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Waterfront · Single Family Residence
$5,500,000$2,049 / sqft
1920 Bay Dr, Miami Beach FL 33141
Listed
4
Bedrooms
4
Bathrooms
2,684 sqft
Interior
1951
Year built
None
HOA
Single Family Residence
Type
About this home
Rare wide open bay waterfront development or redevelopment opportunity in Miami Beach. Situated on an expansive 8,850 SF lot with direct Biscayne Bay frontage, 1920 Bay Drive offers breathtaking, unobstructed panoramic views of the wide bay and Downtown Miami skyline. The views are unmatched at this price-point. Located in the desirable Normandy Isles neighborhood, this exceptional property presents an opportunity to redevelop a luxury waterfront estate or create a boutique condominium project. Featuring RM-1 zoning, a 1.25 FAR allowing approximately 11,000 SF of buildable floor area, and a potential building height of up to 55 feet, the property offers tremendous development possibilities. Enjoy direct ocean access with no fixed bridges and existing grandfathered dock pilings for a boaters paradise. A very rare opportunity to create a landmark waterfront residence or exclusive boutique development in one of Miami Beach's hottest residential neighborhoods.
Features
- First Floor Entry
- Family Room
- Bay
Location
Approximate — shows the building, not the unit. Open in maps (opens in a new tab)
Estimated loan & HOA
$27,811
Loan payment and HOA only. Property tax and insurance are significant here and are not included.
Run the numbers
We fill in the price and the building's HOA dues. That leaves tax, insurance and maintenance — they depend on your exemptions, your insurer and the unit, so we don't guess them. Rent starts from what comparable units are asking nearby. Vacancy and the loan terms below start at common defaults; change them.
Median asking rent for 4-bed rentals in Miami Beach, from 34 active listings; the middle half ask $13,990–$30,000.That is what landlords ask, not what units let for — edit it if you know better.
Our default, not a market figure
From the listing
Depends on assessed value & exemptions
Varies widely by building
Repairs, turnover, management
Cap rate
Cash-on-cash
Monthly cash flow
Net operating income
Enter property tax, insurance, maintenance to see the returns. A cap rate calculated without every cost overstates the deal — often by half — so we don't show a partial one.
Illustration only — not a loan offer, quote, or investment advice. We are not a lender and neither offer nor arrange financing. The loan fields start at 20% down over 30 years at 6.5% (rates as of July 2026); that is a nominal rate for illustration, not an APR, and your actual terms will differ. Cap rate is unlevered; cash-on-cash counts the down payment as invested capital and excludes closing costs.
Listing data from the MIAMI Association of REALTORS® (MIAMIRE) IDX program. Information deemed reliable but not guaranteed. Demo data shown for layout purposes.