luxury estate for sale at 1029 94th Street, Bay Harbor Islands, FL — Miami-Dade County1 / 45
luxury

$6,250,000

1029 94th Street, Bay Harbor Islands, FL 33154

Bay Harbor Islands, FL, 33154

— bd · — ba · 8,230 sqft

Listed by MSP Group, LLC

Estimated monthly payment

$42,321/mo

Income & expenses

12 units
Building totalsMonthlyAnnual
Gross rental income$2,091$25,092
Operating expenses (est.)$9,063$108,759
Net operating income (est.)$-6,972$-83,667

Expenses include estimated taxes, insurance, HOA and the 10% vacancy, repairs and management allowance. Loan payments are separate.

Yearly rent

$25,092

Property taxes after sale

$75,000

Florida average estimate

Insurance estimate

$31,250

South Florida average insurance estimate

$6,250,000
$5,000,000 (20% below)Asking $6,250,000

Cap rate — optimistic

-1.30%

NOI $-81,158/yr

Rent minus taxes, insurance and HOA.

Cap rate — conservative

-1.34%

NOI $-83,667/yr

Also minus 10% for vacancy, repairs and management.

Cash flow with a loan

20% · $1,250,000
0%50%100%
Loan payment $389,159/yr
Cash flow $-472,826/yr
Cap rate -1.34%
Cash-on-cash -37.83%
Cash flow ÷ price -7.57%

Conservative net operating income minus a 30-year loan payment at the price tested above.

Rent figures come from the listing. Taxes are estimated at the tested price, since Florida taxes reset on sale. Planning estimate only, not a quote. Actual premiums depend on roof age, wind mitigation, flood zone, claims history and the carrier. Verify all income and expenses with the seller's rent roll before writing an offer. Estimate only, not guaranteed. Verify before you buy or sell.

Know your costs before you buy

Work through three numbers: your estimated monthly payment, the cash needed at closing, and insurance & flood.

Estimated monthly payment $42,321/mo · principal, interest, taxes, insurance and HOA. Verify before you buy.

About this home

Find similar homes

Harbor Lofts, located at 1029 94th Street, is a 12-unit multifamily investment opportunity ideally situated in Bay Harbor Islands, one of Miami-Dade County’s most supply-constrained submarkets. Constructed in 1951 and substantially renovated, inside and out in recent years, the property is situated on an 11,250 SF (0.26-acre) lot and comprises 8,230 SF of net rentable living space across two stories.The unit mix consists of eleven (11) one-bedroom/one-bathroom units averaging approximately 680 SF, currently achieving average in-place rents of $2,091 per month, and one (1) two-bedroom/one-bathroom unit averaging approximately 750 SF, currently achieving $2,300 per month. Monthly rent at the property is inclusive of water and trash, with tenants responsible for their own gas and electricity.The property is zoned RM-2 under the Town of Bay Harbor Islands zoning code, which permits multifamily density of up to 34 dwelling units per acre as of right and up to 60 units per acre with bonuses. The existing rent roll positions the asset for a durable cash-flowing hold, while preserving long-term optionality for an investor to pursue increased density through the appropriate entitlement processes.

Good deal

Why we flagged this one

A transparent review of current MLS facts—not a paid placement.

  • 115 days on market

    Longer time on market usually means the seller is more open to negotiating on price and terms.

Price reductions and days on market come from this listing's MLS record. This is an initial market signal, not a formal appraisal or full comparable market analysis.

Your costs (est.)

≈ $42,321/mo

1029 94th Street, Bay Harbor Islands, FL 33154 · Bay Harbor Islands

Location

1029 94th Street, Bay Harbor Islands, FL 33154

Simon Gedz, South Florida luxury real estate specialist

Simon Gedz

Realtor® since 1995

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