Short-Term Rental Yield Analysis
ICON BRICKELL TOWER 3
· 1 Bed / 1 Bath · 790 sq ft · Built 2009
$585,000Ocean ViewBlueBay-managed building
STR revenue here is a real managed comp we run in this building — managed comp (two PMB-managed 1BR units in this tower), not a generic estimate.
| Managed 1BR in the same building — measured | Trailing 12 mo |
| Occupancy (owner-blocked nights included) | 72% |
| Average daily rate | $313 |
| Gross revenue measured — the base case | $82,400 |
Upside: both owners block the unit for their own stays; the ledger shows 72% booked. Released to a pure investor rental, those nights add about 20% of revenue. At ~87% that is $98,800 gross, the optimistic case (the same units with the owners' own stays released). Conservative case: booking income only, without cancellation fees and resolution payouts, $77,900.
Professionally-managed short-term rental. Base revenue $82,400.
| Gross STR revenue | $82,400 |
| Professional STR management (20%) | −$16,480 |
| HOA ($1,700 × 12) | −$20,400 |
| Property tax (est., see below) | −$11,700 |
| Insurance (condo, STR) | −$2,000 |
| Cleaning (guest-paid, pass-through) | −$6,200 |
| Utilities + internet | −$1,200 |
| Supplies, turnover, reserves (~4%) | −$3,296 |
| Net operating income (NOI) | $21,124 |
Unlevered cap rate = $21,124 ÷ $585,000 = 3.6%.
The same $21,124 NOI, two ways to own it.
Same $585,000. Only the STR revenue assumption changes (cap = NOI ÷ price).
I'll walk you through STR set-up, financing options, and run the live numbers for this unit.