Unit #303 is a 1-bed, 1.5-bath of 995 sq ft on the 3rd floor of Boulan South Beach, a 2010 boutique condo-hotel two blocks from the sand on 21st Street. It has a private balcony over the park, impact glass, tile floors, one assigned parking space, and is sold turnkey — already run by a third-party short-term-rental operator.
The decisive feature for an investor is the lease policy: no rental restrictions, 1-day minimum, 365 leases per year. Unlike most Miami condos, this is a genuine nightly Airbnb asset, legal for true short-term rental. List price $670,000 ($673/sf), HOA $2,381/mo (covers water, cable, A/C maintenance, common areas), 2025 taxes $10,242 (no homestead). Building amenities: heated pool, sauna, bar, clubroom, doorman. Flood zone AE — flood insurance required.
Boulan trades thinly. The recent set holds just one true closed sale: unit #310 (1,000 sq ft) sold for $610,000 ($610/sf) at 96% of list. The subject asks $673/sf, above that trade. The higher ocean-view #507 line was listed at $1.2–1.3M and failed to sell (expired), and #310 itself first listed at $650K before trading lower.
| Unit | Sq ft | Status | Price | $/sf |
|---|---|---|---|---|
| #303 (subject) | 995 | Active | $670,000 | $673 |
| #310 | 1,000 | Closed | $610,000 | $610 |
| #405 | 856 | Active | $599,000 | $700 |
| #310 | 1,000 | Expired | $650,000 | $650 |
| #507 (ocean view) | 1,000 | Expired | $1.2–1.3M | $1,200+ |
Anchored on the lone closed sale ($610/sf), with a small premium for #303's impact glass and park balcony. The $670,000 ask is ~5–9% above that trade — modest negotiation room, though a one-sale comp set limits confidence.
HOA and taxes here are normalized across the Boulan comp set ($2.38/sqft/mo and $10.24/sqft/yr), which confirms the listing's $2,381/mo HOA and $10,242 tax (≈$2,371/mo and $10,185/yr at 995 sq ft). Verify with the association and on the folio.
Modeled at your assumptions: $330 ADR and 80% occupancy, i.e. ~$96,000 gross revenue. Resort/tourist taxes on nightly stays are collected from guests (pass-through) and not counted as owner income or cost. Management is modeled at 20% of gross, consistent with full-service condo-hotel operators.
| Line | Annual |
|---|---|
| Gross revenue ($330 ADR × 80% × 365) | $96,360 |
| HOA ($2,381/mo) | −$28,572 |
| Property tax (2025) | −$10,242 |
| Management (20% of gross) | −$19,272 |
| Insurance + flood (AE zone) | −$3,500 |
| Utilities, internet, supplies | −$4,700 |
| Furniture amortization + maintenance | −$5,000 |
| Net operating income | ~$25,000 |
A strong gross for a 1-bedroom, driven by the nightly-rate flexibility most Miami condos can't offer.
The ~$2,381/mo HOA is a heavy fixed cost, so the return swings hard with occupancy. The 80% assumption is well above the Miami Beach STR market average (~51%), so treat it as a strong, professionally-managed scenario — not a floor.
| Occupancy | Gross | NOI | Net cap |
|---|---|---|---|
| 80% (your base) | $96,360 | $25,074 | ~3.7% |
| 70% | $84,315 | $15,438 | ~2.3% |
| 60% (near market avg) | $72,270 | $5,802 | ~0.9% |
Boulan #303 offers something most Miami condos can't: unrestricted nightly rental, turnkey and managed. At your $330 ADR / 80% occupancy it pencils to ~3.7% net (14% gross), a healthy figure for a 1-bedroom. The entire thesis rests on keeping occupancy high against a heavy HOA — so the decision hinges on validating the operator's real booking history. Get the trailing-12-month revenue and management terms, and this becomes a clear yes/no.
I can request the operator's trailing-12-month revenue, verify the HOA reserves, and structure an offer.
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