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South of Fifth Studio for $230k (Co-Op, Cash Only, $1,800/mo Tenant in Place) – Numbers Breakdown
Hey everyone, sharing a breakdown on a turn-key studio listing in South of Fifth (401 Collins Ave #21). Given how tough it is to find anything in SoBe under $250k, I wanted to post the raw numbers and rules for anyone looking for a beach pad or steady long-term rental.
Quick Summary
- Location: 401 Collins Ave #21 (1 block off the beach / South Pointe area)
- Price: $230,000 (Cash Only – Co-Op structure)
- Size: Studio / 1 Bath (~440 sq ft)
- Status: Fully furnished, in-unit washer/dryer, high-impact windows. Tenant currently month-to-month at $1,800/mo (can keep tenant or deliver vacant).
The Financials
- Purchase Price: $230,000
- HOA / Maintenance: $316/month ($3,792/year)
- Property Taxes: ~$3,042/year (2025 tax bill)
- Total Fixed Overhead: ~$6,834/year ($569/month)
Rental Yield Breakdown
- Gross Income: $1,800/mo = $21,600/year
- Net Income (Pre-Insurance/CapEx): $21,600 - $6,834 = $14,766/year
- Unleveraged Cap Rate: ~6.4%
The Fine Print / Caveats (Read Before DMing)
- Co-Op / Cash Only: Traditional mortgages won't clear this due to the Co-Op structure. You need liquid cash.
- Not an Airbnb: Rental restrictions are 180-day minimum (max 2 leases per year). Requires board approval (1–2 weeks).
- Street Parking Only: No assigned spot.
- No Pets: Per building rules.
What do you guys think of this deal? For anyone tracking SoBe, is ~6.4% cap rate on a cash-only Co-Op worth the 180-day rental restriction, or are buyers better off looking further north for short-term flexibility?
Open to thoughts from local investors or anyone who owns in a Co-Op setup down here.
— Juan Ruiz | XLS Realty LLC | (305) 282-5725
u/MiamiBeachProperties — 8 days ago