Ave Unit 1

Miami, 33125 · rent comp

Bedrooms / bathrooms5 bd / 3 ba
Square footage4,344
Listed2026-08-13
Days on market—

Asking rent: $4,150

View on Zillow →

300 Biscayne Boulevard Way Unit 4201E

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 6 ba
Square footage3,575
Listed2026-08-05
Days on market—

Asking rent: $39,500

View on Zillow →

300 Biscayne Boulevard Way Apt 2701

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 6 ba
Square footage3,978
Listed2026-06-29
Days on market—

Asking rent: $45,000

View on Zillow →

900 Brickell Key Blvd Apt 1002

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 7 ba
Square footage3,608
Listed2026-06-08
Days on market—

Asking rent: $18,000

View on Zillow →

1402 Brickell Bay Dr Apt 1601

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 5 ba
Square footage3,420
Listed2026-07-30
Days on market—

Asking rent: $14,800

View on Zillow →

465 Brickell Ave Apt 5701

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 7 ba
Square footage4,770
Listed2026-08-31
Days on market—

Asking rent: $49,000

View on Zillow →

808 Brickell Key Dr Apt 3901

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 6 ba
Square footage5,097
Listed2026-03-11
Days on market—

Asking rent: $29,950

View on Zillow →

300 Biscayne Boulevard Way Unit 2601E

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 6 ba
Square footage3,663
Listed2026-04-10
Days on market—

Asking rent: $45,000

View on Zillow →

465 Brickell Ave

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 7 ba
Square footage4,770
Listed2026-09-02
Days on market—

Asking rent: $49,000

View on Zillow →

808 Brickell Key Blvd

Miami, 33131 · rent comp

Bedrooms / bathrooms5 bd / 6 ba
Square footage5,097
Listed2026-03-12
Days on market—

Asking rent: $29,950

View on Zillow →

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.

AddressTypeBedsBathsLiving sqftSale priceSale date
700 NE 24th St Unit 2206condos231,738$1,535,0002026-08-31
2020 N Bayshore Dr Unit 103condos221,637$823,0002026-08-31
700 NE 24th St Unit 1806condos231,545$1,540,0002026-08-31
3301 NE 1st Ave Apt L0304condos12711$385,0002026-08-27
3301 NE 1st Ave Apt M0503condos121,328$582,0002026-08-26
501 NE 31st St Unit 2903condos12662$440,0002026-08-24
665 NE 25th St Apt 802condos231,331$770,0002026-08-24
2900 NE 7th Ave Unit 504condos121,029$699,5102026-08-24
350 NE 24th St Apt 814condos11679$307,5002026-08-21
90 NE 32nd St Unit 213condos01462$525,0002026-08-18
481 NE 29th St Unit 604condos22837$450,0002026-08-18
460 NE 28th St Apt 1602condos11854$530,0002026-08-17
350 NE 24th St Apt 1109condos221,020$465,0002026-08-14
501 NE 31st St Unit 1709condos22944$540,0002026-08-14
2001 Biscayne Blvd Apt 2306condos11706$352,0002026-08-13
700 NE 25th St Apt 2002condos221,234$707,5002026-08-12
3470 E Coast Ave Apt H1714condos231,088$650,0002026-08-10
3301 NE 1st Ave Apt H2405condos12761$363,0002026-08-10
2200 NE 4th Ave Apt 1002condos22950$397,0002026-08-07
700 NE 25th St Apt 1003condos221,382$700,0002026-08-06
321 NE 26th St Unit 802condos11560$336,0002026-08-06
601 NE 36th St Apt 2908condos12761$490,0002026-08-03
700 NE 24th St Unit 5401condos56—$2,750,0002026-08-01
3301 NE 1st Ave Apt L0302condos12711$370,0002026-07-31
460 NE 28th St Apt 2405condos221,143$740,0002026-07-31
2000 N Bayshore Dr Apt 1402condos321,332$535,0002026-07-31
2900 NE 7th Ave Unit 906condos22912$740,0002026-07-30
700 NE 24th St Unit 3201condos462,686$2,800,0002026-07-30
2020 N Bayshore Dr Apt 1204condos221,135$880,0002026-07-27
3131 NE 7th Ave Unit 304condos341,526$1,025,0002026-07-24
650 NE 32nd St Unit 2201condos341,646$1,390,0002026-07-24
3131 NE 7th Ave Unit 3605condos221,088$1,133,0002026-07-23
121 NE 34th St Unit 2311condos11612$430,0002026-07-22
600 NE 27th St Apt 2304condos331,584$845,0002026-07-15
700 NE 24th St Unit 4801condos462,686$2,750,0002026-07-14
480 NE 31st St Unit 3404condos231,186$930,0002026-07-13
3451 NE 1st Ave Apt M0706condos221,072$615,0002026-07-13
480 NE 31st St Unit 3007condos331,649$1,325,0002026-07-10
700 NE 24th St Unit 3606condos23—$1,525,0002026-07-10
3470 E Coast Ave Apt H0603condos11664$299,0002026-07-09
3470 E Coast Ave Apt H2403condos12735$435,0002026-07-09
601 NE 27th St Apt 1202condos221,226$625,0002026-07-08
2275 Biscayne Blvd Apt 504condos221,265$400,0002026-07-08
700 NE 24th St Unit 2402condos231,542$1,490,0002026-07-06
700 NE 26th Ter Unit 2205condos22955$995,0002026-07-06
3470 E Coast Ave Apt H0704condos221,242$730,0002026-07-02
121 NE 34th St Unit 1416condos22864$585,0002026-07-01
2000 N Bayshore Dr Apt 307condos22988$395,0002026-06-29
3900 Biscayne Blvd Unit N1011condos11636$465,0002026-06-29
2900 NE 7th Ave Unit 3701condos231,060$800,0002026-06-26

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
3131 NE 7th Ave Unit 5003condos562,887$4,150,000—
700 NE 26th Ter Ph 2condos576,834$6,500,000—
547 NE 57th Stsingle_family564,658$6,380,000—
5261 NE 5th Avesingle_family564,142$5,950,000—
460 NE 28th St Apt 4002condos542,248$2,175,000—
680 Buttonwood Lnsingle_family563,645$10,800,000—
280 NE 48th Tersingle_family531,682$1,550,000—
788 NE 23rd St Unit 3801condos563,966$5,775,000—

10-year hold projection

IRR-4.0%
Equity multiple0.33x
Total return (10yr)-$280,988
YearProperty valueNOICash flowLoan balanceEquity
1$7,925,850$92,556-$403,000$6,089,255$1,836,595
2$8,163,626$96,787-$399,290$6,017,927$2,145,698
3$8,408,534$101,181-$395,430$5,941,701$2,466,833
4$8,660,790$105,744-$391,415$5,860,240$2,800,550
5$8,920,614$110,482-$387,237$5,773,185$3,147,429
6$9,188,232$115,401-$382,893$5,680,152$3,508,080
7$9,463,879$120,509-$378,375$5,580,731$3,883,149
8$9,747,796$125,810-$373,678$5,474,482$4,273,314
9$10,040,230$131,313-$368,794$5,360,937$4,679,293
10$10,341,437$137,024-$363,718$5,239,594$5,101,843
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.