8321 Crespi Blvd · Miami Beach, FL 33141

$1,950,000

8 bd · 8.0 ba · 5,730 sqft · MultiFamily public records · 305 Days on market

Built 1951

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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
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

EXCELLENT opportunity for investors to own an eight (8) units multifamily apartment building. 40YR CERTIFICATION JUST DONE! PRICE TO SELL. The property features 1BR 1FB. Enjoy the best view of the Tatum Waterway and Miami Lifestyle. Located in the exclusive Biscayne Point nearthe North Beach neighborhood of Miami Beach. Close to the Beach, Bal Harbor, and downtown Miami Beach. Great access to Collins Ave and Broad Causeway to access US-1 and I-95. Buyer & Buyer’s agent is advised to independently verify all details and information of this listing. Listing Broker & Broker’s agent do not represent or guarantee its accuracy.

Key facts

• Close to the beach
• Built 1951
• Listed 304 days

Tags

• EXCLUSIVE BISCAYNE POINT
• CLOSE TO THE BEACH
• ACCESS TO COLLINS AVE
• ACCESS TO BROAD CAUSEWAY

Property features AI

Finance

• Other: Rent includes water, sewer and trash collection
• Financial info: Property reported as an 8-unit multifamily building; Reported actual aggregate rent: $13,400

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Cable available
• Home design: 2-story building; Block construction; Resale property
• Construction: Block construction
• Exterior features: Canal-front waterfront; Frontage approximately 30 feet; Less than quarter-acre lot

Interior

• Bedrooms: 8 bedrooms (unit-level count for an 8-unit property)
• Flooring: Hardwood; Tile; Wood
• Bathrooms: 8 full bathrooms (unit-level count for an 8-unit property)
• Heating & cooling: Wall/window air conditioning units
• Interior features: Hardwood and tile flooring; Wood finishes

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1.0-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $11k ($128k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($31k rent vs $1.95M).
• Recommended offer: $1.72M (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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.
• Market conditions: Rents flat; 647 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $30,796/mo this rent would consume 538% 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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k 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 (-3.0% appreciation + 0.4% rent growth), your $546k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 305 days — a 12% lower offer ($1.72M) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 3y ago; this cycle's ask has dropped $280k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $205k; list at $1.95M implies a 851% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1951 — 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→29/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,716,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 305 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 1951 — 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: 1.58% ✓
• Cap rate: 13.10%
• Cash-on-cash: 24.30%
• DSCR: 2.08
• GRM: 5.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.52×
• Total profit: $284,422
• Equity at exit: $290,751

10-year hold

• IRR: 20.2%
• Equity multiple: 2.50×
• Total profit: $820,521
• Equity at exit: $168,600

Cash invested: $546,000 (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 33141

• Rents YoY: 0.4%
• Active inventory: 647
• Price-to-rent: 42.2×

Monthly cashflow live

• Estimated rent: $30,796 medium
• Mortgage (P&I): −$10,226
• Tax from tax record: −$2,232 /mo · $26,782/yr
• Insurance: −$812
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,467
• Net cashflow: $10,632

Break-even live

Break-even rent $17,338

Max offer price $1,950,000

Occupancy floor 60%

Sensitivity live

Price	-10% $11,736	-5% $11,184	+0% $10,632	+5% $10,080	+10% $9,528
Rent	-10% $8,199	-5% $9,415	+0% $10,632	+5% $11,848	+10% $13,065
Rate	-1.0pp $11,614	-0.5pp $11,128	base $10,632	+0.5pp $10,127	+1.0pp $9,613

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$30,800
Total (8 units)			$30,796

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: $487,500
• Closing costs: $58,500
• Reserves months: —
• Total cash needed: —

Listing history 46 events

1. 2026-06-18
   days on market $1,950,000 Active 305 DOM
2. 2026-06-17
   days on market $1,950,000 Active 304 DOM
3. 2026-06-16
   days on market $1,950,000 Active 303 DOM
4. 2026-06-15
   days on market $1,950,000 Active 302 DOM
5. 2026-06-13
   days on market $1,950,000 Active 300 DOM
6. 2026-06-09
   days on market $1,950,000 Active 296 DOM
7. 2026-06-08
   days on market $1,950,000 Active 295 DOM
8. 2026-06-08
   days on market $1,950,000 Active 294 DOM
9. 2026-06-04
   days on market $1,950,000 Active 291 DOM
10. 2026-06-03
    days on market $1,950,000 Active 290 DOM
11. 2026-06-02
    days on market $1,950,000 Active 289 DOM
12. 2026-06-01
    days on market $1,950,000 Active 288 DOM
13. 2026-05-31
    days on market $1,950,000 Active 287 DOM
14. 2026-05-08
    status Active
15. 2026-04-16
    status Pending
16. 2026-04-09
    historical Active Under Contract
17. 2026-03-06
    price $2,200,000
18. 2026-01-17
    price $2,225,000
19. 2025-12-15
    status Active
20. 2025-12-05
    status Pending
21. 2025-12-02
    historical Active Under Contract
22. 2025-09-29
    status Active
23. 2025-09-22
    status Pending
24. 2025-09-17
    price $2,229,900
25. 2025-07-30
    status Active
26. 2025-07-23
    status Pending
27. 2025-07-02
    listed $2,230,000 Active
28. 2025-06-09
    historical
29. 2025-04-28
    price $2,280,000
30. 2024-12-20
    price $2,300,000
31. 2024-10-30
    status Active
32. 2024-10-22
    historical Active Under Contract
33. 2024-09-25
    price $2,450,000
34. 2024-09-20
    status Active
35. 2024-09-09
    status Pending
36. 2024-08-08
    listed $2,500,000 Active
37. 2024-07-22
    historical
38. 2024-04-23
    status Active
39. 2024-04-23
    price $2,500,000
40. 2024-04-08
    historical Active Under Contract
41. 2024-03-31
    status Pending
42. 2024-03-25
    historical Active Under Contract
43. 2024-01-08
    status Active
44. 2023-06-21
    listed $2,200,000 Active
45. 1989-04-04
    soldstatus $205,000
46. 1987-04-01
    soldstatus $175,000

ⓘ 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: $26,782 · $2,232/mo
• Projected year-2 tax: $26,782 · $2,232/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 1/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥103°F today · 29 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $369,552
• − Mortgage interest: −$109,230
• − Property taxes: −$26,782
• − Insurance: −$14,868
• − Repairs & maintenance: −$29,564
• − Management: −$29,564
• − Depreciation: −$56,727
• Taxable income: $102,815
• Est. tax owed @ 24.0%: −$24,676
• After-tax cash flow: $102,908/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): 36,438
• Household income: $68,738
• Rent vs Own: 62.5% rent · 37.5% own
• Severe rent burden: 3521.0

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: Predominantly Hispanic (67%)
• Race & ethnicity: Hispanic / Latino 67% Two or more races 36% White 20% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Cuban 27% Salvadoran 6%
• Common ancestry: Scotch-Irish 2% Romanian 2% Armenian 1%
• Foreign-born: 62% · Canada, Jamaica, Dominican Republic
• Languages at home: 18% English-only · Spanish 69% Other Indo-European 4% 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: ▼ -472.71%
• Current HPI: 336.7298
• Rent YoY: ▲ 0.44%
• 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

+1157.1% since first listed

33 events — show timeline

• 2026-05-08 Relisted — MARMLS
• 2026-04-16 Pending — MARMLS
• 2026-04-09 Contingent — MARMLS
• 2026-03-06 Price Changed $2,200,000 MARMLS
• 2026-01-17 Price Changed $2,225,000 MARMLS
• 2025-12-15 Relisted — MARMLS
• 2025-12-05 Pending — MARMLS
• 2025-12-02 Contingent — MARMLS
• 2025-09-29 Relisted — MARMLS
• 2025-09-22 Pending — MARMLS
• 2025-09-17 Price Changed $2,229,900 MARMLS
• 2025-07-30 Relisted — MARMLS
• 2025-07-23 Pending — MARMLS
• 2025-07-02 Listed $2,230,000 MARMLS
• 2025-06-09 Listing Removed — MARMLS
• 2025-04-28 Price Changed $2,280,000 MARMLS
• 2024-12-20 Price Changed $2,300,000 MARMLS
• 2024-10-30 Relisted — MARMLS
• 2024-10-22 Contingent — MARMLS
• 2024-09-25 Price Changed $2,450,000 MARMLS
• 2024-09-20 Relisted — MARMLS
• 2024-09-09 Pending — MARMLS
• 2024-08-08 Listed $2,500,000 MARMLS
• 2024-07-22 Listing Removed — MARMLS
• 2024-04-23 Relisted — MARMLS
• 2024-04-23 Price Changed $2,500,000 MARMLS
• 2024-04-08 Contingent — MARMLS
• 2024-03-31 Pending — MARMLS
• 2024-03-25 Contingent — MARMLS
• 2024-01-08 Relisted — MARMLS
• 2023-06-21 Listed $2,200,000 MARMLS
• 1989-04-04 Sold (Public Records) $205,000 Public Records
• 1987-04-01 Sold (Public Records) $175,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $26,782 · +5.8% YoY. Source: county tax records.