901 Pennsylvania Ave · Miami Beach, FL 33139

$3,450,000

None bd · None ba · — sqft · MultiFamily · 69 Days on market

Built 1948 ↓ 11% since listing

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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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Introducing 901 PENN, a prime South Beach investment on a 7,500 SF corner lot at Pennsylvania Ave & 9th St. This mixed-use property features six (6) apartments & four (4) ground-floor retail/office units with Washington Ave visibility, ensuring strong tenant demand. A stabilized income-generating asset offering multiple investment strategies, including retail repositioning, owner-user occupancy, or redevelopment potential. Recent capital improvements—new roof (2023), exterior paint, AC units, & more. Positioned in a high-foot-traffic area, surrounded by hotels, restaurants, shopping, and nightlife, 901 PENN benefits from unbeatable exposure and walkability. With s

Key facts

• Ground-floor retail
• Mixed-use property
• Corner lot

Tags

• CORNER LOT
• MIXED-USE PROPERTY
• GROUND-FLOOR RETAIL
• WASHINGTON AVE VISIBILITY
• RECENT CAPITAL IMPROVEMENTS
• NEW ROOF

Property features AI

Finance

• Other: Virtual tour available via external link
• Financial info: Annual tax amount reported (not included per instructions); Rent includes sewer, trash collection, and water

Exterior

• Utilities: Cable available; Public sewer
• Home design: 2-story property; Effective year built listed
• Construction: Block construction; Composition roof
• Exterior features: Less than quarter acre lot; Zoned RO

Interior

• Flooring: Concrete; Tile
• Heating & cooling: Central heating; Wall furnace; Central air conditioning; Wall/window unit(s) for cooling
• Interior features: Concrete and tile flooring

What this means for you Summary

Snapshot

• This is a multifamily listed at $3.45M.

Deal economics

• At list price, monthly cash flow is $57k ($687k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($103k rent vs $3.45M).
• Recommended offer: $3.24M (6.0% below list) — sets the bar for market timing.
• Cap rate 26.2% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $102,634/mo this rent would consume 1765% 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 $24k of loan paydown is wiped out by about $75k 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 $966k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($3.24M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask is 192101% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,243,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 2.97% ✓
• Cap rate: 26.20%
• Cash-on-cash: 71.10%
• DSCR: 4.16
• GRM: 2.8

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1150 8th St	0.44mi	—/—	5,426	5mo	$2,820,000	$520	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 68.0%
• Equity multiple: 4.01×
• Total profit: $2,905,917
• Equity at exit: $640,613

10-year hold

• IRR: 70.6%
• Equity multiple: 7.39×
• Total profit: $6,173,346
• Equity at exit: $519,666

Cash invested: $966,000 (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: 16.8×

Monthly cashflow live

• Estimated rent: $102,634 high
• Mortgage (P&I): −$18,092
• Tax est. 1.5%: −$4,312 /mo · $51,750/yr
• Insurance: −$1,438
• HOA: −$0
• Vacancy / Maint / Mgmt: −$21,553
• Net cashflow: $57,239

Break-even live

Break-even rent $30,180

Max offer price $3,450,000

Occupancy floor 39%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$102,636
Total (6 units)			$102,634

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: $862,500
• Closing costs: $103,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
937 Michigan Ave Unit 1540444P Miami Beach, FL	3.0	3.0	—	$18,194	—	24d	1	0.26mi
602 Collins Ave #602 Miami Beach, FL	3.0	3.0	1928	$23,000	$11.93	24d	1	0.30mi
1330 Ocean Dr Unit R7C Miami Beach, FL	2.0	2.5	1720	$18,500	$10.76	24d	1	0.40mi
500 Alton Rd #3905 Miami Beach, FL	3.0	3.5	1990	$24,950	$12.54	24d	1	0.56mi
500 Alton Rd #3704 Miami Beach, FL	2.0	2.5	1434	$19,000	$13.25	24d	1	0.56mi
500 Alton Rd #2702 Miami Beach, FL	3.0	3.5	2930	$39,000	$13.31	24d	1	0.56mi
501 West Ave #3404 Miami Beach, FL	2.0	2.5	1434	$22,500	$15.69	24d	1	0.57mi
1455 Ocean Dr Miami Beach, FL	2.0–3.0	2.5–4.5	1975	$19,900	$10.08	3d	2	0.58mi
1500 Ocean Dr #1202 Miami Beach, FL	3.0	3.5	2320	$20,000	$8.62	22d	1	0.60mi
400 Alton Rd #1506 Miami Beach, FL	3.0	3.0	2024	$28,795	$14.23	4d	1	0.64mi
400 Alton Rd Miami Beach, FL	2.0–3.0	2.5–3.0	2103	$27,000	$12.84	22d	2	0.64mi
1602 Meridian Ave Miami Beach, FL	4.0	1.0–3.0	917	$11,900	$12.97	14d	1	0.66mi
101 Ocean Dr #907 Miami Beach, FL	3.0	3.0	2717	$35,000	$12.88	24d	1	0.72mi
1561 Alton Ct Unit 1540456P Miami Beach, FL	3.0	3.0	—	$19,898	—	22d	1	0.75mi
1 Collins Ave #602 Miami Beach, FL	3.0	3.5	1928	$23,000	$11.93	2d	1	0.77mi
12 Collins Ave Unit 1540558P Miami Beach, FL	3.0	1.0	—	$34,190	—	22d	1	0.78mi
1000 S Pointe Dr #904 Miami Beach, FL	3.0	3.0	2190	$19,000	$8.68	24d	1	0.81mi
50 S Pointe Dr Unit LOFT5 Miami Beach, FL	3.0	3.5	1546	$22,500	$14.55	2d	1	0.84mi
50 S Pointe Dr Unit TWN1 Miami Beach, FL	3.0	3.5	2478	$32,000	$12.91	24d	1	0.84mi
50 S Pointe Dr Miami Beach, FL	2.0–3.0	2.0–4.5	2236	$20,000	$8.94	21d	4	0.84mi
50 S Pointe Dr Miami Beach, FL	2.0–3.0	2.5–4.5	2236	$20,000	$8.94	18d	3	0.84mi
50 S Pointe Dr Miami Beach, FL	2.0–3.0	2.0–4.5	2236	$20,000	$8.94	3d	6	0.84mi
300 S Pointe Dr #3502 Miami Beach, FL	3.0	2.5	1960	$21,000	$10.71	3d	1	0.85mi
300 S Pointe Dr Miami Beach, FL	2.0–3.0	2.5	2000	$18,000	$9.00	3d	2	0.85mi
100 S Pointe Dr Miami Beach, FL	3.0	3.5	1870	$27,000	$14.44	24d	1	0.89mi
100 S Pointe Dr #604 Miami Beach, FL	3.0	3.0	2292	$22,500	$9.82	24d	1	0.96mi
100 S Pointe Dr #2506 Miami Beach, FL	1.0	2.5	1870	$23,000	$12.30	24d	1	0.96mi
100 S Pointe Dr #2806 Miami Beach, FL	2.0	2.5	1870	$30,000	$16.04	12d	1	0.96mi
100 S Pointe Dr #1807 Miami Beach, FL	2.0	2.5	1870	$25,000	$13.37	3d	1	0.96mi
100 S Pointe Dr #1608 Miami Beach, FL	2.0	2.5	1757	$19,000	$10.81	8d	1	0.96mi
100 S Pointe Dr #610 Miami Beach, FL	3.0	3.0	2122	$20,000	$9.43	24d	1	0.96mi
100 S Pointe Dr #1807 Miami Beach, FL	2.0	2.5	1870	$25,000	$13.37	24d	1	0.96mi
100 S Pointe Dr #708 Miami Beach, FL	2.0	2.5	1757	$22,000	$12.52	8d	1	0.96mi
100 S Pointe Dr Unit TH13 Miami Beach, FL	3.0	3.5	2202	$22,000	$9.99	24d	1	0.96mi
100 S Pointe Dr #3701 Miami Beach, FL	2.0	2.5	1940	$24,000	$12.37	17d	1	0.96mi
100 S Pointe Dr #1608 Miami Beach, FL	2.0	2.5	1757	$18,000	$10.24	15d	1	0.96mi
100 S Pointe Dr #2101 Miami Beach, FL	2.0	2.5	1591	$21,000	$13.20	24d	1	0.96mi
100 S Pointe Dr #708 Miami Beach, FL	2.0	2.5	1757	$22,000	$12.52	24d	1	0.96mi
16 Island Ave Unit 6B Miami Beach, FL	2.0	2.5	1770	$20,000	$11.30	24d	1	1.07mi
101 20th St Miami Beach, FL	2.0–3.0	2.0–3.0	1867	$20,000	$10.71	22d	5	1.13mi

Listing history 21 events

1. 2026-06-18
   days on market $3,450,000 Active 69 DOM
2. 2026-06-17
   days on market $3,450,000 Active 68 DOM
3. 2026-06-16
   days on market $3,450,000 Active 67 DOM
4. 2026-06-15
   days on market $3,450,000 Active 66 DOM
5. 2026-06-13
   days on market $3,450,000 Active 64 DOM
6. 2026-06-09
   days on market $3,450,000 Active 60 DOM
7. 2026-06-08
   days on market $3,450,000 Active 59 DOM
8. 2026-06-07
   days on market $3,450,000 Active 58 DOM
9. 2026-06-04
   days on market $3,450,000 Active 55 DOM
10. 2026-06-03
    days on market $3,450,000 Active 54 DOM
11. 2026-06-02
    days on market $3,450,000 Active 53 DOM
12. 2026-06-01
    days on market $3,450,000 Active 52 DOM
13. 2026-05-31
    days on market $3,450,000 Active 51 DOM
14. 2026-05-22
    price $3,450,000
15. 2026-03-14
    listed $1,795
16. 2026-02-02
    listed $3,499,000 Active
17. 2022-03-16
    price $2,495
18. 2019-05-29
    historical
19. 2019-05-28
    listed $3,695,000
20. 2018-11-26
    historical
21. 2018-11-21
    listed $3,895,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $1,231,608
• − Mortgage interest: −$193,254
• − Property taxes: −$51,750
• − Insurance: −$17,250
• − Repairs & maintenance: −$98,529
• − Management: −$98,529
• − Depreciation: −$100,364
• Taxable income: $671,933
• Est. tax owed @ 24.0%: −$161,264
• After-tax cash flow: $525,600/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

-11.4% since first listed

8 events — show timeline

• 2026-05-22 Price Changed $3,450,000 MARMLS
• 2026-03-14 Listed for Rent $1,795 SHOWMOJO
• 2026-02-02 Listed $3,499,000 MARMLS
• 2022-03-16 Price Changed $2,495 RENT.
• 2019-05-29 Listing Removed — MARMLS
• 2019-05-28 Listed $3,695,000 MARMLS
• 2018-11-26 Listing Removed — MARMLS
• 2018-11-21 Listed $3,895,000 MARMLS