Property Report :

475 Brickell Ave , Miami, FL 33131

Real Estate Analysis

Created on: Apr 15, 2025

Author: Randall Sanz

Company: RE/MAX 5 Star Realty & The DeMarco Real

475 Brickell Ave , Miami, FL 33131

Condominium: 2 bedrooms , 2 bathrooms

Year built: 2008, Size: 1167 SF

Investment strategy: Rental Property

Purchase Price$ 875,000

Rent$ 5,000/mo

Monthly Cash Flow$ 2,253

Cash on Cash Return3.06 %

Financial Analysis

Cash on Cash Return	3.06 %
Internal Rate of Return (IRR)	4.55 %
Capitalization Rate	3.09 %
Gross Rent Multiplier (GRM)	14.58
Debt-coverage Ratio (DCR)	0.00
Operating Expense Ratio (OER)	54.94 %

Financial Breakdown

Purchase Price	$ 875,000
Purchase Costs	$ 8,750
Repair/Construction Costs	$ 0
Total Capital Needed Total Capital Needed Includes all projects costs (except selling costs). Total Capital Needed Includes all projects costs (except selling costs).	$ 883,750
Financing	$ 0
Total Cash Needed Cash out of Pocket Shows rehabber's cash outlay. Cash out of Pocket Shows rehabber's cash outlay.	$ 883,750
Cash at Closing Cash at Closing This number includes down payment and loan points. Cash at Closing This number includes down payment and loan points.	$ 0
Cash During Rehab Cash During Rehab Shows the cash amount remaining to fund the purchase and rehab/construction. Cash During Rehab Shows the cash amount remaining to fund the purchase and rehab/construction.	$ 883,750

Operating Analysis

Rent	$ 5,000/mo
Gross Operating Income (GOI)	$ 60,000
Total Expenses	$ 32,963
Net Operating Income (NOI)	$ 27,037
Annual Debt Service	$ 0
Cash Flow Before Taxes (CFBT)	$ 27,037
Income Tax Liability	$ 396
Cash Flow After Taxes (CFAT)	$ 26,642

Easy to show, please request 24 hours in advance. Spacious 2/2 unit with split bedrooms with open kitchen with top-of-the-line appliances. Main suite with walk-in closet, dual sink vanity, large master bath with separate tub and shower, and a bidet. Second bedroom with jack & jill bath. Oversized balcony with a view of the bay and pool. Icon offers a luxury lifestyle with a brand-new Olympic-size pool deck, three restaurants, a private cabana, and a poolside service. State-of-the-art gym with pilates, spinning, a 5-star SPA, jacuzzi, sauna, massage rooms, kids play areas, movie theater, party rooms, a rooftop bar & 24h concierge. Pets allowed! The unit can be rented immediately for a minimum of six months. Cable/WiFi(Hotwire) included in HOA Plus one assigned parking space!

Purchase Price	$ 875,000
Address	475 Brickell Ave , Miami, 33131, FL
MLS^® #	A11422605
Year Built	2008
Type	Condominium
Size	1167 SF
Bedrooms	2
Bathrooms	2

Property History

Date	Price	Change	Event
7/30/2023	$875,000	-7.89%	Price Down
7/24/2023	$950,000	11.76%	Price Up
7/21/2023	$850,000	-10.53%	Price Down
7/20/2023	$950,000		Listed Price

475 Brickell Ave Miami, FL 33131

$ 5,000

Rent
Condominium

Bldg type
1,167

SqFt
2

Beds
2

Baths

Your rent seems to be a good deal!

Average

$ 6,113

Median

$ 6,000

25th %

$ 5,217

75th %

$ 7,008

#	Property address	Similarity	Distance	Beds	Baths	SqFt	Date Listed	Bldg type	Rent
1	475 Brickell Ave, Apt 2009	95%	0.1mi	2	2	1,167	8/15/2023	Condo	$ 5,350
2	475 Brickell Ave, Apt 4809	95%	0.1mi	2	2	1,167	8/15/2023	Condo	$ 6,400
3	475 Brickell Ave, Apt 2209	95%	0.1mi	2	2	1,167	7/26/2023	Condo	$ 6,200
4	475 Brickell Ave, Apt 5209	95%	0.1mi	2	2	1,167	6/13/2023	Condo	$ 5,450
5	475 Brickell Ave, Apt 2409	95%	0.1mi	2	2	1,167	6/11/2023	Condo	$ 4,800
6	475 Brickell Ave, Apt 5115	95%	0.1mi	2	2	1,168	8/15/2023	Condo	$ 5,200
7	475 Brickell Ave, Apt 2815	95%	0.1mi	2	2	1,168	7/23/2023	Condo	$ 6,400
8	475 Brickell Ave, Apt 2709	95%	0.1mi	2	2	1,167	5/9/2023	Condo	$ 5,250
9	475 Brickell Ave, Apt 4315	95%	0.1mi	2	2	1,168	7/4/2023	Condo	$ 5,550
10	475 Brickell Ave, Apt 2915	95%	0.1mi	2	2	1,168	7/10/2023	Condo	$ 5,800

You can edit, sort, drag and reorder suggested comps below. Select the comps you want to include in the report. You can also add comps manually.

Property address	Similarity	Distance	Beds	Baths	SqFt	Date Listed	Bldg type	Rent
475 Brickell Ave, Apt 2009	95%	0.1mi	2	2	1,167	8/15/2023	Condo	$ 5,350
475 Brickell Ave, Apt 4809	95%	0.1mi	2	2	1,167	8/15/2023	Condo	$ 6,400
475 Brickell Ave, Apt 2209	95%	0.1mi	2	2	1,167	7/26/2023	Condo	$ 6,200
475 Brickell Ave, Apt 5209	95%	0.1mi	2	2	1,167	6/13/2023	Condo	$ 5,450
475 Brickell Ave, Apt 2409	95%	0.1mi	2	2	1,167	6/11/2023	Condo	$ 4,800
475 Brickell Ave, Apt 5115	95%	0.1mi	2	2	1,168	8/15/2023	Condo	$ 5,200
475 Brickell Ave, Apt 2815	95%	0.1mi	2	2	1,168	7/23/2023	Condo	$ 6,400
475 Brickell Ave, Apt 2709	95%	0.1mi	2	2	1,167	5/9/2023	Condo	$ 5,250
475 Brickell Ave, Apt 4315	95%	0.1mi	2	2	1,168	7/4/2023	Condo	$ 5,550
475 Brickell Ave, Apt 2915	95%	0.1mi	2	2	1,168	7/10/2023	Condo	$ 5,800
		0.0mi			0			$ 0

Comps selected: 10

Annual Property Operating Data

Incomes		% of GOI
Gross Scheduled Income Gross Scheduled Income (GSI) Represents the total of monthly rents for the particular property, including the potential rents from vacant units and uncollectable rents. Gross Scheduled Income (GSI) Represents the total of monthly rents for the particular property, including the potential rents from vacant units and uncollectable rents.	$ 60,000
Total Gross Income	$ 60,000
Vacancy loss Vacancy and Credit Loss Part of the potential rental income that is lost because of unoccupied units or uncollectable rent from tenants. Vacancy and Credit Loss Part of the potential rental income that is lost because of unoccupied units or uncollectable rent from tenants.	$ 0
Gross Operating Income Gross Operating Income (GOI) An actual income which is expected to be collected in the property. Gross Operating Income (GOI) An actual income which is expected to be collected in the property.	$ 60,000	100.00 %
Expenses Operating Expenses Expenses necessary for maintaining the property and ensuring its continued ability to produce income (doesn't include mortgage payments or depreciation). Operating Expenses Expenses necessary for maintaining the property and ensuring its continued ability to produce income (doesn't include mortgage payments or depreciation).
Association fees	$ 14,916	24.86 %
Property tax	$ 18,047	30.08 %
Total Expenses	$ 32,963	54.94 %
Net Operating Income Net Operating Income (NOI) Important measurement calculated as gross operating income minus operating expenses. Net Operating Income (NOI) Important measurement calculated as gross operating income minus operating expenses.	$ 27,037	45.06 %

Cash Flow (Year 1)

Net Operating Income	$ 27,037	45.06 %
Annual Debt Service	$ 0	0.00 %
Cash Flow Before Taxes (CFBT) Cash Flow All the inflows and outflows of cash for a certain property (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property. Cash Flow All the inflows and outflows of cash for a certain property (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property.	$ 27,037	45.06 %
Income Tax Liability	$ 396	0.66 %
Cash Flow After Taxes (CFAT) Cash Flow All the inflows and outflows of cash (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property. Cash Flow All the inflows and outflows of cash (including mortgage payments). We can calculate cash flow before taxes (CFBT) or cash flow after taxes (CFAT) which is CFBT minus any tax liability arising from the operation of the property.	$ 26,642	44.40 %

Operating Ratios

Operating Expense Ratio Operating Expense Ratio Ratio of the operating expenses to the gross operating income (GOI). Operating Expense Ratio Ratio of the operating expenses to the gross operating income (GOI).	54.94 %
Break-Even Ratio Break-Even Ratio (BER) Another benchmark used by mortgage lenders, estimating how vulnerable is a certain property to defaulting on its mortgage if part of the rental income is declined. Most of the lenders are looking for BER of 85% or less. Break-Even Ratio (BER) Another benchmark used by mortgage lenders, estimating how vulnerable is a certain property to defaulting on its mortgage if part of the rental income is declined. Most of the lenders are looking for BER of 85% or less.	54.94 %

Financial Measures

Net Present Value Net Present Value (NPV) Probably the best measure of any investment thanks to its complexity; taking into account all future cash flows including the selling price, and it converts all these amounts to their present values using discount rate required by the investor. More information and an example on the blog. Net Present Value (NPV) Probably the best measure of any investment thanks to its complexity; taking into account all future cash flows including the selling price, and it converts all these amounts to their present values using discount rate required by the investor. More information and an example on the blog.	$ -17,905
Internal Rate of Return Internal Rate of Return (IRR) Rate which an investment will return over the estimated period of ownership. It is in fact the discount rate that produces NPV of zero. Internal Rate of Return (IRR) Rate which an investment will return over the estimated period of ownership. It is in fact the discount rate that produces NPV of zero.	4.55 %
Profitability Index Profitability Index Similar to NPV, also calculates with the present values of future cash flows and discount rate. It shows whether the present value of the cash flows is worth the initial investment. Good investment should be above 1.0 Profitability Index Similar to NPV, also calculates with the present values of future cash flows and discount rate. It shows whether the present value of the cash flows is worth the initial investment. Good investment should be above 1.0	0.98
Annual Depreciation	$ 25,455

Holding period of 5 years and discount rate of 5.00% were used for calculation of NPV and IRR. The rest of the financial measures are for the 1st year only and therefore don't provide such an exact information.

Investment Return Ratios

Cash on Cash Return Cash on Cash Return Ratio between annual cash flow before taxes and the total initial investment, expressed as a percentage. It does not take in account the future value of money. Cash on Cash Return Ratio between annual cash flow before taxes and the total initial investment, expressed as a percentage. It does not take in account the future value of money.	3.06 %
Return on Investment Return on Investment Very similar to Cash on Cash Return, but also takes in account appreciation of the property in the first year. Return on Investment Very similar to Cash on Cash Return, but also takes in account appreciation of the property in the first year.	6.03 %
Capitalization Rate Capitalization Rate Calculated as ratio of the net operating income and the value of the property. Capitalization Rate Calculated as ratio of the net operating income and the value of the property.	3.09 %
Gross Rental Yield Gross Rental Yield Used for a particular property or also as a market indicator when using median values of rent and house prices - counted from gross scheduled rent and initial investment. Gross Rental Yield Used for a particular property or also as a market indicator when using median values of rent and house prices - counted from gross scheduled rent and initial investment.	6.86 %
Gross Rent Multiplier Gross Rent Multiplier (GRM) Counted as a ratio of market value of the property and gross scheduled income. Gross Rent Multiplier (GRM) Counted as a ratio of market value of the property and gross scheduled income.	14.58

There is no financing selected in this deal.

This chart shows the process of accumulation of investor's equity. There is some equity created right at the beginning with the rehab/construction and later investor's equity is rising by paying off the principal of the loan and also by appreciation over the years. All the green parts is the cummulative equity belonging to the investor and the red part belongs to the lender.

Year	0	1	2	3	4	5
Operational Analysis
Gross Scheduled Income	0	60,000	61,200	62,424	63,672	64,946
Vacancy Loss	0	0	0	0	0	0
Gross Operating Income	0	60,000	61,200	62,424	63,672	64,946
Expenses	0	32,963	33,622	34,295	34,981	35,680
Net Operating Income	0	27,037	27,578	28,129	28,692	29,266
Cash Flow
Repairs/Construction	0	0	0	0	0	0
Cash Flow Before Taxes	-883,750	27,037	27,578	28,129	28,692	29,266
Depreciation	0	25,455	25,455	25,455	25,455	25,455
Taxes	0	396	531	669	809	953
Cash Flow After Taxes	-883,750	26,642	27,047	27,461	27,883	28,313

Note: All amounts in the table above are in $

Resale Price Evaluation Methods

The property is sold after 5 years. Below is the resale price calculated using different methods.

Appreciation (3.00%)	$ 1,014,365
Cap Rate (3.09%) & NOI	$ 947,111
Gross Rent Multiplier	$ 946,912

Sale Proceeds

Projected Selling Price	$ 1,014,365
Costs of Sale (6.00%)	$ 60,862
Net Sale Proceeds Before Tax	$ 953,503

In the resale analysis we do not include any calculation for taxes that might be owed on sale of the property. The tax laws for the resale are rather complex and subjected to frequent changes.

Net Assets and Yield

Net Assets
Sale Proceeds Before Tax	$ 953,503
Investor Cash Outlay	$ 883,750
Net Assets	$ 69,753
Average Yield
Annual Net Assets	$ 13,951
Average Cash Flow (After Taxes)	$ 21,806
Average Annual Gain (After Taxes)	$ 35,757
Average Annual Yield (After Taxes)	4.09 %

This charts shows Net Present Value (NPV) when property is sold in various years, i.e. when sold in 5th year, the NPV is calculated from 5 years of Cash Flow (including the selling price) and this NPV is displayed in year 5. Optimal holding period can be estimated, using this method - when NPV is the highest. Please note that appreciation growth can change these numbers greatly. It sometimes makes sense to sell the property even before the end of the mortgage term.

Property Report: 475 Brickell Ave , Miami RENTAL

Property Report :

475 Brickell Ave , Miami, FL 33131

Executive Summary

475 Brickell Ave , Miami, FL 33131

Financial Analysis

Financial Breakdown

Total Capital Needed

Total Capital Needed

Cash out of Pocket

Cash out of Pocket

Cash at Closing

Cash at Closing

Cash During Rehab

Cash During Rehab

Operating Analysis

Property Description

Property History

Comparative Rental Analysis

$ 5,000

Rent

Condominium

Bldg type

1,167

SqFt

2

Beds

2

Baths

Rentometer®

Rentometer®

Operating Analysis

Annual Property Operating Data

Gross Scheduled Income (GSI)

Gross Scheduled Income (GSI)

Vacancy and Credit Loss

Vacancy and Credit Loss

Gross Operating Income (GOI)

Gross Operating Income (GOI)

Operating Expenses

Operating Expenses

Net Operating Income (NOI)

Net Operating Income (NOI)

Cash Flow (Year 1)

Cash Flow

Cash Flow

Cash Flow

Cash Flow

Operating Ratios

Operating Expense Ratio

Operating Expense Ratio

Break-Even Ratio (BER)

Break-Even Ratio (BER)

Financial Analysis

Financial Measures

Net Present Value (NPV)

Net Present Value (NPV)

Internal Rate of Return (IRR)

Internal Rate of Return (IRR)

Profitability Index

Profitability Index

Investment Return Ratios

Cash on Cash Return

Cash on Cash Return

Return on Investment

Return on Investment

Capitalization Rate

Capitalization Rate

Gross Rental Yield

Gross Rental Yield

Gross Rent Multiplier (GRM)

Gross Rent Multiplier (GRM)

Financing Overview

Long-term Cash Flow Forecast

Resale Analysis

Resale Price Evaluation Methods

Sale Proceeds

Net Assets and Yield

Rentometer^®

Rentometer^®