851 NE 1st Ave Ph 5011
Miami, FL 33132 · condos · For Sale · 483 days on market
Asking price$4,899,000
4 beds 5 baths 4,084 sqft
Suggested offer$4,546,500$352,500 above the est. market value of $4,546,500.
View on Realtor.com →Listed by Derek Varona · Sea Grove Realty
Typecondos
Built—
Price / sqft$1200
Est. value (Realtor.com)$4,546,500
Rent estimate (own analysis)$25,000/mo
HOA$5,564/mo
Wind10/10Extreme$Heat10/10ExtremeFlood4/10moderate$Air2/10MinorWildfire1/10Minimal
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Show every detail
Statusfor_sale
Listed date2025-05-07
Removed date—
MLSMiamiMLS #A11796872
Coordinates25.78289, -80.19191
Address851 NE 1st Ave Ph 5011
CityMiami
StateFL
Zip33132
Listing ID9479878617
Sourcerealtor, cached 2026-08-21
ZIP market snapshot (33132)
Typical home value (ZHVI)$514,716
Typical rent (ZORI)$3,468/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 | $4,899,000 |
| Down payment (20.0%) | $979,800 |
| Loan amount | $3,919,200 |
| Closing costs (5.0%) | $244,950 |
| Total cash to close | $1,224,750 |
| Income | |
| Rent (comp-derived) | $25,000$300,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $23,000$276,000 |
| Operating expenses | |
| Property tax (real MLS tax bill, from Realtor Search) | $5,057$60,681 |
| Insurance (est. scaled by flood & wind risk) | $5,226$62,707 |
| HOA dues | $5,564$66,768 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $1,250$15,000 |
| Total operating expenses | $17,096$205,156 |
| 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) | $1,250$15,000 |
| 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 |
|---|---|---|---|---|---|---|---|
| condos | 4 | 5 | 4,084 | $25,000 | 2026-08-18 | — | |
| condos | 4 | 4 | 3,059 | $13,000 | 2026-08-10 | — | |
| condos | 4 | 6 | 4,600 | $40,000 | 2026-07-07 | — | |
| condos | 4 | 5 | 2,754 | $13,500 | 2026-07-03 | — | |
| condos | 4 | 5 | 4,600 | $36,500 | 2026-06-18 | — | |
| condos | 4 | 5 | 3,312 | $22,000 | 2026-07-28 | — | |
| condos | 4 | 5 | 4,635 | $35,000 | 2026-08-24 | — | |
| condos | 4 | 6 | 5,225 | $40,000 | 2026-03-04 | — | |
| condos | 4 | 5 | 4,084 | $20,000 | 2026-02-13 | — | |
| condos | 4 | 5 | 3,135 | $25,000 | 2026-03-04 | — |
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 |
|---|---|---|---|---|---|---|
| 398 NE 5th St Apt 4207 | condos | 0 | 1 | 442 | $540,000 | 2026-08-24 |
| 851 NE 1st Ave Unit 3800 | condos | 1 | 2 | 1,018 | $540,000 | 2026-08-24 |
| 1800 N Bayshore Dr Apt 1908 | condos | 1 | 1 | 839 | $355,000 | 2026-08-21 |
| 1800 N Bayshore Dr Apt 1208 | condos | 1 | 1 | 839 | $350,000 | 2026-08-20 |
| 888 Biscayne Blvd Apt 3506 | condos | 1 | 2 | 948 | $585,000 | 2026-08-20 |
| 1000 Biscayne Blvd Unit 3902 | condos | 4 | 6 | 4,600 | $7,195,000 | 2026-08-19 |
| 488 NE 18th St Unit 4005 | condos | 1 | 2 | 743 | $535,000 | 2026-08-18 |
| 1800 N Bayshore Dr Apt 4106 | condos | 1 | 1 | 822 | $377,000 | 2026-08-18 |
| 900 Biscayne Blvd Apt 2907 | condos | 1 | 2 | 938 | $675,000 | 2026-08-18 |
| 1800 N Bayshore Dr Apt 1901 | condos | 3 | 3 | 2,189 | $1,420,000 | 2026-08-17 |
| 20 NE 11th St Apt 4807B | condos | 0 | 1 | — | $420,000 | 2026-08-17 |
| 253 NE 2nd St Apt 3105 | condos | 0 | 1 | 632 | $325,000 | 2026-08-17 |
| 488 NE 18th St Unit 5012 | condos | 3 | 4 | 2,365 | $2,575,000 | 2026-08-14 |
| 398 NE 5th St Apt 4518 | condos | 3 | 3 | 1,135 | $1,050,000 | 2026-08-14 |
| 1900 N Bayshore Dr Apt 2204 | condos | 2 | 2 | 1,289 | $644,000 | 2026-08-10 |
| 227 NE 2nd St Apt 1909 | condos | 1 | 1 | 549 | $395,000 | 2026-08-06 |
| 253 NE 2nd St Apt 903 | condos | 2 | 2 | 1,058 | $480,000 | 2026-08-05 |
| 851 NE 1st Ave Unit 1412 | condos | 3 | 4 | 2,165 | $1,290,000 | 2026-08-05 |
| 488 NE 18th St Unit 2802 | condos | 1 | 2 | 766 | $485,000 | 2026-08-01 |
| 900 Biscayne Blvd Apt 3502 | condos | 2 | 3 | 1,575 | $1,000,000 | 2026-07-28 |
| 1750 N Bayshore Dr Apt 4506 | condos | 1 | 1 | 821 | $308,000 | 2026-07-27 |
| 601 NE 1 St Unit 2716 | condos | 3 | 3 | 1,633 | $1,175,000 | 2026-07-24 |
| 1600 NE 1st Ave Apt 1916 | condos | 2 | 2 | 1,018 | $505,000 | 2026-07-23 |
| 1750 N Bayshore Dr Apt 5408 | condos | 0 | 1 | 503 | $255,000 | 2026-07-23 |
| 1040 Biscayne Blvd Apt 1406 | condos | 2 | 3 | 1,123 | $700,000 | 2026-07-23 |
| 20 NE 11th St Unit 2503B | condos | 0 | 1 | 336 | $450,000 | 2026-07-20 |
| 159 NE 6th St Unit 3105 | condos | 2 | 2 | 916 | $825,000 | 2026-07-17 |
| 253 NE 2nd St Apt 220 | condos | 0 | 1 | 560 | $255,000 | 2026-07-17 |
| 50 Biscayne Blvd Apt 3510 | condos | 3 | 2 | 1,789 | $1,025,000 | 2026-07-17 |
| 1040 Biscayne Blvd Apt 4607 | condos | 2 | 3 | 2,566 | $2,950,000 | 2026-07-16 |
| 253 NE 2nd St Apt 3902 | condos | 2 | 2 | 1,203 | $530,000 | 2026-07-15 |
| 1750 N Bayshore Dr Apt 5105 | condos | 1 | 1 | 825 | $320,000 | 2026-07-15 |
| 50 Biscayne Blvd Apt 711 | condos | 0 | 1 | 501 | $316,500 | 2026-07-15 |
| 488 NE 18th St Unit 2401 | condos | 2 | 3 | 1,178 | $650,000 | 2026-07-13 |
| 227 NE 2nd St Apt 2911 | condos | 0 | 1 | 446 | $335,000 | 2026-07-13 |
| 1717 N Bayshore Dr Unit A2451 | condos | 3 | 3 | 1,840 | $705,000 | 2026-07-10 |
| 227 NE 2nd St Apt 2412 | condos | 0 | 1 | 446 | $350,000 | 2026-07-10 |
| 1600 NE 1st Ave Apt 3302 | condos | 0 | 1 | — | $360,000 | 2026-07-10 |
| 1600 NE 1st Ave Apt 3012 | condos | 1 | 2 | 850 | $400,000 | 2026-07-09 |
| 900 Biscayne Blvd Apt 2910 | condos | 1 | 2 | 1,031 | $590,000 | 2026-07-09 |
| 1900 N Bayshore Dr Apt 506 | condos | 1 | 1 | 816 | $417,000 | 2026-07-08 |
| 227 NE 2nd St Apt 2306 | condos | 2 | 2 | 647 | $530,000 | 2026-07-06 |
| 253 NE 2nd St Apt 1107 | condos | 1 | 1 | 802 | $392,500 | 2026-07-02 |
| 851 NE 1st Ave Unit 3905 | condos | 2 | 2 | 1,254 | $645,000 | 2026-06-30 |
| 253 NE 2nd St Apt 2902 | condos | 2 | 2 | 1,203 | $600,000 | 2026-06-30 |
| 1100 Biscayne Blvd Unit 4502 | condos | 2 | 3 | 1,557 | $920,000 | 2026-06-30 |
| 900 Biscayne Blvd Apt 3709 | condos | 3 | 3 | 1,579 | $1,175,000 | 2026-06-30 |
| 1717 NE Bayshore Dr Unit A2736 | condos | 2 | 2 | 1,464 | $785,000 | 2026-06-26 |
| 133 NE 2nd Ave Apt 611 | condos | 1 | 1 | 651 | $248,000 | 2026-06-24 |
| 398 NE 5th St Apt 2403 | condos | 1 | 1 | 490 | $415,000 | 2026-06-24 |
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 |
|---|---|---|---|---|---|---|
| 1400 Biscayne Blvd Unit 4206 | condos | 4 | 4 | 2,187 | $3,560,000 | — |
| 20 NE 11th St Apt 6003 | condos | 4 | 5 | 2,693 | $7,500,000 | — |
| 1000 Biscayne Blvd Unit 4401 | condos | 4 | 6 | 4,600 | $7,495,000 | — |
| 1100 Biscayne Blvd Unit 3906 | condos | 4 | 4 | 5,451 | $8,995,000 | — |
| 851 NE 1st Ave Ph 4912 | condos | 4 | 5 | 3,312 | $3,280,000 | — |
| 1717 N Bayshore Dr Unit A2056 | condos | 4 | 3 | 1,827 | $1,500,000 | — |
| 50 Biscayne Blvd Apt 2510 | condos | 4 | 4 | 3,059 | $2,500,000 | — |
| 1000 Biscayne Blvd Unit 4802 | condos | 4 | 6 | 4,755 | $7,185,000 | — |
10-year hold projection
IRR-3.4%
Equity multiple0.43x
Total return (10yr)-$56,490
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $5,045,970 | $70,844 | -$246,386 | $3,876,707 | $1,169,263 |
| 2 | $5,197,349 | $73,995 | -$243,610 | $3,831,296 | $1,366,053 |
| 3 | $5,353,270 | $77,266 | -$240,723 | $3,782,767 | $1,570,502 |
| 4 | $5,513,868 | $80,662 | -$237,721 | $3,730,905 | $1,782,962 |
| 5 | $5,679,284 | $84,186 | -$234,601 | $3,675,482 | $2,003,801 |
| 6 | $5,849,662 | $87,844 | -$231,357 | $3,616,253 | $2,233,409 |
| 7 | $6,025,152 | $91,640 | -$227,985 | $3,552,957 | $2,472,195 |
| 8 | $6,205,907 | $95,579 | -$224,481 | $3,485,314 | $2,720,593 |
| 9 | $6,392,084 | $99,666 | -$220,840 | $3,413,025 | $2,979,058 |
| 10 | $6,583,846 | $103,905 | -$217,057 | $3,335,773 | $3,248,073 |
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.