Short-Term Rental Yield Analysis
THE CLUB AT BRICKELL BAY · Residence 2423
1200 Brickell Bay Dr # 2423, Miami FL 33131 · 2 Bed / 2 Bath · 1,105 sq ft · Built 2004
$749,990WaterfrontBayManaged STRs in-building
Property Management Brickell, our affiliated management company, operates short-term rentals inside this exact building. These are the trailing-twelve-month numbers (August 2025–July 2026) from three 2-bedrooms it runs here — booked revenue off the management statements, not an AirDNA estimate.
| Same 1,105 sf floorplan as #2423 — full 12 months | $127,034 |
| 2BR on a different plan — full 12 months | $101,198 |
| 2BR on a different plan — full 12 months | $100,431 |
| Base case for #2423 — average of the three | $109,500 |
The first line is the one that matters. The single unit in this tower on the identical 1,105 sf floorplan has now closed a full twelve months under management and grossed $127,034 — 26% more than either of the other two 2-bedrooms, on a $487 average daily rate against their $349 and $363. Same building, same management, same plan as #2423. That plan sleeps ten, and the market pays for the space.
It earned that on 261 booked nights — fewer than either comp (290 and 277). The gap is rate, not volume, which means the occupancy upside is still on the table.
The base case below deliberately does not use $127,034. It averages all three units at $109,500, pricing #2423 as an ordinary 2-bedroom in this tower rather than as the plan that actually outperforms. Set up the way the identical-plan unit is, the top line is a target, not a ceiling.
Professionally-managed short-term rental. Base revenue $109,500.
| Gross STR revenue | $109,500 |
| Professional STR management (18%) | −$19,710 |
| HOA ($946 × 12) | −$11,352 |
| Property tax | −$12,239 |
| Insurance (condo, STR) | −$2,500 |
| Utilities + internet | −$3,000 |
| Supplies, turnover, reserves (~4%) | −$4,380 |
| Net operating income (NOI) | $56,319 |
Unlevered cap rate = $56,319 ÷ $749,990 = 7.5%. On the identical-plan unit's actual $127,034, the same cost stack gives an NOI of $69,969 and a 9.3% cap.
36 closed sales of the identical 1,105 sf plan in this tower, 2021–2026 — the comps an appraiser reaches for. Recent comparables refreshed against live Bridge data, 23 Jul 2026.
| Trailing-18-month median (10 closings, Jan 2025–Jul 2026) | $696,250 · $630/sf |
| Trailing-12-month median (7 closings, Jul 2025–Jul 2026) | $682,500 · $618/sf |
| Most recent same-plan closing — #3123, 13 Jul 2026 (7 DOM) | $629,000 · $569/sf |
| #2423 asking — $749,990 | $679/sf |
| #1701 · 26 Jan 2025 · 17 DOM | $845,000 · $765/sf |
| full list price, fastest sale in the set — treat as outlier, not the market | |
| #2623 · 24 Feb 2025 · 44 DOM | $730,000 · $661/sf |
| #1901 · 03 Mar 2025 · 120 DOM | $680,000 · $615/sf |
| PH4123 · 31 Jul 2025 · 268 DOM | $670,000 · $606/sf |
| #2923 · 05 Aug 2025 · 39 DOM | $730,000 · $661/sf |
| #2501 · 19 Dec 2025 · 161 DOM | $710,000 · $642/sf |
| #3501 · 30 Jan 2026 · 47 DOM | $682,500 · $618/sf |
| #1723 · 19 Feb 2026 · 289 DOM | $655,000 · $593/sf |
| #3923 · 11 Jun 2026 · 100 DOM | $730,000 · $661/sf |
| #3123 · 13 Jul 2026 · 7 DOM — freshest print | $629,000 · $569/sf |
Two live competitors on the same floorplan right now: #1406 asking $630,000 ($588/sf) but sitting 197 days — a price that hasn't found a buyer even after six-plus months; and #1901 (a different resale of the same unit that closed at $680,000 in Mar 2025) re-listed at $825,000, 131 days on market, clearly priced above what this floorplan has ever cleared for. Neither is a comp for where the market actually is — #3123 is.
#2423 asks 10% over the trailing-12-month $/sf median for its own floorplan, and 19% over the most recent closing (#3123, 13 Jul 2026 — 7 days on market, the fastest genuine sale in the set and the clearest read on where a motivated buyer and seller meet today). Peak pricing on this plan was 2022–2023 ($776–$796/sf, driven by post-COVID scarcity); the market has corrected roughly 20% since, and the trend across the ten trailing-18-month closings is down, not flat — from $765/sf in Jan 2025 to $569/sf in Jul 2026. #2423 is priced closer to the 2022–2023 peak than to where the building is actually clearing. The seller's "turnkey renovated, no assessments" premium is real — #2423 itself last traded at $667/sf in 2022 — but the gap to current comps, not the STR yield, is what's negotiable here.
The same $56,319 NOI, two ways to own it.
Same $749,990. Only the STR revenue assumption changes (cap = NOI ÷ price).
Every one of the three is an observed twelve-month figure, not a growth assumption: conservative is the weaker of the two other 2-bedrooms, base is the average of all three, optimistic is what the identical floorplan actually earned.
I'll walk you through STR set-up, financing options, and run the live numbers for this unit.
A Miami Herald investigation (July 16, 2026) and Editorial Board opinion (July 20, 2026) examined short-term rental compliance at The Club at Brickell Bay, reporting that roughly 545 of the building's 643 units operate as short-term rentals while only a small subset holds a valid city Certificate of Use for lodging. Florida law (Fla. Stat. §509.242) requires a building-wide Change of Occupancy once more than 25% of units convert to short-term use — a threshold this building has passed. A new HOA board took office in June 2026 and has stated it intends to pursue proper registration. The short-term rental revenue in this analysis reflects actual historical operating performance, not a guarantee of continued legality — buyers should independently confirm current compliance status before purchase. The building-level position — what the recorded declaration actually permits, the licensing stack a unit needs, and how agency lenders treat a project like this — is set out in full in the short-term rental due diligence brief.