Unit #3811 is a 1-bed, 1.5-bath of 822 sq ft on the 38th floor of Epic Residences, the 2008 waterfront tower where the Miami River meets Biscayne Bay. It carries river and city views, floor-to-ceiling glass, a Snaidero kitchen with Miele/Sub-Zero/Bosch appliances, custom closets, an oversized jacuzzi tub, in-unit washer/dryer, and one assigned parking space.
The headline is the price: $548,000 ($667/sf) — the lowest-priced 1-bedroom currently active in the building, in a tower with five pools, a marina, a 12,000 sq ft spa, and Zuma and Area 31 on site. The unit is currently tenant-occupied (24-hour showing notice). As with the rest of Epic, the association permits 30-day furnished rentals (board approval) and 6-month unfurnished leases — confirm against the current declaration.
Where #701 sits at the top of the building's pricing, #3811 sits at the bottom. Its $667/sf is the lowest of every active 1-bedroom and only marginally above the one 1BR that has actually closed (#4005 at $653/sf). This is a fairly-priced unit, not an overpriced one.
| Unit | Floor | Sq ft | Status | Price | $/sf |
|---|---|---|---|---|---|
| #3811 (subject) | 38 | 822 | Active | $548,000 | $667 |
| #4005 | 40 | 950 | Closed | $620,000 | $653 |
| #4011 / #4012 | 40 | 822 | Active | $549,000 | $668 |
| #3110 | 31 | 799 | Active | $575,000 | $720 |
| #3106 | 31 | 950 | Active | $725,000 | $763 |
| #701 | 7 | 938 | Active | $770,000 | $821 |
The $548K ask is already inside the fair range. A high floor (38) with river/city views sits at the better end of that band — so there is modest, not dramatic, negotiation room. Target entry $520K–$540K to widen the yield further.
The building's 30-day furnished allowance is the value lever. Targeting corporate, seasonal and snowbird tenants at ~$6,500/mo on average with strong seasonality (discounted ~8% for vacancy/turnover to ~$72,000/yr) — and exempt from STR licensing and the ~13% tourist tax because every stay is 30+ days. HOA and taxes below are normalized to the building average ($1.35/sqft/mo, $10.95/sqft/yr) and applied to this unit's 822 sq ft.
| Strategy | Purchase | Gross/yr | Op. costs/yr | NOI | Cap rate |
|---|---|---|---|---|---|
| Annual, unfurnished | $548,000 | $42,000 | $28,700 | $13,300 | ~2.4% |
| Furnished 30-day mid-term | $548,000 | $72,000 | $46,500 | $25,500 | ~4.6% |
| Furnished, at $530K target | $530,000 | $72,000 | $46,500 | $25,500 | ~4.8% |
Furnished op. costs ≈ HOA $13,320 + taxes $9,000 + insurance/flood ~$3,000 + utilities & internet ~$3,200 + turnover cleaning ~$2,000 + furniture amortization ~$3,500 + management ~15% ~$10,800 + maintenance ~$1,500. Vacancy/seasonality already netted into the $72,000 effective gross.
At ~$6,500/mo furnished, #3811 produces ~4.6% net at the asking price — the strongest yield of any 1-bedroom in the building, and nearly double the same unit type's annual-unfurnished return. Because it is already fairly priced, that yield does not depend on a heroic discount; any negotiation simply pushes it higher. The ~$1,111/mo HOA remains the main cost, but the low entry price absorbs it far better than the pricier units do.
#3811 is the inverse of #701: same tower, same lifestyle, but bought at the bottom of the price range rather than the top. At $548,000 it is fairly valued, and on a furnished 30-day strategy at ~$6,500/mo it returns ~4.6% net — the best of any 1-bedroom at Epic. It is the cleanest entry in the dossier for an investor who wants trophy-building exposure with a yield that actually holds up.
I can confirm the HOA/tax and lease status, pull live furnished comps, and draft an offer near the $530K target.
Talk to Steve →