1438 Meridian Ave · Miami Beach, FL 33139

$2,400,000

6 bd · 6.0 ba · 4,644 sqft · MultiFamily public records · 17 Days on market

Built 1936

---

Why this score? — see what drove the C 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 +19.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.8/10.0
• Schools +4.2/10.0
• Livability +4.0/5.0
• Appreciation +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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

PARKEDGE – Fully Renovated 6 UNIT South Beach Multifamily Investment. Rare opportunity to own a turnkey income property with Six 1-bed/1-bath units on Meridian Avenue, directly across from Flamingo Park in the heart of Miami Beach. This Art Deco building features six fully renovated units including 2 loft-style residences and 4 one-bedroom/one-bath apartments. Currently 100% occupied with strong rental upside as in-place rents remain below current market rates. All tenants hold annual leases providing stable income. Gut renovated building with all-new plumbing, electrical, HVAC systems, roof, and impact windows. Brazilian Cherrywood and wood flooring flows through every unit complemen

Key facts

• Fully renovated
• All new electrical
• All new plumbing

Tags

• FULLY RENOVATED
• TURNKEY INCOME PROPERTY
• ART DECO BUILDING
• GUT RENOVATED BUILDING
• ALL NEW PLUMBING
• ALL NEW ELECTRICAL

Property features AI

Finance

• Financial info: Rent includes sewer, trash collection, and water; Reported rents by unit: $2,250; $2,000; $4,275; $3,700 (units shown as leased)
• HOA & community: Association fees billed monthly

Exterior

• Parking: Other/shared parking (units list 'Other Parking')
• Utilities: Public water; Public sewer; Cable available
• Home design: 2-story building; Built-up roof; Block construction; Resale property
• Construction: Block construction; Built-up roof
• Exterior features: Balcony; Lot smaller than a quarter acre

Interior

• Kitchen: Kitchens present in units (specific appliances not listed)
• Bedrooms: Three 1-bedroom units and two 2-bedroom units across the property; Some units include a family room and a patio/porch
• Flooring: Hardwood; Tile; Wood
• Bathrooms: Multiple full bathrooms (each unit lists full bathrooms matching bedroom counts)
• Heating & cooling: Central electric cooling; Electric heating
• Interior features: Impact-resistant windows; Hardwood and tile flooring
• Laundry & utility: Washer/dryer information not provided

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $2.40M.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $403/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.35M (2.1% below list).
• Recommended offer: $2.35M (2.1% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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 soft (-0.4%/yr); 1214 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $23,491/mo this rent would consume 404% of the median local household income ($70k/yr) (locally 4052% 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 (-2.2%/yr); year-one equity from $17k of loan paydown is wiped out by about $52k 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 17 days — a 2% lower offer ($2.36M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $950k; list at $2.40M implies a 153% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1936 — 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 8→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,349,100 (2.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1936 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.98% ✗
• Cap rate: 7.72%
• Cash-on-cash: 5.08%
• DSCR: 1.23
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.19% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.67×
• Total profit: $-221,116
• Equity at exit: $445,644

10-year hold

• IRR: -4.1%
• Equity multiple: 0.72×
• Total profit: $-187,047
• Equity at exit: $361,507

Cash invested: $672,000 (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 33139

• Home prices YoY: -0.8%
• Rents YoY: -0.4%
• Active inventory: 1214
• Price-to-rent: 51.1×

Monthly cashflow live

• Estimated rent: $23,491 medium
• Mortgage (P&I): −$12,586
• Tax from tax record: −$2,127 /mo · $25,526/yr
• Insurance: −$1,000
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,933
• Net cashflow: $2,418

Break-even live

Break-even rent $20,430

Max offer price $2,400,000

Occupancy floor 85%

Sensitivity live

Price	-10% $3,777	-5% $3,098	+0% $2,418	+5% $1,739	+10% $1,060
Rent	-10% $562	-5% $1,490	+0% $2,418	+5% $3,346	+10% $4,274
Rate	-1.0pp $3,627	-0.5pp $3,029	base $2,418	+0.5pp $1,796	+1.0pp $1,164

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$23,490
Total (6 units)			$23,491

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: $600,000
• Closing costs: $72,000
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2143 N Bay Rd Miami Beach, FL	6.0	6.5	3762	$40,000	$10.63	25d	1	0.89mi
2501 Pine Tree Dr Miami Beach, FL	7.0	6.5	4530	$20,000	$4.42	25d	1	1.15mi
140 N Hibiscus Dr Miami Beach, FL	5.0	4.5	3641	$35,000	$9.61	25d	1	1.40mi
112 E 1st Ct Miami Beach, FL	5.0	4.0	3286	$19,900	$6.06	25d	1	1.45mi
112 E 1st Ct Unit SFH Miami Beach, FL	5.0	4.0	3286	$19,900	$6.06	19d	1	1.45mi

Listing history 10 events

1. 2026-06-21
   days on market $2,400,000 Active 17 DOM
2. 2026-06-18
   days on market $2,400,000 Active 14 DOM
3. 2026-06-17
   days on market $2,400,000 Active 13 DOM
4. 2026-06-16
   days on market $2,400,000 Active 12 DOM
5. 2026-06-15
   days on market $2,400,000 Active 11 DOM
6. 2026-06-13
   days on market $2,400,000 Active 9 DOM
7. 2026-06-09
   days on market $2,400,000 Active 5 DOM
8. 2026-06-08
   days on market $2,400,000 Active 4 DOM
9. 2026-06-07
   remarks 693-char remark
10. 2026-06-07
    listed $2,400,000 Active 3 DOM

ⓘ 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: $25,526 · $2,127/mo
• Projected year-2 tax: $25,526 · $2,127/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 3/10 Moderate
• 🌡 Heat 10/10 Extreme 8 d/yr ≥101°F today · 30 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: $281,892
• − Mortgage interest: −$134,437
• − Property taxes: −$25,526
• − Insurance: −$17,118
• − Repairs & maintenance: −$22,551
• − Management: −$22,551
• − Depreciation: −$69,818
• Taxable loss: −$10,111
• Est. tax savings @ 24.0%: +$2,427
• After-tax cash flow: $31,446/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): 33,753
• Household income: $69,793
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 4052.0

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 0.58)
• Race & ethnicity: Hispanic / Latino 51% White 40% Two or more races 17% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2% Cuban 15% Salvadoran 3%
• Common ancestry: Lithuanian 3% Scotch-Irish 2% Romanian 2%
• Foreign-born: 56% · Canada, Jamaica, Dominican Republic
• Languages at home: 37% English-only · Spanish 49% Other Indo-European 5% 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: ▼ -2.19%
• Current HPI: 277.9321
• Rent YoY: ▼ -0.36%
• 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

+2996.8% since first listed

8 events — show timeline

• 2026-06-04 Listed $2,400,000 MARMLS
• 2015-03-07 Listing Removed — MARMLS
• 2015-03-06 Price Changed $2,150,000 MARMLS
• 2015-01-20 Listed $2,250,000 MARMLS
• 2005-06-02 Sold (Public Records) $950,000 Public Records
• 1989-01-01 Sold (Public Records) $150,000 Public Records
• 1986-12-01 Sold (Public Records) $120,000 Public Records
• 1978-08-01 Sold (Public Records) $77,500 Public Records

Property tax history

+6.6%/yr

Latest (2025): $25,526 · -11.7% YoY. Source: county tax records.