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$1,149,000

For Sale - Active
6365 Collins Ave Apt 907, Miami Beach, FL 33141
2 Beds
2 Baths
1,322 Square Feet
0.00 Acres Lot
Built in 2004
For Sale - Active
Units n/a
Checked: 3 hours ago
Updated: Jun 13, 2025 at 03:30AM

Investment Summary


Monthly Cash Flow
-$4,962
Cap Rate
1.0%
Cash-on-Cash Return
-22.5%
Debt Coverage Ratio
0.16
Internal Rate of Return (5 years)
-17.7%

Property Description


0.00 Acres Lot
Built in 2004
For Sale - Active
Units n/a

SELLER MOTIVATED!! $100,000 PRICE REDUCTION, LOWEST PRICED PER SQ. FT. 2/2 CORNER UNIT WITH WRAP-AROUND BALCONY ON THE OCEAN IN MIAMI BEACH FOR A 2004 BUILD! PERFECT FOR INVESTORS, STAINLESS STEEL APPLIANCES WITH WASHER/DRYER IN UNIT, BREAKFAST AREA, MULTIPLE BALCONY ENTRANCES FROM YOUR SPACIOUS LIVING/DINING ROOM & 2ND BEDROOM PLUS SEPARATE BALCONY FROM MASTER BEDROOM WITH SIDE OCEAN VIEWS, SUN-FILLED. AMENITIES INCLUDE BEACH CHAIRS, NEW 2025 POOL & OUTDOOR GAZEBO, OCEANFRONT STATE OF THE ART FITNESS CENTER, BANQUET HALL, CONFERENCE ROOM, MASSAGE ROOM, HIS/HER SPA/SAUNA, RACQUETBALL / BASKETBALL & TENNIS COURTS, BBQ GRILLS, AND PUTTING GREEN. CAN RENT 12X PER YEAR MINIMUM 30 DAYS. BRING OFFERS, THE POOL IS OPEN!

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Location


Property Details


Parking

  • Description: OneSpace, Valet
  • Details: Valet
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Stories: 47

Exterior Features

  • Pool Community: Yes

HOA

  • Has HOA: Yes
  • HOA Fee: $1,814/monthly

Land Information

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

Lot Information

  • Parcel ID: 0232110732140
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 2004

Tax Information

  • Annual Tax: $12,685

Utilities

  • Heating: Central
  • Cooling: Central Air

Location

  • County: Miami Dade

Listing Details


Listed by:
Steven Grossman P.A.
LoKation
(305) 319-0879

Source:
MIAMI REALTORS MLS
MLS#: A11383191
MIAMI REALTORS MLS

Investment Summary


Monthly Cash Flow
-$4,962
Cap Rate
1.0%
Cash-on-Cash Return
-22.5%
Debt Coverage Ratio
0.16
Internal Rate of Return (5 years)
-17.7%

Purchase Details

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Purchase price:
$1,149,000
Amount financed:
-$919,200
Down payment:
$229,800
Closing costs:
$34,470
Rehab costs:
$0
Initial cash invested:
$264,270
Square feet:
1,322
Cost per square foot:
$869
Monthly rent per square foot:
$4.16

Financing Details

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Loan amount:
$919,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$5,886
Property tax:
$1,057
Insurance:
$385
Private mortgage insurance (PMI):
$0
Monthly payment:
$7,328

Operating Income

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% Rent Monthly Yearly
Gross rent:
$5,500 $66,000
Vacancy loss: (6%)
6% -$330 -$3,960
Operating income:
$5,170 $62,040

Operating Expenses


% Rent Monthly Yearly
Property taxes: (19%)
19%-$1,057-$12,685
Insurance: (7%)
7%-$385-$4,620
Property management: (8%)
8%-$440-$5,280
Repairs & maintenance: (5%)
5%-$275-$3,300
Capital expenditures: (5%)
5%-$275-$3,300
HOA fees: (33%)
33%-$1,814-$21,768
Total operating expenses: (77%)
77%-$4,246-$50,953

Cash Flow


Monthly Yearly
Net operating income:
$924 $11,088
Mortgage payments:
-$5,886 -$70,632
Cash flow:
$4,962 $59,544