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$359,000

For Sale - Active
7430 Miami Lakes Dr Apt E110, Miami Lakes, FL 33014
2 Beds
2 Baths
1,030 Square Feet
0.00 Acres Lot
Built in 1967
For Sale - Active
Units n/a
Checked: 14 hours ago
Updated: May 28, 2025 at 03:16AM

Investment Summary


Monthly Cash Flow
-$816
Cap Rate
3.5%
Cash-on-Cash Return
-11.9%
Debt Coverage Ratio
0.56
Internal Rate of Return (5 years)
-7.5%

Property Description


0.00 Acres Lot
Built in 1967
For Sale - Active
Units n/a

2/2 Coner unit, WITHIN WALKING DISTANCE to major shopping center, schools, right next to 826 palmetto expressway, impact windows and sliding door, stainless steel appliances, granite counter, pool, tennis court, small childrens park.

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Location


Property Details


Parking

  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

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

Interior Features

  • # of Stories: 3

HOA

  • Has HOA: Yes
  • HOA Fee: $534/monthly

Land Information

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

Lot Information

  • Parcel ID: 3220230291180
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Year Built: 1967

Tax Information

  • Annual Tax: $762

Utilities

  • Heating: Central, Electric
  • Cooling: Central Air, Electric

Location

  • County: Miami Dade

Listing Details


Listed by:
Caridad San
Timeless Realty & Associates LLC
(786) 302-3534

Source:
MIAMI REALTORS MLS
MLS#: A11773866
MIAMI REALTORS MLS

Investment Summary


Monthly Cash Flow
-$816
Cap Rate
3.5%
Cash-on-Cash Return
-11.9%
Debt Coverage Ratio
0.56
Internal Rate of Return (5 years)
-7.5%

Purchase Details

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Purchase price:
$359,000
Amount financed:
-$287,200
Down payment:
$71,800
Closing costs:
$10,770
Rehab costs:
$0
Initial cash invested:
$82,570
Square feet:
1,030
Cost per square foot:
$349
Monthly rent per square foot:
$2.33

Financing Details

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Loan amount:
$287,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.810%
Principal & interest:
$1,874
Property tax:
$64
Insurance:
$168
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,106

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,400 $28,800
Vacancy loss: (6%)
6% -$144 -$1,728
Operating income:
$2,256 $27,072

Operating Expenses


% Rent Monthly Yearly
Property taxes: (3%)
3%-$64-$762
Insurance: (7%)
7%-$168-$2,016
Property management: (8%)
8%-$192-$2,304
Repairs & maintenance: (5%)
5%-$120-$1,440
Capital expenditures: (5%)
5%-$120-$1,440
HOA fees: (22%)
22%-$534-$6,408
Total operating expenses: (50%)
50%-$1,198-$14,370

Cash Flow


Monthly Yearly
Net operating income:
$1,058 $12,696
Mortgage payments:
-$1,874 -$22,488
Cash flow:
$816 $9,792