South Beach · condo-hotel · rent it your way
No spin — the ledger
The building's amenities and rental freedom are real. So is the carrying cost. Here's the annual picture for a non-homestead owner at the asking price, using this exact unit's own rental history as the income anchor — not a platform estimate.
The asset
A 2010 corner residence in Boulan South Beach — a condo-hotel where owners can join the hotel program or rent on their own terms, including short stays with no minimum.
Who this is really for
The numbers don't support a pure yield play. They do support a buyer who wants a South Beach base and treats income as an offset, not a return.
Use it as your Miami Beach base; rent it short-term when you're away to defray the carry.
Simple to run, but the ledger above is the reality: thin cash yield driven by the HOA.
STR can gross more than an annual lease at Boulan, and the no-minimum program is a real edge. But gross is not net. Off the top come short-term management at roughly 25–35%, Florida's 13% transient tax (6% state sales + 3% Miami-Dade tourist + 4% Miami Beach resort), platform fees, cleaning, furnishing capex, and heavy winter-vs-summer seasonality.
Underwrite STR off actual booking data from comparable Boulan units — not platform "median revenue," which most units never hit. Done honestly, STR tends to lift returns modestly above the annual case, not transform them. Treat it as upside, not the base case.
Before you write it up
Flagging these up front is what keeps a client's trust when they run their own numbers.
Condo-hotels rarely qualify for conventional loans. Expect all-cash or a specialty condotel loan (higher rate, 25%+ down). That thins the buyer pool and pressures resale liquidity.
The $6,732 shown is the seller's basis. A comparable unit (#303) already pays $10,242. On a ~$649K purchase, budget roughly $11k–$13k/yr and confirm against current Miami Beach millage.
MLS records 750 sf; the marketing says 844 sf. That's $865 vs $769 per foot. Get the measured number before it anchors a price conversation.
Sheet shows no current special assessment, but request the budget, reserve study (Florida SIRS) and board minutes — condo-hotel reserve funding and any upcoming projects belong in the pro forma.
Miami Beach short-term-rental rules and building bylaws have tightened over time. Verify daily rental is still permitted and what registration/resort-tax compliance the operator handles.
≈ $635k (2016) to $649k (2026) is ~+2% nominal over ~9.5 years. High-fee small beach condos have lagged — the honest thesis is income and lifestyle, not price growth.
The address carries it
21st Street sits in the quieter, upscale stretch of South Beach — steps from the sand, minutes from the noise when you want it.
The residence & the building
Photos: SEFMLS © 2026 · MLS A12045122. Images are referenced by URL — populate LISTING_PHOTOS or run python3 scripts/og_inject.py A12045122. No photo files are copied into the repo.
Let's pressure-test it together
I'll pull actual booking performance from comparable Boulan units, get you the true square footage and HOA budget, and line up a condotel-friendly lender so the numbers you see are the numbers you'll live with.