Boulan Beach Resort Investment Analysis
220 21st St, Miami Beach · Built 2010 · Condo-hotel · Daily rentals approved · One block from the beach · HOA covers full hotel management.
7
Steve's units
$317
Average ADR
77%
Occupancy
1 day
Min lease
220 21st St, Miami Beach · Built 2010 · Condo-hotel · Daily rentals approved · One block from the beach · HOA covers full hotel management.
Investment thesis
Three reasons Boulan is the easiest STR investment in Miami Beach — no management headaches.
The $2,381 HOA covers professional hotel management — front desk, housekeeping, marketing, bookings. Owner just collects net distributions monthly.
1-day minimum, 365 leases/year. Miami Beach generally restricts STR but Boulan is grandfathered as a condo-hotel — among the few legally STR-approved buildings.
The 7 units Property Management Brickell runs here average 77% occupancy at $317 ADR — well above the Miami Beach market 51% / $366. Hot tub, rooftop pool, 1 block to beach.
Cost & rules
Real values from 2 Miami Realtors MLS listings, May 2026.
7 units under management
What this building actually returns, averaged across every unit Property Management Brickell operates here. Individual unit results belong to their owners and are not published.
That averages $90k a year of short-term rental revenue per unit, across 7 units over the 12-mo trailing May 2025 to April 2026. It is a measured average of a real managed pool, not a projection, and not a promise for any one apartment: the spread between the strongest and the weakest unit in this building is wide, and floor, view and furnishing all move it.
Real Boulan performance vs Miami Beach market
The 7 units we manage here average 77% occupancy at $317 ADR — versus a Miami Beach market average of 51% / $366. Higher utilisation, hands-off management. Per-unit results belong to their owners and are not published.
Source: Property Management Brickell operating data · average across 7 managed units · 12-mo trailing May 2025 to April 2026 · Miami Beach AirDNA market average $366 ADR / 51% OCC, a RevPAR of $187. Averages only; individual unit performance is owner data and is not published.
ROI projections
Built on the 7-unit managed average, not on any single apartment. Operating costs beyond the HOA are held at the same $45.4k basis used before (cleaning, management, utilities, insurance, reserves). Cash-on-cash returns vary with financing structure.
| Unit type | Price | STR rev | HOA/yr | NOI | Cap rate |
|---|---|---|---|---|---|
| 1BR · 941 sqft · at $610k | $610k | $90k | $28.6k | $16k | 2.6% |
| 1BR · 941 sqft · at $650k | $650k | $90k | $28.6k | $16k | 2.5% |
Buy + run · one team
Boulan is a condo-hotel with one of the most permissive STR programs in Miami Beach. The on-site program covers some logistics, but most owners still want a partner. Property Management Brickell LLC (BlueBay's sister entity) supplements with multi-channel listings, pricing optimization, and owner reporting.
Multi-channel listings (Airbnb, VRBO, Booking, Furnished Finder where relevant) with dynamic pricing tuned to season, demand events, and comp-set positioning.
Guest screening, contracts, check-in coordination, cleaning between stays, maintenance triage. Single point of contact for every issue.
Monthly P&L statement, occupancy & ADR vs. comp set, tax-ready ledgers (Florida sales/tourist tax filed on your behalf where applicable).
Management fee is % of revenue, not a fixed retainer. We earn more when your home performs better — same numbers Steve hits on the units in his own portfolio.
Property Management Brickell LLC · Florida licensed · Working alongside BlueBay Brokers. Pricing and scope discussed during your strategy call.
Lead magnet · 24h delivery
Fill the form. Steve sends back a personalized 12-month STR projection with comparables, scenarios, and seller financing options — within 24 hours, no obligation.
What you get: 4-page PDF · MLS data · AirDNA benchmarks · Steve's actual P&L from managed units.
15-minute strategy call with Steve to walk through unit options, financing structure, and target ROI.