235 18th St · Miami Beach, FL 33139

$3,950,000

12 bd · 12.0 ba · 3,881 sqft · MultiFamily public records · 32 Days on market

Built 1937

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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 +19.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.2/10.0
• 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: 12 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

Boutique 18 Miami Beach – Fully renovated 12-unit licensed hospitality property located steps from the beach and the east end of Lincoln Road in the heart of Miami Beach’s rapidly evolving Collins Park district. Renovated in 2015 and currently operated as a boutique hotel under a master lease structure generating stable in-place income. Positioned near luxury hotels, the Convention Center, Collins Avenue, Ocean Drive, and major lifestyle destinations driving year-round tourism demand. The surrounding area is undergoing over $4 billion in luxury residential, hospitality, retail, and infrastructure investment, further strengthening long-term value and hospitality demand. Existing

Key facts

• Fully renovated
• Steps from the beach
• Near luxury hotels

Tags

• FULLY RENOVATED
• LICENSED HOSPITALITY PROPERTY
• STEPS FROM THE BEACH
• OPERATED AS A BOUTIQUE HOTEL
• NEAR LUXURY HOTELS
• EXISTING HOTEL LICENSING

Property features AI

Finance

• Other: Rent includes cable TV
• Financial info: Annual tax amount listed

Exterior

• Utilities: Public water; Public sewer; Cable not available
• Home design: Two-story property; Effective year built (updated)
• Construction: Effective year built noted
• Exterior features: Lot smaller than a quarter acre

Interior

• Bedrooms: 2-story home
• Heating & cooling: Central air conditioning
• Interior features: Central air conditioning

What this means for you Summary

Snapshot

• This is a 12 × 1-bed/1-bath units multifamily listed at $3.95M.

Deal economics

• At list price, monthly cash flow is $5k ($57k/yr) — positive. Per door: $396/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 $3.63M (8.0% below list).
• Recommended offer: $3.63M (8.0% 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.
• 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; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $36,335/mo this rent would consume 625% 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 $27k of loan paydown is wiped out by about $86k 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 32 days — a 3% lower offer ($3.83M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $1.96M; list at $3.95M implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,633,500 (8.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 8% 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 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.92% ✗
• Cap rate: 7.74%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 9.1

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: -7.3%
• Equity multiple: 0.72×
• Total profit: $-309,638
• Equity at exit: $733,456

10-year hold

• IRR: -2.3%
• Equity multiple: 0.84×
• Total profit: $-177,655
• Equity at exit: $594,980

Cash invested: $1,106,000 (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: 108.7×

Monthly cashflow live

• Estimated rent: $36,335 medium
• Mortgage (P&I): −$20,714
• Tax from tax record: −$1,594 /mo · $19,123/yr
• Insurance: −$1,646
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,630
• Net cashflow: $4,751

Break-even live

Break-even rent $30,321

Max offer price $3,950,000

Occupancy floor 82%

Sensitivity live

Price	-10% $6,987	-5% $5,869	+0% $4,751	+5% $3,633	+10% $2,515
Rent	-10% $1,881	-5% $3,316	+0% $4,751	+5% $6,186	+10% $7,621
Rate	-1.0pp $6,740	-0.5pp $5,756	base $4,751	+0.5pp $3,727	+1.0pp $2,686

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

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$36,336
Total (12 units)			$36,335

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: $987,500
• Closing costs: $118,500
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $3,950,000 Active 32 DOM
2. 2026-06-18
   days on market $3,950,000 Active 29 DOM
3. 2026-06-17
   days on market $3,950,000 Active 28 DOM
4. 2026-06-16
   days on market $3,950,000 Active 27 DOM
5. 2026-06-15
   days on market $3,950,000 Active 26 DOM
6. 2026-06-13
   days on market $3,950,000 Active 24 DOM
7. 2026-06-09
   days on market $3,950,000 Active 20 DOM
8. 2026-06-08
   days on market $3,950,000 Active 19 DOM
9. 2026-06-07
   days on market $3,950,000 Active 18 DOM
10. 2026-06-04
    days on market $3,950,000 Active 15 DOM
11. 2026-06-03
    days on market $3,950,000 Active 14 DOM
12. 2026-06-02
    days on market $3,950,000 Active 13 DOM
13. 2026-06-01
    days on market $3,950,000 Active 12 DOM
14. 2026-05-31
    days on market $3,950,000 Active 11 DOM
15. 2026-05-20
    listed $3,950,000 Active
16. 2016-06-09
    historical
17. 2016-03-09
    listed $4,950,000
18. 2006-01-11
    soldstatus $1,957,000
19. 2004-09-28
    soldstatus $1,015,000
20. 2001-05-21
    soldstatus $411,300
21. 1973-07-01
    soldstatus $129,000
22. 1972-07-01
    soldstatus $122,500

ⓘ 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: $19,123 · $1,594/mo
• Projected year-2 tax: $32,785 · $2,732/mo
• Expected delta: +$13,662/yr (+$1,138/mo · 71.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $436,020
• − Mortgage interest: −$221,261
• − Property taxes: −$19,123
• − Insurance: −$19,750
• − Repairs & maintenance: −$34,882
• − Management: −$34,882
• − Depreciation: −$114,909
• Taxable loss: −$8,787
• Est. tax savings @ 24.0%: +$2,109
• After-tax cash flow: $59,121/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

+3124.5% since first listed

8 events — show timeline

• 2026-05-20 Listed $3,950,000 MARMLS
• 2016-06-09 Listing Removed — MARMLS
• 2016-03-09 Listed $4,950,000 MARMLS
• 2006-01-11 Sold (Public Records) $1,957,000 Public Records
• 2004-09-28 Sold (Public Records) $1,015,000 Public Records
• 2001-05-21 Sold (Public Records) $411,300 Public Records
• 1973-07-01 Sold (Public Records) $129,000 Public Records
• 1972-07-01 Sold (Public Records) $122,500 Public Records

Property tax history

+6.2%/yr

Latest (2015): $19,123 · +5.0% YoY. Source: county tax records.