# Boulan Beach Resort *Investment Analysis*

> Source: https://bluebaybrokers.com/boulan-miami-beach
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Plain-text copy of the page above for AI assistants and readers. Quote with attribution to BlueBay Brokers; each figure carries its own source and read date. Nothing here certifies that a short-term rental is legal at any address.

**BlueBay Brokers is an independent broker and manager** — not affiliated with the Boulan Beach Resort front desk or condo association. This page is for buyers, sellers and owners. **Are you a traveler?** [Guest support & FAQ →](https://book.bluebaybrokers.com/boulan-miami-beach)

220 21st St, Miami Beach · Built 2010 · Condo-hotel · Daily rentals approved · One block from the beach · HOA covers full hotel management.

7 Steve's units

$317 Average ADR

77% Occupancy

1 day Min lease

Investment thesis

## Why Boulan *is hands-off STR*

Three reasons Boulan is the easiest STR investment in Miami Beach — no management headaches.

01

### Hotel management included

The $2,381 HOA covers professional hotel management — front desk, housekeeping, marketing, bookings. Owner just collects net distributions monthly.

02

### Most permissive STR rules in MB

1-day minimum, 365 leases/year. Miami Beach generally restricts STR but Boulan is grandfathered as a condo-hotel — among the few legally STR-approved buildings.

03

### Measured performance: 77% occupancy

The units Property Management Brickell runs here average 77% occupancy at $317 ADR — well above the Miami Beach market 51% / $366. Hot tub, rooftop pool, 1 block to beach.

Cost & rules

## HOA fees and *rental rules*

Real values from 2 Miami Realtors MLS listings, May 2026.

### Monthly fixed costs

HOA fee (1BR)**$2,381 / mo**

Property tax (1BR)**~$9,500 / yr**

HOA includes**Hotel management, housekeeping, marketing**

Insurance (avg)**~$200 / mo**

STR tax (paid by the guest)**14% on top of the rate**

Net management fee**~25% of gross revenue**

### Rental rules

✓ **1-day minimum lease** — direct Airbnb/Booking.com listings

✓ **365 leases per year** — unlimited turnover

✓ **Hotel front desk** handles guest check-in/out

✓ **Pets allowed** for owners (guest pets varies)

✓ **Rooftop pool + private beach access**

✕ **Owner stays limited** to 30 days/year to preserve hotel status

Managed by Property Management Brickell

## Units we manage *at Boulan*

What this building actually returns, averaged across every unit Property Management Brickell operates here. Individual unit results belong to their owners and are not published.

Average occupancy 77%

Average ADR $317

Average RevPAR $251

That averages **$90k a year** of short-term rental revenue per unit, across the units we manage here over the 12-mo trailing May 2025 to April 2026. It is a measured average of a real managed pool, not a projection, and not a promise for any one apartment: the spread between the strongest and the weakest unit in this building is wide, and floor, view and furnishing all move it.

[Run these numbers](https://bluebaybrokers.com/simulator?s-adr=317&s-occ=77&s-ins=200&s-opex=30&l-ins=200) [Ask what a specific unit does](https://bluebaybrokers.com/#contact)

Real Boulan performance vs Miami Beach market

## The numbers *that matter*

The units we manage here average 77% occupancy at $317 ADR — versus a Miami Beach market average of 51% / $366. Higher utilisation, hands-off management. Per-unit results belong to their owners and are not published.

$317 Average ADR

77% Occupancy

$251 RevPAR

$90k Avg annual rev

+34% RevPAR vs market

Source: Property Management Brickell operating data · average across the units we manage · 12-mo trailing May 2025 to April 2026 · Miami Beach AirDNA market average $366 ADR / 51% OCC, a RevPAR of $187. Averages only; individual unit performance is owner data and is not published.

ROI projections

## Year-1 returns by *unit type*

Built on the 7-unit managed average, not on any single apartment. Operating costs beyond the HOA are held at the same $45.4k basis used before (cleaning, management, utilities, insurance, reserves). Cash-on-cash returns vary with financing structure.

| Unit type | Price | STR rev | HOA/yr | NOI | Cap rate |
|---|---|---|---|---|---|
| 1BR · 941 sqft · at $610k | $610k | $90k | $28.6k | $16k | 2.6% |
| 1BR · 941 sqft · at $650k | $650k | $90k | $28.6k | $16k | 2.5% |

Buy + run · one team

## Turnkey *STR management* after you buy

Boulan is a condo-hotel with one of the most permissive STR programs in Miami Beach. The on-site program covers some logistics, but most owners still want a partner. **Property Management Brickell LLC** (BlueBay Brokers' sister entity) supplements with multi-channel listings, pricing optimization, and owner reporting.

01

### Listings & dynamic pricing

Multi-channel listings (Airbnb, VRBO, Booking, Furnished Finder where relevant) with dynamic pricing tuned to season, demand events, and comp-set positioning.

02

### Guests & ops

Guest screening, contracts, check-in coordination, cleaning between stays, maintenance triage. Single point of contact for every issue.

03

### Owner reporting

Monthly P&L statement, occupancy & ADR vs. comp set, tax-ready ledgers (Florida sales/tourist tax filed on your behalf where applicable).

04

### Aligned incentives

Management fee is % of revenue, not a fixed retainer. We earn more when your home performs better — same numbers Steve hits on the units in his own portfolio.

Property Management Brickell LLC · Florida licensed · Working alongside BlueBay Brokers. Pricing and scope discussed during your strategy call.