3909 Garden Ave · Miami Beach, FL 33140

$2,500,000

21 bd · 20.3 ba · 5,500 sqft · MultiFamily · 245 Days on market

Built 2022

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

An architectural gem Miami Beach’s prime location. Completely redesigned with a contemporary flair . This four-unit building features spacious 2-bedroom apartments, each approximately 1,000 SF with open kitchens, custom closets, Central AC and impact windows washer & Dryer. This Residence Building is finished with top-of-the-line materials and luxury craftsmanship. Most desirable neighborhoods surrounded by multimillion-dollar villas and luxury condominiums, this property offers a strong community environment, A-rated schools, and proximity to restaurants, offices, and beaches , just 20 minutes from Miami International Airport and major highways. All units are leased to qualifi

Key facts

• Central ac
• Open kitchens
• Custom closets

Tags

• PRIME LOCATION
• SPACIOUS APARTMENTS
• OPEN KITCHENS
• CUSTOM CLOSETS
• CENTRAL AC
• IMPACT WINDOWS

Property features AI

Finance

• Financial info: Property contains multiple rental units (total of 10 units: four + three + two + one); Units show current rents around $4,000–$4,250 per unit (varies by unit); Units are unfurnished
• HOA & community: Gardener, pest control, sewer, trash collection and water may be included in some rental arrangements

Exterior

• Parking: On-street parking
• Security: High-impact doors
• Utilities: Public water; Public sewer; Cable available
• Home design: Two-story building; Concrete flat roof; Block construction; Resale property
• Construction: Block construction; Concrete flat roof; Model: The New Miami Beach
• Exterior features: Barbecue area; Security/high-impact doors; Exterior lighting; Automatic sprinklers

Interior

• Kitchen: Some units include a dishwasher
• Bedrooms: Multiple two-bedroom units (all units are 2-bedrooms)
• Flooring: Ceramic tile flooring
• Bathrooms: Each unit has two full bathrooms
• Heating & cooling: Central heating; Central air conditioning; Some units have individual air conditioning units
• Interior features: Impact glass windows; Updated/remodeled condition
• Laundry & utility: Washer/dryer hookups in some units; On-site laundry room (in at least one unit); Community laundry facilities

What this means for you Summary

Snapshot

• This is a 7 × 3-bed/2.9-bath units multifamily listed at $2.50M.

Deal economics

• At list price, monthly cash flow is $11k ($134k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($37k rent vs $2.50M).
• Recommended offer: $2.20M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.9% vs local median 1.5% in Miami Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#108 in FL, #1,672 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, health & safety A+; Watch: housing C-, amenities D-, cost of living F.
• Miami-Dade (suburban): math 45% / reading 54% proficiency, ranked #40 of 73 in FL (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 670 active listings in the ZIP; solid renter incomes; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).

Forward outlook

• In year one you build about $41k of equity ($17k loan paydown + $24k appreciation (1.0% local appreciation)).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.0% appreciation + 3.5% rent growth), your $700k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$151k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 245 days — a 12% lower offer ($2.20M) is reasonable based on typical stale-listing flexibility.
• 22 sale attempts since 5y ago; this cycle's ask has dropped $400k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.98M; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,200,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 245 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.46% ✓
• Cap rate: 11.87%
• Cash-on-cash: 19.92%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.96% appreciation · 3.52% rent growth · sell at horizon

5-year hold

• IRR: 21.6%
• Equity multiple: 2.11×
• Total profit: $775,361
• Equity at exit: $848,899

10-year hold

• IRR: 25.0%
• Equity multiple: 4.06×
• Total profit: $2,140,350
• Equity at exit: $1,124,594

Cash invested: $700,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 33140

• Home prices YoY: 0.3%
• Rents YoY: 3.5%
• Active inventory: 670
• Price-to-rent: 39.9×

Monthly cashflow live

• Estimated rent: $36,577 medium
• Mortgage (P&I): −$13,110
• Tax est. 1.5%: −$3,125 /mo · $37,500/yr
• Insurance: −$1,042
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,681
• Net cashflow: $11,192

Break-even live

Break-even rent $22,409

Max offer price $2,500,000

Occupancy floor 64%

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	3	2.9	$36,575
Total (7 units)			$36,577

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $625,000
• Closing costs: $75,000
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $2,500,000 Active 245 DOM
2. 2026-06-17
   days on market $2,500,000 Active 244 DOM
3. 2026-06-16
   days on market $2,500,000 Active 243 DOM
4. 2026-06-15
   days on market $2,500,000 Active 242 DOM
5. 2026-06-13
   days on market $2,500,000 Active 240 DOM
6. 2026-06-09
   days on market $2,500,000 Active 236 DOM
7. 2026-06-08
   days on market $2,500,000 Active 235 DOM
8. 2026-06-08
   days on market $2,500,000 Active 234 DOM
9. 2026-06-04
   days on market $2,500,000 Active 231 DOM
10. 2026-06-03
    days on market $2,500,000 Active 230 DOM
11. 2026-06-02
    days on market $2,500,000 Active 229 DOM
12. 2026-06-01
    days on market $2,500,000 Active 228 DOM
13. 2026-05-31
    days on market $2,500,000 Active 227 DOM
14. 2026-01-13
    price $2,500,000
15. 2025-10-15
    listed $2,900,000 Active
16. 2025-06-11
    historical
17. 2024-09-27
    listed $2,850,000 Active
18. 2024-09-19
    historical $4,000
19. 2024-09-15
    listed $4,000
20. 2024-09-15
    historical $4,000
21. 2024-09-10
    listed $4,000
22. 2024-09-10
    historical $4,000
23. 2024-09-05
    listed $4,000
24. 2024-09-05
    historical $4,000
25. 2024-09-04
    listed $4,000
26. 2024-09-04
    historical $4,000
27. 2024-09-03
    listed $4,000
28. 2024-09-03
    historical $4,000
29. 2024-09-02
    listed $4,000
30. 2024-09-02
    historical $4,000
31. 2024-08-28
    listed $4,000
32. 2024-08-28
    historical $4,000
33. 2024-08-24
    historical $4,000
34. 2024-08-24
    listed $4,000
35. 2024-08-20
    historical $4,000
36. 2024-08-20
    listed $4,000
37. 2024-08-15
    listed $4,000
38. 2024-08-15
    historical $4,000
39. 2024-08-10
    listed $4,000
40. 2024-08-10
    historical $4,000
41. 2024-08-01
    listed $4,000
42. 2024-08-01
    historical $4,000
43. 2024-07-29
    listed $4,000
44. 2023-09-26
    listed $2,890,000 Active
45. 2023-08-15
    historical
46. 2023-08-15
    historical
47. 2023-08-14
    price $2,700,000
48. 2023-08-14
    price $2,700,000
49. 2023-08-07
    listed $2,890,000 Active
50. 2023-07-10
    price $2,890,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°F today · 29 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $438,924
• − Mortgage interest: −$140,039
• − Property taxes: −$37,500
• − Insurance: −$17,618
• − Repairs & maintenance: −$35,114
• − Management: −$35,114
• − Depreciation: −$72,727
• Taxable income: $100,812
• Est. tax owed @ 24.0%: −$24,195
• After-tax cash flow: $110,113/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Miami-Dade
• NCES district ID: 1200390
• Math proficiency: 45% ▼ -16.00%
• Reading proficiency: 54% ▼ -5.00%
• Median HH income: $43,928
• Composite: 41.76/100
• National rank: #3397
• State rank: #40 of 73 in FL

Livability — Miami Beach

• Score: 80/100
• State rank: #108
• US rank: #1672

Category grades

Amenities D- Commute A+ Cost of living F Crime A+ Employment B Housing C- Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Miami Beach, FL
• County: Miami-Dade County · 2,697,751 people
• City population: 90,533
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• Population (ZIP): 20,342
• Household income: $107,063
• Rent vs Own: 42.2% rent · 57.8% own
• Severe rent burden: 870.0

Population outlook (Miami-Dade County) Hauer SSP2

• Today (2025): 3,126,439 people
• By 2030: 3,325,765 · +6.4%
• By 2040: 3,697,561 · +18.3%
• By 2050: 4,012,134 · +28.3%
• By 2075: 4,605,612 · +47.3%
• By 2100: 4,866,598 · +55.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 46% Hispanic / Latino 44% Two or more races 23% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 19% Salvadoran 6%
• Common ancestry: Scotch-Irish 5% Romanian 3% Italian 3%
• Foreign-born: 44% · Canada, Dominican Republic, Jamaica
• Languages at home: 43% English-only · Spanish 45% Other Indo-European 6% French/Haitian/Cajun 2%

Political lean MEDSL · Miami-Dade

• 2024 margin: R (+11.4) · D 43.9% · R 55.4%
• 2008→2024 swing: -27.6pp toward R · 2008: 16.1pp · 2024: -11.4pp
• All cycles: 2024: R+11.4 2020: D+7.3 2016: D+29.6 2012: D+23.7 2008: D+16.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.96%
• Current HPI: 302.8514
• Rent YoY: ▲ 3.52%
• Metro: Miami-Fort Lauderdale-Pompano Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

+19.0% since first listed

49 events — show timeline

• 2026-01-13 Price Changed $2,500,000 MARMLS
• 2025-10-15 Listed $2,900,000 MARMLS
• 2025-06-11 Listing Removed — MARMLS
• 2024-09-27 Listed $2,850,000 MARMLS
• 2024-09-19 Rental Removed $4,000 REALLYO
• 2024-09-15 Listed for Rent $4,000 REALLYO
• 2024-09-15 Rental Removed $4,000 REALLYO
• 2024-09-10 Listed for Rent $4,000 REALLYO
• 2024-09-10 Rental Removed $4,000 REALLYO
• 2024-09-05 Listed for Rent $4,000 REALLYO
• 2024-09-05 Rental Removed $4,000 REALLYO
• 2024-09-04 Listed for Rent $4,000 REALLYO
• 2024-09-04 Rental Removed $4,000 REALLYO
• 2024-09-03 Listed for Rent $4,000 REALLYO
• 2024-09-03 Rental Removed $4,000 REALLYO
• 2024-09-02 Listed for Rent $4,000 REALLYO
• 2024-09-02 Rental Removed $4,000 REALLYO
• 2024-08-28 Listed for Rent $4,000 REALLYO
• 2024-08-28 Rental Removed $4,000 REALLYO
• 2024-08-24 Rental Removed $4,000 REALLYO
• 2024-08-24 Listed for Rent $4,000 REALLYO
• 2024-08-20 Rental Removed $4,000 REALLYO
• 2024-08-20 Listed for Rent $4,000 REALLYO
• 2024-08-15 Listed for Rent $4,000 REALLYO
• 2024-08-15 Rental Removed $4,000 REALLYO
• 2024-08-10 Listed for Rent $4,000 REALLYO
• 2024-08-10 Rental Removed $4,000 REALLYO
• 2024-08-01 Listed for Rent $4,000 REALLYO
• 2024-08-01 Rental Removed $4,000 REALLYO
• 2024-07-29 Listed for Rent $4,000 REALLYO
• 2023-09-26 Listed $2,890,000 MARMLS
• 2023-08-15 Listing Removed — MARMLS
• 2023-08-15 Listing Removed — MARMLS
• 2023-08-14 Price Changed $2,700,000 MARMLS
• 2023-08-14 Price Changed $2,700,000 MARMLS
• 2023-08-07 Listed $2,890,000 MARMLS
• 2023-07-10 Price Changed $2,890,000 MARMLS
• 2023-06-14 Relisted — MARMLS
• 2023-06-14 Price Changed $2,950,000 MARMLS
• 2023-05-31 Relisted — MARMLS
• 2023-03-27 Relisted — MARMLS
• 2023-03-15 Price Changed $2,890,000 MARMLS
• 2023-02-09 Price Changed $2,800,000 MARMLS
• 2023-01-10 Price Changed $2,850,000 MARMLS
• 2022-09-01 Listed $2,950,000 MARMLS
• 2022-08-20 Price Changed $4,200 RENT.
• 2021-12-30 Sold (MLS) $1,975,000 MARMLS
• 2021-09-30 Contingent — MARMLS
• 2021-05-24 Listed $2,100,000 MARMLS