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 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.
Managed by Property Management Brickell
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 the units we manage here 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 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 the units we manage · 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.