2818 Pine Tree Dr Fl 33140 · Miami Beach, FL 33140

$3,500,000

144 bd · 144.0 ba · 4,170 sqft · MultiFamily · 180 Days on market

Built 1935 8,580 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 12 units. estimate disagrees with records

Listing remarks

Discover Pine Tree Apartments, a fully renovated 12-unit boutique multifamily property ideally located on prestigious Pine Tree Drive in Miami Beach. Blending timeless Art Deco charm with modern finishes and strong in-place income exceeding $372,000 annualy, this property delivers turnkey stability, excellent yield, and long-term appreciation in one of Miami Beachs most sought-after neighborhoods. Highlights Price: $3,600,000 | Cap Rate: 5.8 % (on actuals) Annual Gross Rent: $373,800 | NOI (Est. ): $260,000 $275,000 Unit Mix: 1 2BR | 5 1BR | 6 Studios Avg. Rent per Unit: $2,175 | Potential Rent: $2,400 $2,600 per unit Lot Size: 8,580 SF | Construction: Concrete block | Fully Renovated

Key facts

• Fully renovated
• Lush outdoor areas
• Shaded seating

Tags

• FULLY RENOVATED
• ART DECO CHARM
• MODERN FINISHES
• IN-UNIT WASHER DRYERS
• LUSH OUTDOOR AREAS
• SHADED SEATING

Property features AI

Exterior

• Home design: Multi-family property; Total living area approximately 4,170 sq ft
• Exterior features: Lot is approximately 8,580 sq ft

What this means for you Summary

Snapshot

• This is a 12 × 12-bed/?-bath units multifamily listed at $3.50M.

Deal economics

• At list price, monthly cash flow is $25k ($300k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($63k rent vs $3.50M).
• Recommended offer: $3.08M (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% 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).
• At $62,818/mo this rent would consume 704% of the median local household income ($107k/yr) (locally 870% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $58k of equity ($24k loan paydown + $34k 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 $980k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$211k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($3.08M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1935 — 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→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,080,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 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. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.79% ✓
• Cap rate: 15.01%
• Cash-on-cash: 31.15%
• DSCR: 2.39
• GRM: 4.6

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: 33.4%
• Equity multiple: 2.72×
• Total profit: $1,686,722
• Equity at exit: $1,188,458

10-year hold

• IRR: 36.0%
• Equity multiple: 5.40×
• Total profit: $4,311,834
• Equity at exit: $1,574,432

Cash invested: $980,000 (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: 55.7×

Monthly cashflow live

• Estimated rent: $62,818 medium
• Mortgage (P&I): −$18,354
• Tax est. 1.5%: −$4,375 /mo · $52,500/yr
• Insurance: −$1,458
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$13,192
• Net cashflow: $25,012

Break-even live

Break-even rent $31,157

Max offer price $3,500,000

Occupancy floor 55%

Sensitivity live

Price	-10% $27,431	-5% $26,221	+0% $25,012	+5% $23,803	+10% $22,593
Rent	-10% $20,049	-5% $22,531	+0% $25,012	+5% $27,493	+10% $29,975
Rate	-1.0pp $26,775	-0.5pp $25,902	base $25,012	+0.5pp $24,105	+1.0pp $23,182

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

Units	Beds	Baths	Est. rent
▸ 12× units	12	—	$62,820
Total (12 units)			$62,818

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: $875,000
• Closing costs: $105,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $3,500,000 Active 180 DOM
2. 2026-06-17
   days on market $3,500,000 Active 179 DOM
3. 2026-06-16
   days on market $3,500,000 Active 178 DOM
4. 2026-06-15
   days on market $3,500,000 Active 177 DOM
5. 2026-06-13
   days on market $3,500,000 Active 175 DOM
6. 2026-06-09
   days on market $3,500,000 Active 171 DOM
7. 2026-06-08
   days on market $3,500,000 Active 170 DOM
8. 2026-06-08
   days on market $3,500,000 Active 169 DOM
9. 2026-06-04
   days on market $3,500,000 Active 166 DOM
10. 2026-06-03
    days on market $3,500,000 Active 165 DOM
11. 2026-06-02
    days on market $3,500,000 Active 164 DOM
12. 2026-06-01
    days on market $3,500,000 Active 163 DOM
13. 2026-05-31
    days on market $3,500,000 Active 162 DOM
14. 2025-12-20
    listed $3,500,000 Active

ⓘ 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 7/10 Severe FEMA zone AE · 90% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 10/10 Extreme 7 d/yr ≥101°F today · 28 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: $753,816
• − Mortgage interest: −$196,054
• − Property taxes: −$52,500
• − Insurance: −$22,618
• − Repairs & maintenance: −$60,305
• − Management: −$60,305
• − Depreciation: −$101,818
• Taxable income: $260,214
• Est. tax owed @ 24.0%: −$62,451
• After-tax cash flow: $237,692/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

1 event — show timeline

• 2025-12-20 Listed $3,500,000 ForSaleByOwner.com