632 15th St · Miami Beach, FL 33139

$2,650,000

8 bd · 8.0 ba · 5,939 sqft · MultiFamily public records · 160 Days on market

Built 1930

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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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• 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: 8 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

THE ELIZABETH - PRIME SOUTH BEACH MULTIFAMILY | HIGH-RENT ASSET IN A+ LOCATION. Rare opportunity to acquire a 8-unit multifamily in the heart of South Beach, just steps from Lincoln Road, Flamingo Park, Española Way, and the beach—one of Miami Beach’s strongest rental corridors. 8 updated 1-beds/1-baths, every unit features CENTRAL A/C and IN-UNIT WASHER & DRYER, a rare combination that directly supports above-market rents, low vacancy, and strong tenant demand. 100% Leased. Additional features include impact windows, gated access, and private outdoor space. Fully 40-year recertified and zoned RM-1, this asset offers immediate cash flow with long-term upside in a su

Key facts

• Gated access
• 8 unit multifamily
• Central a/c

Tags

• 8 UNIT MULTIFAMILY
• CENTRAL A/C
• IN-UNIT WASHER AND DRYER
• IMPACT WINDOWS
• GATED ACCESS
• PRIVATE OUTDOOR SPACE

Property features AI

Finance

• Financial info: Multiple income-producing units with reported rents of $4,500 per unit; Units shown as leased

Exterior

• Parking: Parking spaces for multiple units (2 parking total reported)
• Utilities: Cable available; Public sewer
• Home design: 2-story property; Resale
• Construction: Block construction
• Exterior features: Less than quarter-acre lot

Interior

• Kitchen: Kitchen(s) included; Dishwasher; Microwave; Range; Refrigerator
• Bedrooms: Multiple 2-bedroom units (units are unfurnished)
• Flooring: Hardwood; Tile; Wood
• Bathrooms: Multiple full bathrooms
• Heating & cooling: Central air conditioning; Electric heating
• Interior features: Impact glass windows; Family room
• Laundry & utility: Washer; Dryer; Electric meter

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $2.65M.

Deal economics

• At list price, monthly cash flow is $10k ($122k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $2.65M).
• Recommended offer: $2.33M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% 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: Miami Beach Feinberg/Fisher K-8 (math 37% / reading 34%, grade F, #1,684 of 2,144 statewide, top 79%, 842 students, 61% 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 soft (-0.4%/yr); 1216 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $35,998/mo this rent would consume 619% 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 $18k of loan paydown is wiped out by about $58k 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 $742k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($2.33M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y ago; this cycle's ask has dropped $350k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1930 — 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→31/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,332,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 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 1930 — 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: 1.36% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.19%
• DSCR: 1.77
• GRM: 6.1

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: 7.0%
• Equity multiple: 1.28×
• Total profit: $206,695
• Equity at exit: $492,065

10-year hold

• IRR: 12.3%
• Equity multiple: 1.93×
• Total profit: $691,740
• Equity at exit: $399,164

Cash invested: $742,000 (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: 1216
• Price-to-rent: 49.1×

Monthly cashflow live

• Estimated rent: $35,998 medium
• Mortgage (P&I): −$13,897
• Tax from tax record: −$2,805 /mo · $33,665/yr
• Insurance: −$1,104
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,560
• Net cashflow: $10,205

Break-even live

Break-even rent $23,080

Max offer price $2,650,000

Occupancy floor 67%

Sensitivity live

Price	-10% $11,705	-5% $10,955	+0% $10,205	+5% $9,455	+10% $8,705
Rent	-10% $7,362	-5% $8,783	+0% $10,205	+5% $11,627	+10% $13,049
Rate	-1.0pp $11,540	-0.5pp $10,879	base $10,205	+0.5pp $9,519	+1.0pp $8,820

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$36,000
Total (8 units)			$35,998

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: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2501 Pine Tree Dr Miami Beach, FL	7.0	6.5	4530	$20,000	$4.42	25d	1	1.10mi

Listing history 25 events

1. 2026-06-21
   days on market $2,650,000 Active 160 DOM
2. 2026-06-18
   days on market $2,650,000 Active 157 DOM
3. 2026-06-17
   days on market $2,650,000 Active 156 DOM
4. 2026-06-16
   days on market $2,650,000 Active 155 DOM
5. 2026-06-15
   days on market $2,650,000 Active 154 DOM
6. 2026-06-13
   days on market $2,650,000 Active 152 DOM
7. 2026-06-09
   days on market $2,650,000 Active 148 DOM
8. 2026-06-08
   days on market $2,650,000 Active 147 DOM
9. 2026-06-07
   days on market $2,650,000 Active 146 DOM
10. 2026-06-04
    days on market $2,650,000 Active 143 DOM
11. 2026-06-03
    days on market $2,650,000 Active 142 DOM
12. 2026-06-02
    days on market $2,650,000 Active 141 DOM
13. 2026-06-01
    days on market $2,650,000 Active 140 DOM
14. 2026-05-31
    days on market $2,650,000 Active 139 DOM
15. 2026-03-27
    price $2,650,000
16. 2026-01-12
    listed $3,000,000 Active
17. 2022-06-22
    price $2,300
18. 2021-10-12
    soldstatus $2,500,000
19. 2017-10-16
    soldstatus $1,150,000
20. 2016-11-11
    historical
21. 2016-11-11
    historical
22. 2016-11-08
    listed $2,850,000 Active
23. 2016-07-04
    listed $2,850,000
24. 2007-06-20
    soldstatus $2,340,000
25. 1998-02-12
    soldstatus $385,000

ⓘ 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: $33,665 · $2,805/mo
• Projected year-2 tax: $33,665 · $2,805/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 · 31 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: $431,976
• − Mortgage interest: −$148,441
• − Property taxes: −$33,665
• − Insurance: −$18,368
• − Repairs & maintenance: −$34,558
• − Management: −$34,558
• − Depreciation: −$77,091
• Taxable income: $85,294
• Est. tax owed @ 24.0%: −$20,471
• After-tax cash flow: $101,994/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

+588.3% since first listed

11 events — show timeline

• 2026-03-27 Price Changed $2,650,000 MARMLS
• 2026-01-12 Listed $3,000,000 MARMLS
• 2022-06-22 Price Changed $2,300 RENT.
• 2021-10-12 Sold (Public Records) $2,500,000 Public Records
• 2017-10-16 Sold (Public Records) $1,150,000 Public Records
• 2016-11-11 Listing Removed — MARMLS
• 2016-11-11 Listing Removed — MARMLS
• 2016-11-08 Listed $2,850,000 MARMLS
• 2016-07-04 Listed $2,850,000 MARMLS
• 2007-06-20 Sold (Public Records) $2,340,000 Public Records
• 1998-02-12 Sold (Public Records) $385,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $33,665 · -9.6% YoY. Source: county tax records.