Unit #701 is a 1-bedroom, 1.5-bath residence of 938 sq ft on the 7th floor of Epic Residences (Epic West Condo), a 2008 waterfront tower on the Miami River at the edge of Downtown and Brickell. The building is genuinely trophy-grade: five pools, a private marina, a 12,000 sq ft spa, and the Zuma and Area 31 restaurants on site, with full concierge and valet.
The unit itself carries bay, river and city views, porcelain floors, one covered parking space, and an in-unit washer/dryer. It is currently vacant. The headline figures: list price $770,000, HOA $4,312/quarter (~$1,437/mo), and 2024 taxes of $7,774. The lease policy is the swing factor for investors. The MLS sheet for #701 shows a 365-day minimum, but that conflicts with the rest of the building: multiple current Epic listings state the association allows 30-day minimum rentals when furnished (with board approval) and 6-month minimum unfurnished. The #701 entry appears to be an error. The governing condo declaration is the authority and should be confirmed with the board before closing — but the weight of evidence points to a flexible furnished mid-term (30-day) rental being permitted, not annual-only.
Across the recent Epic West comparable set, the subject is priced as an outlier. At $821/sf it is the most expensive 1-bedroom in the building — above every active 1BR competitor and well above the one 1BR that has actually closed.
| Unit | Floor | Sq ft | Status | Price | $/sf |
|---|---|---|---|---|---|
| #701 (subject) | 7 | 938 | Active | $770,000 | $821 |
| #4005 | 40 | 950 | Closed | $620,000 | $653 |
| #3106 | 31 | 950 | Active | $725,000 | $763 |
| #3211 | 32 | 822 | Active | $665,000 | $809 |
| #4414 | 44 | 799 | Active | $590,000 | $738 |
| #3110 | 31 | 799 | Active | $575,000 | $720 |
| #4012 / #4011 | 40 | 822 | Active | $549,000 | $668 |
Closed 1BR basis: #4005 sold at $653/sf (93% of list). Active 1BR asks cluster at $668–$763/sf. The wider building's 16 closed 2BR sales ran a $750/sf median at ~95% of list.
Anchored on the only closed 1BR ($653/sf), adjusted down for the subject's low 7th floor versus that comp's 40th-floor views. Midpoint ≈ $615,000 — roughly $155K (~25%) below the $770,000 list.
Two signals reinforce this. The unit has sat 343 days on market at an unchanged price, and it asks a 25%+ premium to a directly comparable unit that already traded. Both point to meaningful buyer leverage. A disciplined opening offer in the $600K–$640K range is well supported by the data.
Since the building permits 30-day furnished rentals (board approval) alongside 6-month unfurnished leases, there are two viable strategies. Furnished mid-term — targeting corporate, seasonal and snowbird tenants — earns a materially higher gross, and because every stay is 30+ days it is exempt from short-term-rental licensing and the ~13% tourist tax. The furnished model below assumes ~$6,500/mo on average with strong seasonality (peak winter months well above, summer softer), discounted ~8% for vacancy and turnover to a ~$72,000/yr effective gross.
| Strategy | Purchase | Gross/yr | Op. costs/yr | NOI | Cap rate |
|---|---|---|---|---|---|
| Annual, unfurnished | $615,000 | $42,000 | $31,400 | $10,600 | ~1.7% |
| Furnished 30-day mid-term | $615,000 | $72,000 | $49,000 | $23,000 | ~3.7% |
| Furnished, at list price | $770,000 | $72,000 | $49,000 | $23,000 | ~3.0% |
Furnished op. costs ≈ HOA $17,250 + taxes $7,774 + insurance/flood ~$3,000 + landlord-paid utilities & internet ~$3,200 + turnover cleaning ~$2,000 + furniture amortization ~$3,500 + management ~15% ~$10,800 + maintenance ~$1,500. Furnished gross yield ≈ 11.7% at target. Vacancy/seasonality already netted into the $72,000 effective gross.
The honest read: at a ~$6,500/mo average, the furnished mid-term route is the clear winner — roughly 3.7% net at the target price versus 1.7% annual unfurnished, a respectable yield for a trophy waterfront unit. The ~$1,437/mo HOA is still the main drag, and the furnished number assumes strong seasonal execution (winter peak pricing, active management, low vacancy) — so treat $6,500 as a target to validate against live comps, not a floor. Layered on top of appreciation and location scarcity, and bought near $615K rather than $770K, the furnished strategy is what makes #701 genuinely work as an investment.
Epic #701 is a desirable unit in a genuinely premium tower, but at $770,000 it is priced roughly 25% above what comparable sales support, and the rental math only works as a long-term, appreciation-led hold. The opportunity is in the negotiation: with 343 days on market and clear comp evidence, an offer anchored near $600K–$640K is both defensible and where this becomes a sound investment.
I can pull live rental comps, confirm the HOA reserve health, and draft a data-backed offer strategy for #701.
Talk to Steve →