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$990,000

For Sale - Active
5660 Collins Ave Apt 15B, Miami Beach, FL 33140
2 Beds
3 Baths
2,210 Square Feet
0.00 Acres Lot
Built in 1970
For Sale - Active
Units n/a
Checked: 7 hours ago
Updated: May 20, 2025 at 06:08PM

Investment Summary


Monthly Cash Flow
-$3,755
Cap Rate
1.6%
Cash-on-Cash Return
-19.8%
Debt Coverage Ratio
0.26
Internal Rate of Return (5 years)
-15.1%

Property Description


0.00 Acres Lot
Built in 1970
For Sale - Active
Units n/a

This stunning Miami Beach condo on the 15th floor offers breathtaking ocean and canal views. Featuring two spacious bedrooms, an office space that ca be converted to another bedroom, two and a half luxurious bathrooms, and elegant marble flooring throughout, it combines style and comfort in an unbeatable location. High above the city, this property offers a serene escape with panoramic water views, perfect for enjoying the vibrant Miami lifestyle. This condo offers a fantastic range of amenities, including a heated swimming pool for year-round enjoyment, a fully equipped gym, a stylish party room for hosting events, and convenient valet service. Perfect for those looking for comfort, convenience, and an active lifestyle!

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Location


Property Details


Parking

  • Description: OneSpace
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Partial): 1
  • # of Baths (Total): 3.0

Interior Features

  • # of Stories: 21

HOA

  • Has HOA: Yes
  • HOA Fee: $2,500/monthly

Land Information

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

Lot Information

  • Parcel ID: 0232110230620
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 1970

Tax Information

  • Annual Tax: $12,162

Utilities

  • Heating: Central
  • Cooling: Central Air

Location

  • County: Miami Dade

Listing Details


Listed by:
Luciana Farias
Keller Williams Eagle Realty
(305) 922-4515

Source:
MIAMI REALTORS MLS
MLS#: A11805755
MIAMI REALTORS MLS

Investment Summary


Monthly Cash Flow
-$3,755
Cap Rate
1.6%
Cash-on-Cash Return
-19.8%
Debt Coverage Ratio
0.26
Internal Rate of Return (5 years)
-15.1%

Purchase Details

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Purchase price:
$990,000
Amount financed:
-$792,000
Down payment:
$198,000
Closing costs:
$29,700
Rehab costs:
$0
Initial cash invested:
$227,700
Square feet:
2,210
Cost per square foot:
$448
Monthly rent per square foot:
$3.17

Financing Details

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Loan amount:
$792,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$5,071
Property tax:
$1,014
Insurance:
$490
Private mortgage insurance (PMI):
$0
Monthly payment:
$6,575

Operating Income

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% Rent Monthly Yearly
Gross rent:
$7,000 $84,000
Vacancy loss: (6%)
6% -$420 -$5,040
Operating income:
$6,580 $78,960

Operating Expenses


% Rent Monthly Yearly
Property taxes: (14%)
14%-$1,014-$12,162
Insurance: (7%)
7%-$490-$5,880
Property management: (8%)
8%-$560-$6,720
Repairs & maintenance: (5%)
5%-$350-$4,200
Capital expenditures: (5%)
5%-$350-$4,200
HOA fees: (36%)
36%-$2,500-$30,000
Total operating expenses: (75%)
75%-$5,264-$63,162

Cash Flow


Monthly Yearly
Net operating income:
$1,316 $15,792
Mortgage payments:
-$5,071 -$60,852
Cash flow:
$3,755 $45,060