500 Alton Rd Unit 2903
Miami Beach, FL 33139 · condos · For Sale · 208 days on market
Asking price$7,500,000
4 beds 5 baths 2,615 sqft
Listed by Nelson Gonzalez · BHHS EWM Realty
Typecondos
Built2025
Price / sqft$2868
Est. value (own analysis)$8,798,403
Rent estimate (own analysis)$42,250/mo
HOA$1,079/mo
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Statusfor_sale
Listed date2026-02-06
Removed date—
MLSMiamiMLS #A11959995
Coordinates25.77507, -80.14123
Address500 Alton Rd Unit 2903
CityMiami Beach
StateFL
Zip33139
Listing ID9978259147
Sourceus-real-estate-listings, cached 2026-08-30
ZIP market snapshot (33139)
Typical home value (ZHVI)$471,015
Typical rent (ZORI)$2,928/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 | $7,500,000 |
| Down payment (20.0%) | $1,500,000 |
| Loan amount | $6,000,000 |
| Closing costs (5.0%) | $375,000 |
| Total cash to close | $1,875,000 |
| Income | |
| Rent (comp-derived) | $42,250$507,000 |
| Vacancy loss (8.0%) | |
| Effective gross income | $38,870$466,440 |
| Operating expenses | |
| Property tax (placeholder 1.9% of price) | $11,875$142,500 |
| Insurance (placeholder 0.8% of price) | $5,000$60,000 |
| HOA dues | $1,079$12,948 |
| Management (0.0% of EGI) | $0$0 |
| Maintenance (5.0% of GSR) | $2,113$25,350 |
| Total operating expenses | $20,067$240,798 |
| 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) | $2,113$25,350 |
| 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 | 2,954 | $35,000 | 2026-08-07 | — | |
| condos | 4 | 4 | 2,411 | $49,500 | 2026-07-08 | — | |
| condos | 4 | 5 | 3,337 | $58,000 | 2026-08-08 | — | |
| condos | 4 | 4 | 2,246 | $20,000 | 2026-03-29 | — |
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 |
|---|---|---|---|---|---|---|
| 11 Island Ave Apt 1201 | condos | 4 | 4 | 2,760 | $3,845,000 | 2026-06-29 |
| 50 S Pointe Dr Unit TWN7 | condos | 4 | 5 | 2,779 | $9,000,000 | 2026-06-25 |
| 125 Ocean Dr Unit U0503 | condos | 4 | 5 | 3,463 | $12,400,000 | 2026-06-22 |
| 800 S Pointe Dr Apt 801 | condos | 4 | 5 | 4,154 | $14,500,000 | 2026-06-05 |
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 |
|---|---|---|---|---|---|---|
| 1281 S Venetian Way | single_family | 4 | 4 | 2,912 | $3,975,000 | — |
| 1092 N Venetian Dr | single_family | 4 | 5 | 3,650 | $6,575,000 | — |
| 56 S Hibiscus Dr | single_family | 4 | 5 | 3,092 | $14,900,000 | — |
| 300 S Pointe Dr Ph 5 | condos | 4 | 7 | 5,680 | $24,999,000 | — |
| 455 E Dilido Dr | single_family | 4 | 5 | 3,138 | $13,800,000 | — |
| 1405 Lenox Ave | single_family | 4 | 2 | 2,112 | $2,200,000 | — |
| 1508 Meridian Ave | multi_family | 4 | 4 | 1,776 | $1,200,000 | — |
| 125 Ocean Dr Unit U0303 | condos | 4 | 5 | 4,365 | $19,642,000 | — |
10-year hold projection
IRR0.8%
Equity multiple1.12x
Total return (10yr)$1,211,097
| Year | Property value | NOI | Cash flow | Loan balance | Equity |
|---|---|---|---|---|---|
| 1 | $7,725,000 | $225,642 | -$262,399 | $5,934,947 | $1,790,053 |
| 2 | $7,956,750 | $233,615 | -$255,060 | $5,865,426 | $2,091,324 |
| 3 | $8,195,453 | $241,858 | -$247,467 | $5,791,131 | $2,404,321 |
| 4 | $8,441,316 | $250,378 | -$239,612 | $5,711,735 | $2,729,581 |
| 5 | $8,694,556 | $259,186 | -$231,487 | $5,626,886 | $3,067,670 |
| 6 | $8,955,392 | $268,291 | -$223,082 | $5,536,210 | $3,419,182 |
| 7 | $9,224,054 | $277,702 | -$214,388 | $5,439,308 | $3,784,746 |
| 8 | $9,500,776 | $287,429 | -$205,395 | $5,335,751 | $4,165,024 |
| 9 | $9,785,799 | $297,483 | -$196,095 | $5,225,083 | $4,560,716 |
| 10 | $10,079,373 | $307,875 | -$186,475 | $5,106,815 | $4,972,557 |
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.