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$575,000

For Sale - Active
2655 Collins Ave Apt 904, Miami Beach, FL 33140
1 Bed
2 Baths
1,190 Square Feet
0.00 Acres Lot
Built in 1973
For Sale - Active
Units n/a
Checked: 11 hours ago
Updated: Apr 22, 2025 at 03:49PM

Investment Summary


Monthly Cash Flow
-$1,960
Cap Rate
2.1%
Cash-on-Cash Return
-17.8%
Debt Coverage Ratio
0.33
Internal Rate of Return (5 years)
-13.2%

Property Description


0.00 Acres Lot
Built in 1973
For Sale - Active
Units n/a

Best price for a premium line unit with Ocean & Intracostal views right on the beach! Huge 1,190 sqft 1-BR, 1.5-bath with renovated baths & den for a 2nd BR or office. Porcelain tiles all through out. Freshly painted with a large balcony offering direct ocean views. Impact windows & doors ensure safety. Gourmet kitchen with quartz counter tops and SS apps. Enjoy resort-style amenities: 24 hr security on-site gym, pool, sauna, bicycle storage, & community room, covered garage parking. A short walk on the beach to the Faena, Lincoln Road, Ocean Dr, & more. A short drive to Downtown, Brickell, Design District/Wynwood. Rental minimum of 90 days per year and immediate rental availability. The 2025 budget is approved with full reserves. SPECIAL ASSESSMENTS ALL PAID! Easy to make 2 full bedrooms!

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Location


Property Details


Parking

  • Details: Attached, Covered, Garage
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 1

Bathroom Information

  • # of Baths (Full): 1
  • # of Baths (Partial): 1
  • # of Baths (Total): 2.0

Interior Features

  • # of Stories: 25

HOA

  • Has HOA: Yes
  • HOA Fee: $1,220/monthly

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 0232260040640
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Style: HighRise
  • Year Built: 1973

Tax Information

  • Annual Tax: $3,344

Utilities

  • Heating: Central
  • Cooling: Central Air, Ceiling Fan(s)

Location

  • County: Miami Dade

Listing Details


Listed by:
Ricky Kallabat PA
Keller Williams Capital Realty
(305) 747-5117

Source:
MIAMI REALTORS MLS
MLS#: A11768218
MIAMI REALTORS MLS

Investment Summary


Monthly Cash Flow
-$1,960
Cap Rate
2.1%
Cash-on-Cash Return
-17.8%
Debt Coverage Ratio
0.33
Internal Rate of Return (5 years)
-13.2%

Purchase Details

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Purchase price:
$575,000
Amount financed:
-$460,000
Down payment:
$115,000
Closing costs:
$17,250
Rehab costs:
$0
Initial cash invested:
$132,250
Square feet:
1,190
Cost per square foot:
$483
Monthly rent per square foot:
$3.03

Financing Details

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Loan amount:
$460,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$2,945
Property tax:
$279
Insurance:
$252
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,476

Operating Income

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% Rent Monthly Yearly
Gross rent:
$3,600 $43,200
Vacancy loss: (6%)
6% -$216 -$2,592
Operating income:
$3,384 $40,608

Operating Expenses


% Rent Monthly Yearly
Property taxes: (8%)
8%-$279-$3,344
Insurance: (7%)
7%-$252-$3,024
Property management: (8%)
8%-$288-$3,456
Repairs & maintenance: (5%)
5%-$180-$2,160
Capital expenditures: (5%)
5%-$180-$2,160
HOA fees: (34%)
34%-$1,220-$14,640
Total operating expenses: (67%)
67%-$2,399-$28,784

Cash Flow


Monthly Yearly
Net operating income:
$985 $11,820
Mortgage payments:
-$2,945 -$35,340
Cash flow:
$1,960 $23,520