Worked example · November 11, 2026
Worked example: 851 80th St, Miami Beach
How to read a small multifamily listing without treating seller figures as proven income.
This is an educational walkthrough of the public property brief, not a recommendation to buy or pass. Values below use the published record and public starting assumptions. Your browser-local edits do not change this example.
What the listing record shows
| Recorded fact | Source-reported value |
|---|---|
| Asking price when observed | $1,400,000 |
| Reported units | 4 · 4 × 2BR/1BA |
| Reported area | 4,458 sq ft |
| Annual gross rent | $105,600 |
| Seller-reported annual NOI | $66,435 · unverified |
| Recorded status | Public listing page: active · as observed Sep 25, 2026 |
Four reported 2-bedroom units. Seller reports $105,600 annual gross rent and $66,435 current NOI; operating records have not been supplied.
Keep the source conflicts beside the numbers
- Public page still uses a $1.5M basis for marketing cap rates; current ask is $1.4M.
- Seller projections of $120,000 rent and $80,835 NOI are excluded from current income.
- Listing reports no association; confirm ownership and maintenance obligations.
Gross yield is only a starting point
Annual gross rent divided by asking price gives a yield before vacancy, expenses, financing and reserves.
Dividing the seller-reported NOI by the same recorded ask gives 4.7%. That figure still depends on an unverified seller NOI and does not establish collected rent or expenses.
Compare the public starting model
The same model used by the public brief applies editable planning allowances where costs are not reported. They are estimates, not insurance quotes or verified expenses. Review the starting assumptions and the brief’s full inputs.
| Modeled result | Public starting scenario |
|---|---|
| Estimated annual NOI | $36,619 |
| Estimated cap rate | 2.6% |
| Estimated monthly cash flow | $2,788 |
All-cash starting scenario. NOI is before debt and capital reserves. Cash flow is after debt service and recurring capital reserves, before income tax.
What to verify next
- Obtain unit leases, tenant estoppels and a trailing 12-month operating statement.
- Verify legal unit count, title, permitted work and possession terms.
- Obtain wind/flood insurance quotes and a buyer property-tax estimate.
- Inspect roof, structure and recertification records; price immediate work.
Use current collections, a buyer tax estimate, bindable insurance quotes and a priced repair plan. Test a lower purchase price or different financing against your own cash budget and downside tolerance. A clean pass is a valid outcome.
Redevelopment uncertainty: Broker markets RM-1 redevelopment potential; no transferable rights, approved plans or buyer proposal verified.
Dated sources
- Compass / MiamiRE A11923537 · page checked 25 Sep; listing update 15 Jul · observed Sep 25, 2026
- Listing page on zillow.com · observed Sep 22, 2026
Open the public brief to review the full evidence and change assumptions in your browser. Read the investor questions for more context.