7124 Bay Dr · Miami Beach, FL 33141

$2,140,000

8 bd · 8.0 ba · 4,732 sqft · MultiFamily public records · 134 Days on market

Built 1940

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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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• 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

Exceptional Turnkey Investment Opportunity in Miami Beach Fully leased 8-unit multifamily property offering strong income and long-term upside. The building comprises 4 studios and 4 1BD/1BA units, all well-maintained. Property highlights include: impact windows throughout, split A/C units in every apartment, full kitchens and updated bathrooms, and upgraded electrical and plumbing systems. Succesffully Completed 40-years certification. The property offers a compelling opportunity to optimize future rent in one of Miami Beach’s most sought-after neighborhoods. Highly desirable Normandy Isles neighborhood, minutes to the beach, public transportation, shops, restaurants, and major Miami

Key facts

• Split a/c units
• Updated bathrooms
• Full kitchens

Tags

• IMPACT WINDOWS THROUGHOUT
• SPLIT A/C UNITS
• FULL KITCHENS
• UPDATED BATHROOMS
• UPGRADED ELECTRICAL SYSTEMS
• UPGRADED PLUMBING SYSTEMS

Property features AI

Finance

• Other: Property configured as eight efficiency units (unfurnished); Total area for unit type reported as 4,360 (unit type summary)
• Financial info: Rent includes gardener, sewer, trash collection, and water; Actual rent reported for unit type: $12,575 (unit type summary)

Exterior

• Parking: On-street parking; Total parking listed as 5,250 (data provided)
• Security: High impact / security doors
• Utilities: Public water; Public sewer; Cable available
• Home design: 2-story building; Effective year built; Shingle roof; Block construction
• Construction: Block construction; Shingle roof; Effective year built
• Exterior features: Patio; Security / high impact doors; Less than quarter acre lot

Interior

• Bedrooms: Eight efficiency units (total 8 bedrooms across units)
• Flooring: Hardwood; Wood; Tile
• Bathrooms: Eight full bathrooms (across units)
• Heating & cooling: Central heating; Ceiling fan(s) for cooling
• Interior features: Hardwood and wood flooring; Tile flooring; Ceiling fans

What this means for you Summary

Snapshot

• This is a 4×?bd/1.0ba + 4×1bd/1.0ba units multifamily listed at $2.14M.

Deal economics

• At list price, monthly cash flow is $5k ($58k/yr) — positive. Per door: $605/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $2.14M).
• Recommended offer: $1.88M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 flat; 644 active listings in the ZIP; 10,051 units permitted in Miami-Dade County in 2024 (7,758 in 5+ unit buildings).
• At $25,113/mo this rent would consume 438% 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 $15k of loan paydown is wiped out by about $64k 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 134 days — a 12% lower offer ($1.88M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $250k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.76M; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — 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 $1,883,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 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 1940 — 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: 1.17% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.54%
• DSCR: 1.47
• GRM: 7.1

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: -4.7%
• Equity multiple: 0.83×
• Total profit: $-101,326
• Equity at exit: $319,081

10-year hold

• IRR: 1.7%
• Equity multiple: 1.11×
• Total profit: $64,567
• Equity at exit: $185,028

Cash invested: $599,200 (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: 644
• Price-to-rent: 59.3×

Monthly cashflow live

• Estimated rent: $25,113 medium
• Mortgage (P&I): −$11,222
• Tax from tax record: −$2,463 /mo · $29,551/yr
• Insurance: −$892
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,274
• Net cashflow: $4,836

Break-even live

Break-even rent $18,991

Max offer price $2,140,000

Occupancy floor 76%

Sensitivity live

Price	-10% $6,047	-5% $5,442	+0% $4,836	+5% $4,230	+10% $3,625
Rent	-10% $2,852	-5% $3,844	+0% $4,836	+5% $5,828	+10% $6,820
Rate	-1.0pp $5,914	-0.5pp $5,380	base $4,836	+0.5pp $4,282	+1.0pp $3,717

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

Units	Beds	Baths	Est. rent
▸ 4× units	0	1	$12,036
▸ 4× units	1	1	$13,076
Total (8 units)			$25,113

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: $535,000
• Closing costs: $64,200
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $2,140,000 Active 134 DOM
2. 2026-06-17
   days on market $2,140,000 Active 133 DOM
3. 2026-06-16
   days on market $2,140,000 Active 132 DOM
4. 2026-06-15
   days on market $2,140,000 Active 131 DOM
5. 2026-06-13
   remarks 693-char remark
6. 2026-06-13
   listed $2,140,000 Active 129 DOM

ⓘ 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: $29,551 · $2,463/mo
• Projected year-2 tax: $29,551 · $2,463/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 ≥101°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: $301,356
• − Mortgage interest: −$119,873
• − Property taxes: −$29,551
• − Insurance: −$15,818
• − Repairs & maintenance: −$24,108
• − Management: −$24,108
• − Depreciation: −$62,255
• Taxable income: $25,641
• Est. tax owed @ 24.0%: −$6,154
• After-tax cash flow: $51,879/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

+2201.1% since first listed

22 events — show timeline

• 2026-06-12 Relisted — MARMLS
• 2026-04-13 Price Changed $2,140,000 MARMLS
• 2026-03-19 Price Changed $2,190,000 MARMLS
• 2026-02-04 Price Changed $2,290,000 MARMLS
• 2026-01-07 Listed $2,390,000 MARMLS
• 2024-06-28 Sold (Public Records) $1,765,000 Public Records
• 2024-02-21 Listing Removed — MARMLS
• 2024-02-12 Price Changed $1,799,000 MARMLS
• 2024-01-22 Listed $1,950,000 MARMLS
• 2023-12-07 Listing Removed — MARMLS
• 2023-09-01 Price Changed $1,975,000 MARMLS
• 2023-08-08 Listed $1,950,000 MARMLS
• 2022-03-24 Sold (Public Records) $1,100,000 Public Records
• 2019-07-11 Sold (Public Records) $1,250,000 Public Records
• 2010-06-17 Sold (Public Records) $500,000 Public Records
• 2009-10-01 Sold (Public Records) $586,500 Public Records
• 2008-03-31 Sold (Public Records) $690,000 Public Records
• 2005-07-19 Sold (Public Records) $743,500 Public Records
• 1993-12-09 Sold (Public Records) $200,000 Public Records
• 1992-10-30 Sold (Public Records) $170,000 Public Records
• 1979-08-01 Sold (Public Records) $125,000 Public Records
• 1977-02-01 Sold (Public Records) $93,000 Public Records

Property tax history

+9.0%/yr

Latest (2025): $29,551 · +4.1% YoY. Source: county tax records.