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.
7 Boulan units managed by Steve average 78% occupancy and $320 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 to consider
Selected from BlueBay's active inventory and closed comparables. Click Run Analysis for full breakeven scenarios.
Real Boulan performance vs Miami Beach market
Steve's 7 Boulan units average 78% occupancy and $320 ADR — versus Miami Beach market avg of 51%/$366. Higher utilization, hands-off management.
Source: Steve's Guesty P&L · 7 Boulan units managed · 12-mo trailing May 2025 to April 2026 · Miami Beach AirDNA market avg: $366 ADR / 51% OCC.
ROI projections
Cap rate based on real performance + accurate HOA. Cash-on-cash returns vary with financing structure.
| Unit type | Price | STR rev | HOA/yr | NOI | Cap rate |
|---|---|---|---|---|---|
| 1BR · standard floor | $610k | $87k | $28.6k | $13k | 2.1% |
| 1BR · top performer (511/311) | $650k | $105k | $28.6k | $26k | 4.0% |
| 1BR · sold comp (310) | $610k | $87k | $28.6k | $13k | 2.1% |
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.