1508 Meridian Ave · Miami Beach, FL 33139

$1,200,000

12 bd · 12.0 ba · 7,696 sqft · MultiFamily public records · 35 Days on market

Built 1935 $1390/mo HOA · 34% of rent

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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
• 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: 9 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

This offering represents the acquisition of four contiguous condominium units within The Castle Meridian Condominium, a boutique 12-unit Art Deco complex located in the heart of South Beach. The condominium is composed of three adjacent buildings: • 1506 Meridian Avenue – 4 units • 1508 Meridian Avenue – 4 units • 1510 Meridian Avenue – 4 units The subject offering includes 100% of the units within the central building at 1508 Meridian Avenue (Units 3, 4, 9 & 10). Folio:02-3234-228-0100 Folio:02-3234-228-0090 Folio:02-3234-228-0040 Folio:02-3234-228-0030 Total Annual Gross Income: $91,200 Annual Operating Expenses (HOA + Property Taxes) $

Key facts

• Built 1935
• Listed 35 days

Property features AI

Finance

• Financial info: Total actual rent: $91,200 annually; Typical unit actual rent: $1,900 per month for multiple unit types; Rental payments may include hot water, water, sewer, and trash collection
• HOA & community: Association fee of $1,390 monthly

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Water and hot water included in some rents; Sewer and trash collection included in some rents; Cable not available
• Home design: 2-story building
• Construction: Year built: Unknown
• Exterior features: On-street parking for units

Interior

• Bedrooms: Multiple 1-bedroom units (various unit types)
• Flooring: Ceramic tile
• Bathrooms: All units have 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning; Some units have individual air conditioning units
• Interior features: Ceramic tile flooring

What this means for you Summary

Snapshot

• This is a 9 × 1-bed/?-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $19k ($229k/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 $1.20M).
• Recommended offer: $1.16M (3.0% below list) — sets the bar for market timing.
• Cap rate 25.8% 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); 1208 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $37,207/mo this rent would consume 640% 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 $8k of loan paydown is wiped out by about $26k 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.
• At projected returns (-2.2% appreciation + 0.0% rent growth), your $336k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($1.16M) 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→30/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,164,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 3.10% ✓
• Cap rate: 25.81%
• Cash-on-cash: 69.70%
• DSCR: 4.10
• GRM: 2.7

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: 64.7%
• Equity multiple: 3.84×
• Total profit: $955,380
• Equity at exit: $222,822

10-year hold

• IRR: 67.4%
• Equity multiple: 7.01×
• Total profit: $2,019,833
• Equity at exit: $180,754

Cash invested: $336,000 (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: 1208
• Price-to-rent: 24.2×

Monthly cashflow live

• Estimated rent: $37,207 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$1,695 /mo · $20,337/yr
• Insurance: −$500
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,390
• Vacancy / Maint / Mgmt: −$7,813
• Net cashflow: $19,089

Break-even live

Break-even rent $13,043

Max offer price $1,200,000

Occupancy floor 44%

Sensitivity live

Price	-10% $19,769	-5% $19,429	+0% $19,089	+5% $18,750	+10% $18,410
Rent	-10% $16,150	-5% $17,620	+0% $19,089	+5% $20,559	+10% $22,029
Rate	-1.0pp $19,694	-0.5pp $19,395	base $19,089	+0.5pp $18,778	+1.0pp $18,462

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

Units	Beds	Baths	Est. rent
▸ 9× units	1	—	$37,206
Total (9 units)			$37,207

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $1,390 · $16,680/yr

Listing history 15 events

1. 2026-06-18
   days on market $1,200,000 Active 35 DOM
2. 2026-06-17
   days on market $1,200,000 Active 34 DOM
3. 2026-06-16
   days on market $1,200,000 Active 33 DOM
4. 2026-06-15
   days on market $1,200,000 Active 32 DOM
5. 2026-06-13
   days on market $1,200,000 Active 30 DOM
6. 2026-06-09
   days on market $1,200,000 Active 26 DOM
7. 2026-06-08
   days on market $1,200,000 Active 25 DOM
8. 2026-06-07
   days on market $1,200,000 Active 24 DOM
9. 2026-06-04
   days on market $1,200,000 Active 21 DOM
10. 2026-06-03
    days on market $1,200,000 Active 20 DOM
11. 2026-06-02
    days on market $1,200,000 Active 19 DOM
12. 2026-06-01
    days on market $1,200,000 Active 18 DOM
13. 2026-05-31
    days on market $1,200,000 Active 17 DOM
14. 2026-05-14
    listed $1,200,000 Active
15. 2022-04-11
    price $3,900

ⓘ 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: $20,337 · $1,695/mo
• Projected year-2 tax: $20,337 · $1,695/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 7 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: $446,484
• − Mortgage interest: −$67,219
• − Property taxes: −$20,337
• − Insurance: −$11,118
• − Repairs & maintenance: −$35,719
• − Management: −$35,719
• − HOA: −$16,680
• − Depreciation: −$34,909
• Taxable income: $224,784
• Est. tax owed @ 24.0%: −$53,948
• After-tax cash flow: $175,124/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

+30669.2% since first listed

2 events — show timeline

• 2026-05-14 Listed $1,200,000 MARMLS
• 2022-04-11 Price Changed $3,900 RENT.

Property tax history

-3.9%/yr

Latest (2013): $20,337 · -6.6% YoY. Source: county tax records.