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227 NE 2nd St Apt 2206

Miami, FL 33132 · condos · For Sale · 120 days on market
Asking price$565,000
2 beds 2 baths 647 sqft
Suggested offer$348,195$216,805 above the est. market value of $348,195.
View on Realtor.com →
Listed by Riad Fayad · Sigma Real Estate & Investment
Typecondos
Built2022
Price / sqft$873
Est. value (own analysis)$348,195
Rent estimate (own analysis)$4,925/mo
HOA$1,022/mo
Wind10/10Extreme$Heat10/10ExtremeFlood5/10major$Air2/10MinorWildfire1/10Minimal
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Neighborhood

Show every detail
Statusfor_sale
Listed date2026-05-05
Removed date—
MLSMiamiMLS #A12013429
Coordinates25.77649, -80.18972
Address227 NE 2nd St Apt 2206
CityMiami
StateFL
Zip33132
Listing ID9681129442
Sourceus-real-estate-listings, cached 2026-08-29

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$565,000
Down payment (20.0%)$113,000
Loan amount$452,000
Closing costs (5.0%)$28,250
Total cash to close$141,250
Income
Rent (comp-derived)$4,925$59,100
Vacancy loss (8.0%)

Vacancy Loss

Gross Scheduled Rent × Vacancy Rate

Gross scheduled rent (annual) comp$59,100
Vacancy rate (assumption) assumption8.0%

$59,100 × 8.0% = $4,728

Effective gross income$4,531$54,372
Operating expenses
Property tax (placeholder 1.9% of price)$895$10,735
Insurance (est. scaled by flood & wind risk)$659$7,910
HOA dues$1,022$12,264
Management (0.0% of EGI)$0$0
Maintenance (5.0% of GSR)$246$2,955
Total operating expenses$2,822$33,864
Net operating income (NOI)

Net Operating Income (NOI)

Effective Gross Income − Total Operating Expenses

Effective gross income derived$54,372
Total operating expenses derived$33,864

$54,372 − $33,864 = $20,508

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$452,000
Interest rate (avg 30yr rate) comp6.7%
Term (assumption) assumption30 years

$452,000 amortized at 6.7% over 30 years = $2,905/mo

CapEx reserve (5.0% of GSR)$246$2,955
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$20,508
Annual debt service derived$34,856
Annual CapEx reserve assumption$2,955
Annual PMI assumption$0

($20,508 − $34,856 − $2,955 − $0) ÷ 12 = -$1,442

Cap rate

Cap Rate

NOI ÷ Purchase Price

NOI derived$20,508
Purchase price data$565,000

$20,508 ÷ $565,000 = 3.6%

Cash-on-cash

Cash-on-Cash Return

Annual Cash Flow ÷ Total Cash Invested

Annual cash flow derived-$17,303
Total cash to close derived$141,250

-$17,303 ÷ $141,250 = -12.2%

DSCR

Debt Service Coverage Ratio (DSCR)

NOI ÷ Annual Debt Service

NOI derived$20,508
Annual debt service derived$34,856

$20,508 ÷ $34,856 = 0.59

Rent-to-price (1% rule)

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

(Gross Scheduled Rent ÷ 12) ÷ Purchase Price

Gross scheduled rent (annual) comp$59,100
Purchase price data$565,000

($59,100 ÷ 12) ÷ $565,000 = 0.9%

Gross rent multiplier

Gross Rent Multiplier (GRM)

Purchase Price ÷ Gross Scheduled Rent

Purchase price data$565,000
Gross scheduled rent (annual) comp$59,100

$565,000 ÷ $59,100 = 9.6

Operating expense ratio

Operating Expense Ratio

Total Operating Expenses ÷ Effective Gross Income

Total operating expenses derived$33,864
Effective gross income derived$54,372

$33,864 ÷ $54,372 = 62.3%

Break-even occupancy

Break-Even Occupancy

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

Total operating expenses derived$33,864
Annual debt service derived$34,856
Annual PMI assumption$0
Gross scheduled rent (annual) comp$59,100

($33,864 + $34,856 + $0) ÷ $59,100 = 116.3%

Comparables

Same ZIP. Real active rental listings, used to derive the rent estimate above.

AddressTypeBedsBathsSqftAsking rentListedDays on market
apartment22867$3,7882025-08-08—
condos22647$5,9002026-08-08—
condos22818$7,5002026-07-24—
condos22825$4,6502026-07-23—
condos22754$4,3002026-07-20—
condos22647$6,4902026-07-17—
condos22754$3,5502026-06-30—
condos22760$4,7002026-05-26—
condos22757$5,3992026-05-25—
condos22700$5,0002026-07-30—
apartment21700$3,4002023-04-03—
condos22837$6,9002025-05-26—
condos22835$4,8502026-04-20—
condos22825$6,0002026-02-25—
condos22810$4,0002026-04-23—
condos22818$7,9002026-02-25—
apartment21635$3,1002022-07-20—
condos22647$6,490——

23 NE 17th Ter Unit B4

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage867
Listed2025-08-08
Days on market—

Asking rent: $3,788

View on Zillow →

227 NE 2nd St Apt 1606

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage647
Listed2026-08-08
Days on market—

Asking rent: $5,900

View on Zillow →

398 NE 5th St Apt 3711

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage818
Listed2026-07-24
Days on market—

Asking rent: $7,500

View on Zillow →

11 NE 6th St Unit 2401

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage825
Listed2026-07-23
Days on market—

Asking rent: $4,650

View on Zillow →

11 NE 6th St Unit 1209

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage754
Listed2026-07-20
Days on market—

Asking rent: $4,300

View on Zillow →

227 NE 2nd St Apt 2706

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage647
Listed2026-07-17
Days on market—

Asking rent: $6,490

View on Zillow →

11 NE 6th St Unit 3209

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage754
Listed2026-06-30
Days on market—

Asking rent: $3,550

View on Zillow →

121 NE 5th St Apt 2301

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage760
Listed2026-05-26
Days on market—

Asking rent: $4,700

View on Zillow →

121 NE 5th St Apt 1712

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage757
Listed2026-05-25
Days on market—

Asking rent: $5,399

View on Zillow →

20 NE 11th St Apt 3808

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage700
Listed2026-07-30
Days on market—

Asking rent: $5,000

View on Zillow →

234 NE 3rd St Unit 3208

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 1 ba
Square footage700
Listed2023-04-03
Days on market—

Asking rent: $3,400

View on Zillow →

159 NE 6th St Unit 3005

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage837
Listed2025-05-26
Days on market—

Asking rent: $6,900

View on Zillow →

121 NE 5th St Apt 2712

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage835
Listed2026-04-20
Days on market—

Asking rent: $4,850

View on Zillow →

11 NE 6th Unit 2901

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage825
Listed2026-02-25
Days on market—

Asking rent: $6,000

View on Zillow →

11 NE 6th St Unit 407

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage810
Listed2026-04-23
Days on market—

Asking rent: $4,000

View on Zillow →

398 NE 5th St Apt 3511

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage818
Listed2026-02-25
Days on market—

Asking rent: $7,900

View on Zillow →

888 Biscayne Blvd Apt 1613

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 1 ba
Square footage635
Listed2022-07-20
Days on market—

Asking rent: $3,100

View on Zillow →

227 NE 2nd St # CU2706

Miami, 33132 · rent comp

Bedrooms / bathrooms2 bd / 2 ba
Square footage647
Listed—
Days on market—

Asking rent: $6,490

View on Zillow →

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.

AddressTypeBedsBathsLiving sqftSale priceSale date
1900 N Bayshore Dr Apt 2204condos221,289$644,0002026-08-10
253 NE 2nd St Apt 903condos221,058$480,0002026-08-05
900 Biscayne Blvd Apt 3502condos231,575$1,000,0002026-07-28
1600 NE 1st Ave Apt 1916condos221,018$505,0002026-07-23
1040 Biscayne Blvd Apt 1406condos231,123$700,0002026-07-23
159 NE 6th St Unit 3105condos22916$825,0002026-07-17
1040 Biscayne Blvd Apt 4607condos232,566$2,950,0002026-07-16
253 NE 2nd St Apt 3902condos221,203$530,0002026-07-15
488 NE 18th St Unit 2401condos231,178$650,0002026-07-13
227 NE 2nd St Apt 2306condos22647$530,0002026-07-06
851 NE 1st Ave Unit 3905condos221,254$645,0002026-06-30
253 NE 2nd St Apt 2902condos221,203$600,0002026-06-30
1100 Biscayne Blvd Unit 4502condos231,557$920,0002026-06-30
1717 NE Bayshore Dr Unit A2736condos221,464$785,0002026-06-26
275 NE 18th St Apt 1103condos221,040$415,0002026-06-15
1600 NE 1st Ave Apt 2908condos22882$530,0002026-06-12
1600 NE 1st Ave Apt 1220condos221,009$525,0002026-06-10
488 NE 18th St Unit 2008condos22888$590,0002026-06-08
1750 N Bayshore Dr Apt 4801condos221,048$564,0002026-06-05
159 NE 6th St Unit 3405condos22916$785,0002026-06-05
1900 N Bayshore Dr Apt 2804condos221,239$625,0002026-06-05
851 NE 1st Ave Unit 4009condos231,559$1,275,0002026-06-02
50 Biscayne Blvd Apt 4808condos221,357$800,0002026-05-28
851 NE 1st Ave Unit 3309condos231,559$1,050,0002026-05-20
1750 N Bayshore Dr Apt 4802condos221,048$540,0002026-05-14
888 Biscayne Blvd Apt 1009condos221,220$680,0002026-05-11
1800 N Bayshore Dr Apt 3410condos221,144$570,0002026-05-08
159 NE 6th St Unit 3601condos22907$755,0002026-05-01
1600 NE 1st Ave Apt 2116condos221,018$510,0002026-04-30
253 NE 2nd St Apt 1803condos221,058$535,0002026-04-29
398 NE 5th St Apt 3709condos22983$1,150,0002026-04-24
253 NE 2nd St Apt 2201condos22940$480,0002026-04-21
244 Biscayne Blvd Apt 4407condos221,293$608,0002026-04-20
1750 N Bayshore Dr Apt 5615condos221,048$410,7002026-04-17
1750 N Bayshore Dr Apt 3901condos221,048$539,0002026-04-16
1750 N Bayshore Dr Apt 5201condos221,048$585,0002026-04-13
1900 N Bayshore Dr Apt 2404condos221,239$555,0002026-04-13
488 NE 18th St Unit 3401condos231,178$745,0002026-04-10
1900 N Bayshore Dr Apt 1704condos221,239$570,0002026-04-03
1100 Biscayne Blvd Unit 3104condos231,477$830,0002026-04-01
488 NE 18th St Unit 3911condos231,161$900,0002026-03-31
1717 N Bayshore Dr Unit A3455condos221,509$745,0002026-03-31
1717 N Bayshore Dr Unit A1231condos221,707$825,0002026-03-31
50 Biscayne Blvd Apt 3311condos221,256$625,0002026-03-30
488 NE 18th St Unit 4904condos231,229$1,100,0002026-03-25
159 NE 6th St Unit 2405condos22916$740,0002026-03-20
1600 NE 1st Ave Apt 2816condos22—$550,0002026-03-12
900 Biscayne Blvd Apt 702condos231,711$1,110,0002026-03-09
1040 Biscayne Blvd Apt 2904condos231,906$1,450,0002026-02-24
244 Biscayne Blvd Apt 1808condos221,006$405,0002026-02-19

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
50 Biscayne Blvd Apt 2911condos221,256$645,000—
851 NE 1st Ave Unit 1408condos231,498$874,000—
1717 N Bayshore Dr Unit A1448condos221,148$595,000—
1717 N Bayshore Dr Unit A1734condos221,717$1,350,000—
488 NE 18th St Unit 301condos231,031$625,000—
1040 Biscayne Blvd Apt 1602condos231,802$1,595,000—
1800 N Bayshore Dr Apt 614condos221,339$775,000—
851 NE 1st Ave Unit 2808condos231,630$995,000—

10-year hold projection

IRR2.2%
Equity multiple1.35x
Total return (10yr)$123,855
YearProperty valueNOICash flowLoan balanceEquity
1$581,950$20,508-$17,303$447,099$134,851
2$599,409$21,293-$16,592$441,862$157,546
3$617,391$22,105-$15,856$436,265$181,125
4$635,912$22,946-$15,092$430,284$205,628
5$654,990$23,817-$14,301$423,892$231,098
6$674,640$24,718-$13,481$417,061$257,578
7$694,879$25,651-$12,632$409,762$285,117
8$715,725$26,617-$11,752$401,960$313,765
9$737,197$27,617-$10,840$393,623$343,573
10$759,313$28,652-$9,895$384,714$374,599
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.