2125 Bay Dr · Miami Beach, FL 33141

$1,895,000

5 bd · 3.0 ba · 2,370 sqft · MultiFamily public records · 89 Days on market

Built 1940 7,789 sqft lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.8/30.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 1% rule +0.6/10.0
• DSCR +0.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

triplex , all units have been freshly painted, bathrooms and kitchens remodeled, all tile floors thru out all units, , all units have separate electrical meters, all units are in move in conditions, property is currently all vacant, property will have a new roof installed on or before closing, easy to show. owner willing to hear offers.

Key facts

• Biscayne bay access
• In-place income
• Bay views

Tags

• BAY VIEWS
• BISCAYNE BAY ACCESS
• FULLY-LEASED TRIPLEX
• IN-PLACE INCOME

Property features AI

Finance

• Financial info: Tax year 2025

Exterior

• Utilities: Electricity available; Natural gas available; Public water; Public sewer
• Home design: RM-1 zoning
• Exterior features: Bay front waterfront; Public maintained road; Less than one acre lot; Lot dimensions approximately 55 x 140

Interior

• Interior features: Bayfront property

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $1.90M.

Deal economics

• At list price, monthly cash flow is $-4k ($-50k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.15M (39.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.06M (44.0% below list).
• Recommended offer: $1.06M (44.0% below list) — sets the bar for 1% rule.
• Cap rate 3.9% 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.
• Zoned schools: Treasure Island Elementary School (math 52% / reading 57%, grade C, #892 of 2,144 statewide, top 44%, 399 students, 59% FRL); Miami Beach Nautilus Middle School (math 46% / reading 58%, grade C+, #217 of 571 statewide, top 40%, 918 students, 44% FRL); Miami Beach Senior High School (math 21% / reading 48%, grade F, #386 of 667 statewide, top 59%, 2,175 students, 40% FRL) — zoned schools average 48% FRL vs 64% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 648 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $10,608/mo this rent would consume 185% of the median local household income ($69k/yr) (locally 3521% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $57k of value loss. Plan a longer hold.
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($1.78M) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.17M; list at $1.90M implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,060,800 (44.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.56% ✗
• Cap rate: 3.90%
• Cash-on-cash: -8.54%
• DSCR: 0.62
• GRM: 14.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: -35.9%
• Equity multiple: -0.13×
• Total profit: $-601,402
• Equity at exit: $282,551

10-year hold

• IRR: -67.5%
• Equity multiple: -0.83×
• Total profit: $-972,681
• Equity at exit: $163,845

Cash invested: $530,600 (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 33141

• Rents YoY: 0.4%
• Active inventory: 648
• Price-to-rent: 44.7×

Monthly cashflow live

• Estimated rent: $10,608 medium
• Mortgage (P&I): −$9,938
• Tax from tax record: −$1,427 /mo · $17,125/yr
• Insurance: −$790
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,228
• Net cashflow: $-4,200

Break-even live

Break-even rent $15,925

Max offer price $1,152,967

Occupancy floor —

Sensitivity live

Price	-10% $-3,128	-5% $-3,664	+0% $-4,200	+5% $-4,737	+10% $-5,273
Rent	-10% $-5,039	-5% $-4,619	+0% $-4,200	+5% $-3,781	+10% $-3,362
Rate	-1.0pp $-3,246	-0.5pp $-3,719	base $-4,200	+0.5pp $-4,692	+1.0pp $-5,191

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.5	$10,608
Total (3 units)			$10,608

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: $473,750
• Closing costs: $56,850
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1510 S Treasure Dr Unit SINGLE North Bay Village, FL	4.0	4.0	2669	$26,000	$9.74	24d	1	0.79mi
1510 S Treasure Dr Unit SINGLE North Bay Village, FL	4.0	4.0	2669	$21,000	$7.87	0d	1	0.79mi
7939 East Dr Unit 1272357P North Bay Village, FL	3.0–6.0	2.0–4.0	2642	$17,879	$6.77	0d	2	0.82mi
365 N Shore Dr Miami Beach, FL	4.0	4.0	2672	$25,000	$9.36	26d	1	0.89mi
365 N Shore Dr Miami Beach, FL	4.0	4.0	2672	$25,000	$9.36	5d	1	0.89mi
1625 Daytonia Rd Miami Beach, FL	5.0	3.0	2690	$18,000	$6.69	26d	1	0.92mi
1365 Bay Ter North Bay Village, FL	5.0	4.0	3094	$40,000	$12.93	26d	1	0.98mi
265 N Shore Dr Miami Beach, FL	4.0	4.0	2786	$30,000	$10.77	24d	1	0.98mi
265 N Shore Dr Miami Beach, FL	4.0	4.0	2786	$27,500	$9.87	5d	1	0.98mi
1460 Cleveland Rd Miami Beach, FL	5.0	3.0	2056	$19,000	$9.24	9d	1	1.07mi
1170 S Biscayne Point Rd Unit N/A Miami Beach, FL	4.0	3.5	2900	$36,000	$12.41	26d	1	1.11mi
5911 Alton Rd Unit Sfh Miami, FL	4.0	4.0	2561	$18,500	$7.22	26d	1	1.16mi
1231 Stillwater Dr Unit SFH Miami Beach, FL	4.0	4.0	2664	$22,000	$8.26	20d	1	1.38mi
1231 Stillwater Dr Miami Beach, FL	4.0	4.0	2664	$22,000	$8.26	24d	1	1.38mi
1151 Stillwater Dr Miami Beach, FL	5.0	3.0	3237	$18,000	$5.56	19d	1	1.41mi
5621 Alton Rd Miami Beach, FL	4.0	3.5	2986	$19,500	$6.53	14d	1	1.43mi
5621 Alton Rd Miami Beach, FL	4.0	3.5	2986	$19,500	$6.53	24d	1	1.43mi

Listing history 50 events

1. 2026-02-26
   listed $1,895,000 Active
2. 2023-06-30
   soldstatus $1,170,000
3. 2023-06-21
   soldstatus $990,000
4. 2023-06-09
   soldstatus $990,000 Closed 338-char remark

   Show marketing remark (338 chars)

   triplex , all units have been freshly painted, bathrooms and kitchens remodeled, all tile floors thru out all units, , all units have separate electrical meters, all units are in move in conditions, property is currently all vacant, property will have a new roof installed on or before closing, easy to show. owner willing to hear offers.

5. 2023-05-01
   status Pending 338-char remark

   Show marketing remark (338 chars)

   triplex , all units have been freshly painted, bathrooms and kitchens remodeled, all tile floors thru out all units, , all units have separate electrical meters, all units are in move in conditions, property is currently all vacant, property will have a new roof installed on or before closing, easy to show. owner willing to hear offers.

6. 2023-04-11
   listed $1,150,000 Active 338-char remark

   Show marketing remark (338 chars)

   triplex , all units have been freshly painted, bathrooms and kitchens remodeled, all tile floors thru out all units, , all units have separate electrical meters, all units are in move in conditions, property is currently all vacant, property will have a new roof installed on or before closing, easy to show. owner willing to hear offers.

7. 2022-01-10
   soldstatus $505,000
8. 2021-08-11
   soldstatus $580,000
9. 2021-06-11
   soldstatus $580,000 790-char remark

   Show marketing remark (790 chars)

   VALUE IS IN THE LAND! Amazing investment opportunity. You can build a 10 unit building w/ parking & elevator in this desirable location of North Miami Beach near the Intercoastal! 6x2b/2b & 4x1b/1b est. $1.83 mil or 9 units with no parking/elevator for est. $1.4 mil. See plans attached for details. Seller spent $40k for architectural plans - can be transferred to buyer. Project verbally approved by the city in 2019, plans were not. Great location! Easy access to I95, direct access to 79th bridge, 1 block from Walgreens, gas station, supermarket & daycare, .5 mile to Normandy Isles Park & Pool, 1.5 miles to beach. Close to Normandy Shores Golf Course and restaurants. Triplex currently on land is a tear down or needs major repairs. Actual rental income: $3,850/month

10. 2021-06-10
    soldstatus $580,000
11. 2021-01-27
    listed $595,000 790-char remark

    Show marketing remark (790 chars)

    VALUE IS IN THE LAND! Amazing investment opportunity. You can build a 10 unit building w/ parking & elevator in this desirable location of North Miami Beach near the Intercoastal! 6x2b/2b & 4x1b/1b est. $1.83 mil or 9 units with no parking/elevator for est. $1.4 mil. See plans attached for details. Seller spent $40k for architectural plans - can be transferred to buyer. Project verbally approved by the city in 2019, plans were not. Great location! Easy access to I95, direct access to 79th bridge, 1 block from Walgreens, gas station, supermarket & daycare, .5 mile to Normandy Isles Park & Pool, 1.5 miles to beach. Close to Normandy Shores Golf Course and restaurants. Triplex currently on land is a tear down or needs major repairs. Actual rental income: $3,850/month

12. 2021-01-25
    listed $595,000
13. 2020-02-17
    historical
14. 2020-02-11
    price $690,000
15. 2020-01-09
    price $500,000
16. 2019-12-11
    price $650,000
17. 2019-12-09
    price $680,000
18. 2019-12-05
    price $700,000
19. 2019-11-26
    listed $725,000 Active
20. 2019-11-26
    historical
21. 2019-11-20
    price $725,000
22. 2019-11-08
    price $669,000
23. 2019-11-04
    price $675,000
24. 2019-10-28
    price $680,000
25. 2019-10-22
    price $693,000
26. 2019-10-16
    price $698,000
27. 2019-10-07
    price $702,000
28. 2019-09-26
    price $711,000
29. 2019-09-23
    price $719,500
30. 2019-09-19
    price $725,000
31. 2019-09-17
    listed $730,000 Active
32. 2018-01-26
    historical
33. 2017-05-05
    soldstatus $480,000
34. 2016-11-06
    listed $471,000
35. 2015-09-29
    historical
36. 2015-09-28
    price $389,000
37. 2015-09-28
    status Active
38. 2015-06-04
    status Pending
39. 2015-03-03
    status Active
40. 2015-02-28
    historical
41. 2015-01-07
    price $329,000
42. 2015-01-07
    price $359,000
43. 2015-01-07
    price $395,000
44. 2014-09-23
    price $339,000
45. 2014-07-11
    price $346,000
46. 2014-07-01
    listed $349,000 Active
47. 2014-03-17
    historical
48. 2014-01-07
    price $312,000
49. 2014-01-07
    price $309,000
50. 1999-03-17
    soldstatus $160,000

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

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $17,125 · $1,427/mo
• Projected year-2 tax: $17,125 · $1,427/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥102°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $127,296
• − Mortgage interest: −$106,149
• − Property taxes: −$17,125
• − Insurance: −$14,594
• − Repairs & maintenance: −$10,184
• − Management: −$10,184
• − Depreciation: −$55,127
• Taxable loss: −$86,067
• Est. tax savings @ 24.0%: +$20,656
• After-tax cash flow: $-29,750/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): 36,438
• Household income: $68,738
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3521.0

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: Predominantly Hispanic (67%)
• Race & ethnicity: Hispanic / Latino 67% Two or more races 36% White 20% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 27% Salvadoran 6%
• Common ancestry: Scotch-Irish 2% Romanian 2% Armenian 1%
• Foreign-born: 62% · Canada, Jamaica, Dominican Republic
• Languages at home: 18% English-only · Spanish 69% Other Indo-European 4% French/Haitian/Cajun 3%

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: ▼ -472.71%
• Current HPI: 336.7298
• Rent YoY: ▲ 0.44%
• 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

+2183.1% since first listed

52 events — show timeline

• 2026-02-26 Listed $1,895,000 MARMLS
• 2023-06-30 Sold (Public Records) $1,170,000 Public Records
• 2023-06-21 Sold (Public Records) $990,000 Public Records
• 2023-06-09 Sold (MLS) $990,000 MARMLS
• 2023-05-01 Pending — MARMLS
• 2023-04-11 Listed $1,150,000 MARMLS
• 2022-01-10 Sold (Public Records) $505,000 Public Records
• 2021-08-11 Sold (Public Records) $580,000 Public Records
• 2021-06-11 Sold (MLS) $580,000 Beaches MLS
• 2021-06-10 Sold (MLS) $580,000 Beaches MLS
• 2021-01-27 Listed $595,000 Beaches MLS
• 2021-01-25 Listed $595,000 Beaches MLS
• 2020-02-17 Listing Removed — MARMLS
• 2020-02-11 Price Changed $690,000 MARMLS
• 2020-01-09 Price Changed $500,000 MARMLS
• 2019-12-11 Price Changed $650,000 MARMLS
• 2019-12-09 Price Changed $680,000 MARMLS
• 2019-12-05 Price Changed $700,000 MARMLS
• 2019-11-26 Listing Removed — MARMLS
• 2019-11-26 Listed $725,000 MARMLS
• 2019-11-20 Price Changed $725,000 MARMLS
• 2019-11-08 Price Changed $669,000 MARMLS
• 2019-11-04 Price Changed $675,000 MARMLS
• 2019-10-28 Price Changed $680,000 MARMLS
• 2019-10-22 Price Changed $693,000 MARMLS
• 2019-10-16 Price Changed $698,000 MARMLS
• 2019-10-07 Price Changed $702,000 MARMLS
• 2019-09-26 Price Changed $711,000 MARMLS
• 2019-09-23 Price Changed $719,500 MARMLS
• 2019-09-19 Price Changed $725,000 MARMLS
• 2019-09-17 Listed $730,000 MARMLS
• 2018-01-26 Listing Removed — Beaches MLS
• 2017-05-05 Sold (Public Records) $480,000 Public Records
• 2016-11-06 Listed $471,000 Beaches MLS
• 2015-09-29 Listing Removed — MARMLS
• 2015-09-28 Price Changed $389,000 MARMLS
• 2015-09-28 Relisted — MARMLS
• 2015-06-04 Pending — MARMLS
• 2015-03-03 Relisted — MARMLS
• 2015-02-28 Listing Removed — MARMLS
• 2015-01-07 Price Changed $395,000 MARMLS
• 2015-01-07 Price Changed $359,000 MARMLS
• 2015-01-07 Price Changed $329,000 MARMLS
• 2014-09-23 Price Changed $339,000 MARMLS
• 2014-07-11 Price Changed $346,000 MARMLS
• 2014-07-01 Listed $349,000 MARMLS
• 2014-03-17 Listing Removed — MARMLS
• 2014-01-07 Price Changed $312,000 MARMLS
• 2014-01-07 Price Changed $309,000 MARMLS
• 1999-03-17 Sold (Public Records) $160,000 Public Records
• 1996-09-16 Sold (Public Records) $108,000 Public Records
• 1987-07-01 Sold (Public Records) $83,000 Public Records

Property tax history

+8.1%/yr

Latest (2025): $17,125 · -0.2% YoY. Source: county tax records.