6945 Abbott Ave

Miami Beach, FL 33141

$10,000,000B

None bd · None ba · — sqft · Built — · MultiFamily · Active · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $217,134/mo
• Mortgage (P&I): −$52,441
• Tax + insurance: −$16,667
• HOA: −$0
• Vac / Maint / Mgmt: −$45,598
• Net cashflow: $102,428/mo
• Annual: $1,229,137/yr
• Cap rate: 18.58%
• Cash-on-cash: 43.90%
• DSCR: 2.95
• 1% rule: 2.17%
• Cash to close: $2,800,000

Investor read

• This is a multifamily listed at $10.00M.
• At list price, monthly cash flow is $102k ($1.23M/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($217k rent vs $10.00M).
• It's been on market 69 days — a 6% lower offer ($9.40M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $9.40M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $69k of loan paydown is wiped out by about $300k of value loss. Plan a longer hold.
• 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 flat; 647 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• Miami-Dade County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 8y ago; this cycle's ask has dropped $1.80M (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $3.55M; list at $10.00M implies a 182% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $2.80M cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.6% 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.
• At $217,134/mo this rent would consume 3791% 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.

Questions for listing agent

• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.